CREDITON DAIRY LIMITED
Company number: 08490730
Reporting period:
31 December 2017
to 29 June 2018
This report was filed on 27 July 2018
and approved by Tim Smiddy
Payment statistics
Average time taken to pay invoices: 36 days
Invoices paid:
- within 30 days: 38%
- in 31 to 60 days: 56%
- in 61 days or more: 6%
Invoices due but not paid within agreed terms: 60 %
Payment terms
Shortest standard payment period
3 days
Longest standard payment period
90 days
Standard payment terms
We have a few standard payment terms with Suppliers: Farmers = 3 Days Advance Payment
Farmers = 28 Days Standard Payment (EOM + 14 Days)
Suppliers = EOM + 30 Days
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
90 days
Any other information about payment terms
N/A
Dispute resolution process
The dispute process starts with our Purchase Ledger Clerk and then will escalate to each Department Head if items are not resolved in a timely fashion (usually 2 weeks).
If these are not resolved the the Finance Director steps into the process and makes sure that issues are then 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 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