SWANSWAY GARAGES LIMITED
Company number: 04507008
Reporting period:
1 January 2018 to 30 June 2018
Report filed on:
27 July 2018
Approved by:
Richard Allan Marsland
Payment statistics
Average time taken to pay invoices: 28 days
Invoices paid:
- within 30 days: 62%
- in 31 to 60 days: 31%
- in 61 days or more: 7%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 58%
Payment terms
Shortest standard payment periods
2 days
Longest standard payment period
30 days
Standard payment terms
It is part of the culture of the Company that we pay non-vehicle suppliers within 30 days. All vehicle suppliers are paid within 2-3 working days of due date as per standard manufacturers’ terms. The overwhelming majority of supply is from motor manufacturers. Swansway deals on those manufacturers' standard terms which require payment by direct debit withdrawal from our account within 2-3 working days of invoice date in the vast majority of cases. Other manufacturers supply payments are required within 2-3 working days of vehicle registration date on the sale. Otherwise our standard trading terms are 30 days end of the month.
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
45 days
No further comment provided
Any other information about payment terms
Swansway Garages Limited is the trading company within Swansway Group a motor retailer selling new and used cars and vans.
It is a guiding principle of Swansways' business life that the Company pays all suppliers and other obligations on time. This culture and practice is set by the Company’s Chairman and has been a consistent chairman-driven ethos for many years.
Dispute resolution process
Any dispute is resolved locally between company and the supplier on an individual basis with the primary aim that disputes are settled quickly and contractual payment dates met.
The Company has a strong discipline of reconciling suppliers’ statements to its monthly payments. There is a regular cycle of reconciliation.
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