ANCASTER GROUP LIMITED
Company number: 00475853
Reporting period:
1 January 2020 to 30 June 2020
Report filed on:
9 October 2020
Approved by:
David Bourne
Payment statistics
Average time taken to pay invoices: 33 days
Invoices paid:
- within 30 days: 48%
- in 31 to 60 days: 46%
- in 61 days or more: 6%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 25%
Payment terms
Shortest standard payment periods
14 days
Longest standard payment period
60 days
Standard payment terms
Our standard payment terms are 30 days from end of month in which invoice was received. A supplier statement is required.
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
Different standard contractual payment period exist with the manufacturer of Brands that we represent, and these vary dependant upon the type of product purchased.
Any other information about payment terms
We may accede to reduce payment days for suppliers in certain markets, such as utilities.
Dispute resolution process
Any invoice query will be registered with the relevant supplier by either the manager authorizing the invoice or the accounts payable department if the invoice differs from agreed contractual terms or quantities supplied. All invoices once received are logged onto the accounts payable system and are scanned before notifying the authorizing manager. Monthly reconciliation of supplier statements will reveal any missing documents. All queries are progressed directly with the supplier to avoid delay in payment or to obtain a credit note to resolve the query.
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.
Yes
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