GOV.UK
FORFARMERS UK LIMITED
Company number: 00062904
Reporting period:
1 January 2020
to 30 June 2020
This report was filed on 22 July 2020
and approved by Richard Holdcroft
Payment statistics
Average time taken to pay invoices: 32 days
Invoices paid:
- within 30 days: 58%
- in 31 to 60 days: 35%
- in 61 days or more: 6%
Invoices due but not paid within agreed terms: 56 %
Payment terms
Shortest standard payment period
28 days
Longest standard payment period
60 days
Standard payment terms
60 days
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
60 days
ForFarmers UK Ltd operate a No PO No Pay policy and, should invoices be received not quoting POs these are returned to the vendors. This can lead to invoices being paid late statistically.
ForFarmers UK Ltd run three BACS runs per week, and one foreign payment run. Following an issue with the date ranges of these, the BACS runs have been adjusted to ensure all authorised items are paid in a timely manner.
Any other information about payment terms
N/A
Dispute resolution process
All queries and disputes regarding payments are handled by the Accounts Payable Team. These are followed up on as quickly as is possible, with onward queries being raised and controlled by the AP Team with the relevant departments.
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