S.K. CHILLED FOODS LIMITED
Company number: 02052519
Reporting period:
29 March 2020 to 3 October 2020
Report filed on:
31 October 2020
Approved by:
Derek Hodgson
Payment statistics
Average time taken to pay invoices: 42 days
Invoices paid:
- within 30 days: 36%
- in 31 to 60 days: 44%
- in 61 days or more: 20%
Late and disputed:
- total value of payments due in the reporting period which have not been paid within the agreed period: £0
- payments due in the reporting period which have not been paid within the agreed period: 74%
Payment terms
Shortest standard payment periods
1 days
Longest standard payment period
77 days
Standard payment terms
60 days plus payment clearing
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
77 days
We make part payments on capital - fixed assets - invoices where payment dates can be paid in instalments, however only the first due date is recorded. We have many suppliers who we have agreed 60 days terms however their invoices still read 30 days terms which skew our numbers. We commonly pay small value invoices earlier than our terms, though beyond 30 days.
Any other information about payment terms
No further comment provided
Dispute resolution process
The initial dispute will be resolved between our buyer and the supplier. If no resolution then that will be escalated to the buyer's manager and the supplier and subsequently a director and the supplier if necessary. Legal action is only considered if no other alternative.
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