SENIOR UK LIMITED
Company number: 01928053
Reporting period:
1 July 2020 to 31 December 2020
Report filed on:
20 January 2021
Approved by:
Bindi Foyle
Payment statistics
Average time taken to pay invoices: 54 days
Invoices paid:
- within 30 days: 32%
- in 31 to 60 days: 28%
- in 61 days or more: 40%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 10%
Payment terms
Shortest standard payment periods
46 days
Longest standard payment period
76 days
Standard payment terms
The Company has a variety of different standard payment periods including some invoices with "end of month" standard terms. The due date of the "end of month" invoices are estimated as the mid point of the month after. For example, 60 day "end of month" terms are estimated to have a standard payment period of 75 days. In order to determine the shortest and longest standard payment period, all of the invoices due in the period have been placed into the following standard payment period buckets: 0-15 days, 16-30 days, 31-60 days, 61-90 days, 91-120 days, 121-150 days and >151 days. The two buckets with the greatest number of invoices due in the period (reflecting the most commonly used terms) are 31-60 days and 61-90 days. Therefore the 31-60 day bucket is estimated as the shortest standard payment period, being the mid point of 46 days. The bucket of 61-90 days is estimated as the longest standard payment period, being the mid point of 76 days.
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
150 days
n/a
Any other information about payment terms
n/a
Dispute resolution process
Any queries on invoices are sent to the accounts payable team or the person responsible for raising the original purchase order, who will liaise with the supplier until the issue is resolved.
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.
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