JOHNSTON PUBLISHING LIMITED
Company number: 01919088
Reporting period:
1 January 2018 to 30 June 2018
Report filed on:
27 July 2018
Approved by:
David John King
Payment statistics
Average time taken to pay invoices: 29 days
Invoices paid:
- within 30 days: 60%
- in 31 to 60 days: 30%
- in 61 days or more: 10%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 49%
Payment terms
Shortest standard payment periods
45 days
Longest standard payment period
Answer not provided
Standard payment terms
There are formal contractual agreements in place with suppliers on payment terms which can vary widely and, as such, it is difficult to specify what are our “standard terms”. In most contractual negotiations, our opening position is that payment shall be made within 60 days of receipt of invoice. However, this opening position will generally be subject to negotiation and, in reality, payment terms can vary from invoices due on receipt of the invoice to sixty days from the end of the month in which the invoice is received. The business deals with a huge variety of suppliers, and the nature of both the supplier and of the goods/services they supply, will dictate what payment terms may be appropriate. If there is no formal contractual agreement in place our standard payment terms are 45 days from invoice date.
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
There are formal contractual agreements in place with suppliers on payment terms which vary widely. Payment terms vary from invoices due on receipt of the invoice to sixty days from the end of the month in which the invoice is received.
Any other information about payment terms
No further comment provided
Dispute resolution process
Standard Practice Invoices are processed on a purchases authorisation system (DB authorise) for the review and approval (or query) by the requisitioning manager(s). Should there be a query or dispute, an invoice is put on hold in the system and placed in query. The reason for the query or dispute is recorded in the comments section of the same approval system. The authoriser(s) contact the supplier to resolve the query or dispute. The invoice is kept on hold in DB authorise until the dispute is resolved. Once resolved, and the invoice is approved on the system, the invoice is released for payment. Invoices are sometimes approved in error and subsequently the authorisers would request the invoice be put on hold. Details of the invoice being put on hold are recorded in the notes section of the system. The invoice will remain on hold until the dispute has been resolved, the invoice is then released back for approval by the manager and then released for payment. Contractual Position There is not a uniform dispute resolution process for all our supplier contracts- contracts take account of suppliers’ particular requirements and the nature of the goods/services. The following general remarks should apply to all contracts: i. The contract should set out an escalation process whereby disputes are referred to senior management for resolution. A timescale should be provided to ensure that parties remain focussed upon resolution. ii. The contract may include provision for an alternative method of dispute resolution such as mediation or arbitration. iii. Notwithstanding i and ii above, the parties should always have a right to raise court proceedings. Such proceedings should be subject to the laws of England and Wales and the exclusive jurisdiction of the English courts but, if a supplier has a justifiable reason for wishing the contract to be subject to the laws and courts of an alternative jurisdiction, we will consider this. These situations are very much the exception.
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.
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