SERVICES MACHINERY & TRUCKS LTD
Company number: 10822984
Reporting period:
1 January 2020 to 30 June 2020
Report filed on:
3 August 2020
Approved by:
Paul Humphrey
Payment statistics
Average time taken to pay invoices: 32 days
Invoices paid:
- within 30 days: 39%
- in 31 to 60 days: 47%
- in 61 days or more: 15%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 71%
Payment terms
Shortest standard payment periods
31 days
Longest standard payment period
120 days
Standard payment terms
End of month plus 30days
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
120 days
n/a
Any other information about payment terms
n/a
Dispute resolution process
Our most common dispute is simply missing the invoice, therefore a copy is requested and paid as usual. Any supplier invoice disputes over quantity or price would be tracked by the Accounts Payable but passed to the order placer to investigate and resolve. If the query cannot be resolved at Depot Level then Finance contact the Supplier for a credit note or proof of delivery etc. If no resolution can be found the supplier would be put on stop, so no further orders can be placed.
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.
Yes
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