ARNOLD CLARK FINANCE LIMITED.
Company number: SC039597
Reporting period:
1 January 2020 to 30 June 2020
Report filed on:
30 July 2020
Approved by:
David Martin Cooper
Payment statistics
Average time taken to pay invoices: 15 days
Invoices paid:
- within 30 days: 94%
- in 31 to 60 days: 3%
- in 61 days or more: 3%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 8%
Payment terms
Shortest standard payment periods
3 days
Longest standard payment period
60 days
Standard payment terms
Arnold Clark Finance Limited agrees appropriate payment terms with its suppliers, based on the nature of the transaction. The Company, as standard, pays its suppliers no later than the last day of the month following the month in which the invoice is received.
Individual agreements are in place for manufacturer vehicle purchases, depending on the timing and nature of the transaction and the individual manufacturer’s conditions. These can vary from 3 days from the date of the transaction to extended credit terms of up to 60 days.
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
60 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
The Company is committed to dealing with its suppliers in a fair, honest and professional manner as well as pursuing best value for our business. We aim to resolve disputes in a timely manner. Any queries in relation to invoices are initially handled by the supplier’s regular contact within our Head Office accounts team. Escalation of disputes is co-ordinated by senior members of our accounts team. If the matter cannot be resolved, it would be passed to the relevant Head of Department or Finance Director.
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 Fair Payment Code must commit to paying 95% of their invoices within 60 days.
No, this business has not signed up to a code of conduct or standards on payment practices.
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