FIRST CORPORATE SHIPPING LIMITED
Company number: 02542406
Reporting period:
1 July 2020
to 31 December 2020
This report was filed on 27 January 2021
and approved by Ian Sharper
Payment statistics
Average time taken to pay invoices: 40 days
Invoices paid:
- within 30 days: 62%
- in 31 to 60 days: 32%
- in 61 days or more: 6%
Invoices due but not paid within agreed terms: 13 %
Payment terms
Shortest standard payment period
14 days
Longest standard payment period
60 days
Standard payment terms
Payment run between 25th & 30th of the month paying invoices from the previous calendar month.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
60 days
Any other information about payment terms
N/A
Dispute resolution process
Invoices held centrally in Purchase Ledger and matched to the purchase order. For orders where the goods/services have been marked as received, the invoice is automatically approved for payment. For those that are not, or those where the invoice value exceeds the purchase order value, a system troubleshoot is sent to the requisitioner for them to resolve any issues with the supplier. As soon as the requisitoner notes in the system that the issues have been resolved, the invoice is approved for 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.
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