BRAND ADDITION LIMITED

Company number: 02083209

Reporting period:
1 July 2020 to 31 December 2020

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This report was filed on 28 January 2021

and approved by Claire Thomson

Payment statistics

Average time taken to pay invoices: 44 days

Invoices paid:

• within 30 days: 45%
• in 31 to 60 days: 27%
• in 61 days or more: 28%

Invoices due but not paid within agreed terms: 45%

Payment terms

Shortest standard payment periods

0 days

Longest standard payment period

75 days

Standard payment terms

There are no standard payment terms. Payment terms are negotiated and agreed separately on a supplier by supplier basis. The most common payment terms agreed with our UK suppliers is 60 days from invoice date. A small number of suppliers are paid on direct debit. The most common payment terms with our Far East suppliers are 20% deposit to commence production, with balance payment due prior to transfer of ownership.

Were there any changes to the standard payment terms in the reporting period?

Answer not provided

Were suppliers notified or consulted about these changes before they were made?

N/A

Maximum contractual payment period agreed

75 days

No further comment provided

Any other information about payment terms

N/A

Dispute resolution process

The company is committed to resolving disputes in a timely manner. In the first instance, should you have a query regarding the payment of an invoice, you can contact the purchase ledger team at payments@brandaddition.com who will advise further. Where it is not possible to resolve an issue with the purchase ledger team, the dispute may be escalated to the company budget owner, or individual who approved the purchase. Once a query has been resolved, payment will be made on the next available 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, 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