BRITISH BAKELS LIMITED
Company number: 00430208
Reporting period:
1 January 2020
to 30 June 2020
This report was filed on 21 July 2020
and approved by PAUL MORROW
Payment statistics
Average time taken to pay invoices: 42 days
Invoices paid:
- within 30 days: 29%
- in 31 to 60 days: 52%
- in 61 days or more: 19%
Invoices due but not paid within agreed terms: 3 %
Payment terms
Shortest standard payment period
7 days
Longest standard payment period
60 days
Standard payment terms
Most range in the 7-30 day sector, with some falling in the 30+ to 60 day range.
Were there any changes to the standard payment terms in the reporting period?
Yes – Due to COVID-19 we agreed some extended payment terms with a number of suppliers. The extension was in each case 14 days on top of standard terms. This did not apply to all suppliers, as the majority remained on existing terms. Remote working also caused some minor delays.
Were suppliers notified or consulted about these changes before they were made?
Yes – All payment terms agreements were extended only after and through consultation with the suppliers in question
Maximum contractual payment period agreed
60 days
Any other information about payment terms
N/A
Dispute resolution process
The Purchasing department deals with all supplier disputes prior to the purchase invoice being approved for payment. This usually takes place within 14 days of invoice receipt, but can exceed this based on the nature of the dispute.
Other payment information
Has this business signed up to a code of conduct or standards on payment practices? If so, which?
For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.No
Does this business offer e-invoicing in relation to qualifying contracts? This is where suppliers can electronically submit and track invoices. It’s not just allowing suppliers to email them an invoice.
No
Does this business offer supply chain finance? This is where a supplier who has submitted an invoice can be paid by a third-party finance provider earlier than the agreed payment date. The business would then pay the finance provider the invoiced sum.
No
Under its payment practices and policies, can this business deduct sums from payments under qualifying contracts as a charge for remaining on a supplier list?
No
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No