GOV.UK
SIG TRADING LIMITED
Company number: 01451007
Reporting period:
1 January 2018
to 30 June 2018
This report was filed on 27 July 2018
and approved by Richard Monro
Payment statistics
Average time taken to pay invoices: 53 days
Invoices paid:
- within 30 days: 20%
- in 31 to 60 days: 47%
- in 61 days or more: 33%
Invoices due but not paid within agreed terms: 77 %
Payment terms
Shortest standard payment period
0 days
Longest standard payment period
60 days
Standard payment terms
Our standard payment terms are 60 days end of month from the supplier invoice date. On average it takes two days from invoice receipt for the invoice to be posted to our ledger. We perform weekly payment runs.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
60 days
Any other information about payment terms
Whilst 77% of invoices appear not to be paid within the agreed terms, we have a proportion of suppliers set to immediate payment terms, which will always, in effect, be paid late due to weekly payment runs. We are currently going through a process to review this.
Dispute resolution process
We aim to resolve all disputes promptly and will normally do so by raising an abeyance note (request for credit note) to the supplier detailing the query, followed by contacting suppliers directly. Invoice queries for our SIGD business are generated by our branches. Invoice queries for our SIGE business are generated by our Accounts Payable Shared Service Centre (SSC) in Sheffield. Any disputes for over payments are also directed to our Accounts Payable SSC department.
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