GOV.UK
HARTWELL PLC
Company number: 00155302
Reporting period:
1 June 2020
to 30 November 2020
This report was filed on 21 January 2021
and approved by Andrew Lemon
Payment statistics
Average time taken to pay invoices: 25 days
Invoices paid:
- within 30 days: 60%
- in 31 to 60 days: 35%
- in 61 days or more: 5%
Invoices due but not paid within agreed terms: 26 %
Payment terms
Shortest standard payment period
14 days
Longest standard payment period
60 days
Standard payment terms
Our standard payment terms are 30 days from end of month of invoice date. The impact of COVID-19 from late March 2020 and the associated impact on staffing levels due to furlough arrangements throughout the period had a negative impact on the company's ability to pay within standard payment terms though has improved over the previous six month period.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
60 days
Different standard contractual payment periods exist with individual manufacturers with which the company enters into contracts and also the category of purchases from these individual manufacturers.
Any other information about payment terms
N/A
Dispute resolution process
Any and all invoice queries will be registered with the relevant supplier by the managing authorising the invoice or by the AP department under instruction from the appropriate manager. All invoices once received are logged on to the accounts payable system but only scanned once approved. As and when a supplier chases payment on overdue invoices the AP department follow up internally and with the supplier. If the query is due to lack of proof of delivery or back-up paperwork the AP department deal directly with the supplier to avoid a delay in payment. From the time the dispute arises the AP acts immediately and endeavours to obtain resolution so that the invoice can be included on the next payment run.
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.
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