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BECKETT'S FOODS LIMITED

Company number: 02257171

Reporting period:
1 January 2020 to 30 June 2020

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This information is as reported by the business, and responses are in their own words.

This report was filed on 31 July 2020

and approved by Timothy Cornes

Payment statistics

Average time taken to pay invoices: 37 days

Invoices paid:

• within 30 days: 27%
• in 31 to 60 days: 70%
• in 61 days or more: 3%

Invoices due but not paid within agreed terms: 99 %

Payment terms

Shortest standard payment period

21 days

Longest standard payment period

90 days

Standard payment terms

Standard Terms EOM 21 days with 1% rebate, EOM 60 days with 0% rebate, Invoice 35 days for Raw Material. We have other various agreed terms outside the standard depending on the type of supply.

Were there any changes to the standard payment terms in the reporting period?

No

Maximum contractual payment period agreed

90 days

Any other information about payment terms

N/A

Dispute resolution process

Budget Managers, Department Administrators and Accounts Technicians can all be contacted regarding any Supplier dispute. All Invoices other than utility require a purchase order. Budget Managers and Department Admins raise the purchase orders. They are either emailed, posted, given verbally or entered into the suppliers online ordering system. Invoices matching the PO information are posted into the Finance system daily. Invoices not matching are entered onto our query log where internal and external issues are monitored and followed up with either / and the Budget Manager, Department Admin and Supplier via email and telephone.
Disputes are resolved on average within 8 days. Statement reconciliations (where received) are completed to make sure all invoices have been received. After completion the Supplier is updated of any queries still in progress. Resolved invoices are processed daily and paid via the next available BACS run with the option to pay via Faster Payment.

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