CARPENTERS LIMITED

Company number: 06532413

Reporting period:
1 July 2020 to 31 December 2020

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This report was filed on 28 January 2021

and approved by Donna Richards

Payment statistics

Average time taken to pay invoices: 126 days

Invoices paid:

• within 30 days: 24%
• in 31 to 60 days: 7%
• in 61 days or more: 69%

Invoices due but not paid within agreed terms: 3%

Payment terms

Shortest standard payment periods

30 days

Longest standard payment period

Answer not provided

Standard payment terms

Payment terms are agreed with suppliers during contract negotiations. Counsel & expert fees (Professional Disbursements) however carry different terms for settlement. In accordance with standard procedures for law firms and in accordance with Solicitors Regulation Authority (SRA) Accounts Rules, Carpenters pays Professional Disbursements within two days of receipt of payment from the client for those costs, unless otherwise agreed with the supplier. This may result in the actual payment date exceeding the "standard" payment term of some suppliers. This approach is standard procedure for law firms and compliant with Solicitors Regulation Authority (SRA) Accounts Rules. This approach leads to a higher percentage of cases appearing in the overall "61 days or more" category. Therefore for transparency; time taken to pay invoices can be split as follows: Trade: Average time taken to pay invoices : 16 Days Invoices Paid: within 30 days: 79% in 31 to 60 days: 18% in 61 days or more: 3% Non-Trade (Professional Disbursements): Average time taken to pay invoices : 368 Days Invoices Paid: within 30 days: 23% in 31 to 60 days: 7% in 61 days or more: 70%

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

60 days

No further comment provided

Any other information about payment terms

Maximum days relates to trade payments. Professional disbursements, as noted above, are paid out within two days of receipt.

Dispute resolution process

The firm's Purchase Ledger team is the first point of call for any disputes regarding payment to suppliers. E-mails can be sent to FinanceHelpdesk@carpentersgroup.co.uk Complaints are escalated to the relevant department head and if necessary the Finance Director.

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