GOV.UK
AARTEE BRIGHT BAR LIMITED
Company number: 03725308
Reporting period:
1 July 2020
to 31 December 2020
This report was filed on 8 February 2021
and approved by Gianpiero Repole
Payment statistics
Average time taken to pay invoices: 65 days
Invoices paid:
- within 30 days: 12%
- in 31 to 60 days: 36%
- in 61 days or more: 52%
Invoices due but not paid within agreed terms: 48 %
Payment terms
Shortest standard payment period
15 days
Longest standard payment period
120 days
Standard payment terms
The standard contractual length of time for payment of invoices is variable based upon the type of
supply and the market in which the supplier trades
(e.g. geographical location)
At the point of initial order with a new supplier the agreed terms are forwarded to the supplier for
verification by the suppliers finance department and a signed copy is held with the Acenta finance
department for future reference
In consideration of the supply of Goods and/or Services by the Seller, the Buyer shall pay the
invoice amounts in accordance with the terms of credit where it is implied that the Seller shall
receive payment up to 2 days from the agreed processing date
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
120 days
The current maximum contractual payment period is 120 end of month from date of invoice and an
up to date statement and is isolated to a single Spanish supplier
Any other information about payment terms
No changes have been made to the underlying terms during the period, although due to the
implementation of the legislation all records have been formally updated resulting in some
improvements to historic trading terms
Dispute resolution process
Upon receipt of invoices the documents are date stamped and entered onto a register as proof of
receipt. Where necessary invoices are then forwarded to the originating purchaser for authorisation.
A weekly review is made of all invoices that have been registered for greater than 1 week but not
fully authorised and an up to date status added to the internal system for review by Management
and the finance department for follow up.
Quality :
Upon receipt of goods a visual inspection is made and if deemed sub-standard referred to the
Quality Department
Where appropriate an internal rejection is raised and the supplier informed with any photographic
evidence and samples if required
Once a reasonable period has elapsed the supplier will be chased for a response and action taken
in accordance with the findings
Once action has been agreed the credit note is processed and/or invoice released for processing
and payment
Weight/quantity (Steel) :
Actual receipts are compared to advised receipts with any discrepancies investigated and reported
to quality if found to be material
Suppliers are notified of any shortage and credit requested
Once action has been agreed the credit note is processed and/or invoice released for processing
and payment
Pricing :
Invoices are checked and if there is a variance to the original purchase order, the invoice is referred
back to the originating purchaser for investigation
The price is either confirmed as correct, or credit requested if overcharged
Once the credit note is received or the purchaser agrees the variance the invoice is processed
Late Delivery :
Where material is receipted in one month but invoiced during the prior period the due date for the
invoice will be presumed as being based on the month of receipt. Suppliers will be informed and
payment date amended accordingly
POD’s :
POD’s must be supplied with invoices. This is a standard request to all carriage suppliers and
internally for all sundry supplies
Payment query – lost in post/damaged
Cheques lost in the post or damaged will be reissued and resent within 1 working week
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.
Yes
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