YOUNG'S SEAFOOD LIMITED
Company number: 03751665
Reporting period:
1 April 2020 to 30 September 2020
Report filed on:
15 October 2020
Approved by:
Michael Kestemont
Payment statistics
Average time taken to pay invoices: 72 days
Invoices paid:
- within 30 days: 7%
- in 31 to 60 days: 23%
- in 61 days or more: 70%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 5%
Payment terms
Shortest standard payment periods
60 days
Longest standard payment period
Answer not provided
Standard payment terms
For new contracts entered into after 1 June 2020, unless shorter payment terms are agreed in writing, 97 days EOM:
https://eightfiftyfoodgroup.com/legal/EightFiftyFoodGroup_tandc_sales_01062020.pdf
For contracts entered into before 1 June 2020, 60 days:
https://eightfiftyfoodgroup.com/legal/Youngs_Supplier_TandC_V3_01012018_31052020.pdf
Were there any changes to the standard payment terms in the reporting period?
Prior to 1 June 2020, standard payment terms were 60 days, for all new contracts / new business entered into after 1 June 2020, unless otherwise agreed in writing, standard payment terms are 97 days EOM
Were suppliers notified or consulted about these changes before they were made?
No
Maximum contractual payment period agreed
127 days
127 days is the maximum period for 97 days after the end of the month in which the invoice is received
Any other information about payment terms
No further comment provided
Dispute resolution process
in the first instance, the supplier should check with accounts payable to see if the invoice has been received, if there is a dispute on an invoice the supplier should discuss it with the person ordering the goods or services
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?
Yes
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No