OFFICE HOLDINGS LIMITED
Company number: 01764341
Reporting period:
1 January 2018 to 30 June 2018
Report filed on:
27 July 2018
Approved by:
Kerry Van Der Merwe
Payment statistics
Average time taken to pay invoices: 17 days
Invoices paid:
- within 30 days: 81%
- in 31 to 60 days: 15%
- in 61 days or more: 3%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 11%
Payment terms
Shortest standard payment periods
15 days
Longest standard payment period
60 days
Standard payment terms
Office's standard contractual length of time for payment of invoices ranges from 15 to 60 days and is dependent upon the payment terms agreed with the supplier.
Although Office endeavours to always pay invoices by their due date, on occasion this is not possible where the invoice is submitted late or there is a query over the quality and quantity of goods and services provided.
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
60 days
The maximum contractual payment period is 60 days. No changes to the standard payment terms have been made during the reporting period.
Any other information about payment terms
No further comment provided
Dispute resolution process
In the event of a dispute relating to payment of an inventory invoice, the supplier should email stockinvoices@office.co.uk with full details of their query. For queries relating to the payment of rents, rates, utilities and other expenditure, the supplier should email invoices@office.co.uk with full details of their query.
The queries raised are reviewed by a relevant team member of the Accounts Payable team who will address the issues raised and follow up with a phone call or email in response.
The Accounts Payable team aim to resolve the dispute within five working days. This will involve correction of bank, VAT registration and purchase order number details if required.
If the query is not resolved satisfactorily, the query can be escalated to the Accounts Payable Manager and Head of Finance if required.
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