BEACONSFIELD FOOTWEAR LIMITED
Company number: 00641365
Reporting period:
3 February 2020 to 2 August 2020
Report filed on:
2 September 2020
Approved by:
Adam Griggs
Payment statistics
Average time taken to pay invoices: 59 days
Invoices paid:
- within 30 days: 27%
- in 31 to 60 days: 30%
- in 61 days or more: 43%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 92%
Payment terms
Shortest standard payment periods
0 days
Longest standard payment period
90 days
Standard payment terms
Our large raw materials & footwear suppliers have payment terms ranging from 0 days, where up front deposits are required, to 90 days. The majority of our other suppliers are on 30 days terms, but with some temporarily extended to 90 days following the impact of the Covid 19 pandemic.
Were there any changes to the standard payment terms in the reporting period?
The terms with one of our main footwear suppliers were amended, following negotiations, to 30% up front with the balance paid on 90 days terms. Other payment terms have been amended during the period following the impact of the Covid 19 pandemic.
Were suppliers notified or consulted about these changes before they were made?
For those suppliers where terms were extended to 90 days, a formal letter was sent. Other amendments came about following formal negotiations between both parties
Maximum contractual payment period agreed
90 days
No further comment provided
Any other information about payment terms
N/A
Dispute resolution process
Any disputes are dealt with in the first instance by either the Accounts Payable team or through the department that originally agreed the contract. If a resolution can not be found it is then escalated up to senior management and ultimately to the Directors.
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, 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