GOV.UK
STERLING FURNITURE GROUP LIMITED
Company number: SC054090
Reporting period:
1 March 2020
to 31 August 2020
Warning
This information is as reported by the business, and responses are in their own words.
This report was filed on 9 October 2020
and approved by Gordon Mearns
Payment statistics
Average time taken to pay invoices: 47 days
Invoices paid:
- within 30 days: 22%
- in 31 to 60 days: 66%
- in 61 days or more: 12%
Invoices due but not paid within agreed terms: 12 %
Payment terms
Shortest standard payment period
7 days
Longest standard payment period
90 days
Standard payment terms
Most standard payment terms are 30 days from invoice.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
90 days
During the 3 month period of our Coronavirus lockdown 23/03/20 to 15/06/20 we were able to negotiate extended payment terms with some suppliers up to a maximum of 90 days.
Any other information about payment terms
N/A
Dispute resolution process
Suppliers would firstly contact our Purchase Ledger department re any payment disputes, and our staff would check with our warehouse and Buyers to resolve any issues.
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.
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