ED BROKING LLP
Company number: OC339735
Reporting period:
1 January 2018 to 30 June 2018
Report filed on:
26 July 2018
Approved by:
Neil Perry
Payment statistics
Average time taken to pay invoices: 33 days
Invoices paid:
- within 30 days: 53%
- in 31 to 60 days: 40%
- in 61 days or more: 7%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 51%
Payment terms
Shortest standard payment periods
14 days
Longest standard payment period
30 days
Standard payment terms
The majority of our suppliers have a 28 or 30 day payment term. We have a few taxi companies that have a 14 or 21 day payment term.
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
30 days
We have set up direct debits for some of our Suppliers e.g. Rates and one of the utilities to ensure funds are always paid on time.
Any other information about payment terms
Obviously we try to abide by the Suppliers' terms. However a lot of the invoices used to be sent direct to the staff member who had requested the goods / services and did not pass them onto the Finance Team to process. Therefore by the time they were processed they were overdue. As from 1st May we use a company called Concur. The Suppliers send their invoices to a generic mailbox. Concur will validate and pass to Finance for them to then direct to the invoice approvers. Hopefully this will ensure we adhere to the payment terms more stringently.
Dispute resolution process
To my knowledge we have not had any disputes with any of our Suppliers.
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