GOV.UK
SILVER STREET AUTOMOTIVE LIMITED
Company number: 00716748
Reporting period:
1 January 2018
to 30 June 2018
This report was filed on 27 July 2018
and approved by Mark Raban
Payment statistics
Average time taken to pay invoices: 33 days
Invoices paid:
- within 30 days: 53%
- in 31 to 60 days: 36%
- in 61 days or more: 11%
Invoices due but not paid within agreed terms: 22 %
Payment terms
Shortest standard payment period
3 days
Longest standard payment period
60 days
Standard payment terms
Standard terms offered are for payment at the end of the month following date of invoice.
However, we operate a franchise model so are dictated some specific terms from our manufacturer partners for different types of payments. The smallest of these terms is payment via direct debit from the date of the invoice, which is used for new vehicle sales, so equates to 3 day payment terms.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
60 days
Standard terms offered are for payment at the end of the month following date of invoice. Therefore for an invoice received on the 1st of the month payment period would be up to 60 days.
Any other information about payment terms
N/A
Dispute resolution process
Each invoice received is assigned to an authorising manager. If there is a dispute, then the invoice would be put on hold and the authorising manager would contact the supplier to resolve. Accounts payable reconcile supplier statements monthly so at that point they would liaise with the authorising manager to ensure resolution.
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