SWANSWAY GARAGES LIMITED
Company number: 04507008
Reporting period:
1 August 2020 to 31 December 2020
Report filed on:
29 January 2021
Approved by:
Richard Marsland
Payment statistics
Average time taken to pay invoices: 23 days
Invoices paid:
- within 30 days: 67%
- in 31 to 60 days: 26%
- in 61 days or more: 7%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 37%
Payment terms
Shortest standard payment periods
7 days
Longest standard payment period
60 days
Standard payment terms
It is part of the culture of the company that we pay non-vehicle suppliers within 30 days. (Covid has had some impact on invoices taking longer to process). All vehicle suppliers are paid within 2-3 working days of due date as per standard manufacturer's terms. The overwhelming 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 of the month end.
Were there any changes to the standard payment terms in the reporting period?
Covid has meant that invoices and payments have taken longer to process which has had some impact on payment of invoices
Were suppliers notified or consulted about these changes before they were made?
Email notification sent out to explain in some instances it may take longer for invoices to be processesd.
Maximum contractual payment period agreed
60 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
Disputes are dealt within initially within the finance function
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