GOV.UK
CVS GROUP PLC
Company number: 06312831
Reporting period:
1 July 2020
to 31 December 2020
This report was filed on 29 January 2021
and approved by Robin Alfonso
Payment statistics
Average time taken to pay invoices: 44 days
Invoices paid:
- within 30 days: 70%
- in 31 to 60 days: 13%
- in 61 days or more: 17%
Invoices due but not paid within agreed terms: 44 %
Payment terms
Standard payment period for qualifying contracts
30 days
Standard payment terms
CVS endeavours to process all payments to the suppliers of all CVS Group companies by their due date whilst at the same time making use of twice weekly payment runs to consolidate payments into batches of an efficient size. As a result of these scheduled payment runs, invoices are usually included for payment within days of becoming due.
All invoices received by CVS are processed by the centralised Accounts Payable team, located at the company’s Head Office at CVS House, Owen Road, Diss, Norfolk, IP22 4ER (email: AccountsPayable@cvsvets.com). To maximise the prompt payment of invoices, CVS encourages all suppliers to send their invoices directly to the Accounts Payable team in order that the invoice is registered as soon as possible on the company’s accounting system and promptly sent out to the business for approval.
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 CVS Group hasn’t published a formal dispute resolution document. However, all payment disputes for all Group companies are resolved in the same manner regardless of the size of the supplier. The company’s centralised Accounts Payable team will refer all disputed invoices to the member of staff requisitioning the goods or services for resolution. If required, the matter will be escalated within the company including involvement of Executive Directors where required. CVS endeavours to resolve all invoice disputes prior to the payment becoming due in order that no impact is made on expected payment terms.
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