GOV.UK
HEYWOOD WILLIAMS COMPONENTS LIMITED
Company number: 02523354
Reporting period:
1 January 2021
to 30 June 2021
This report was filed on 22 July 2021
and approved by JAMES HARDING
Payment statistics
Average time taken to pay invoices: 50 days
Invoices paid:
- within 30 days: 16%
- in 31 to 60 days: 59%
- in 61 days or more: 25%
Invoices due but not paid within agreed terms: 33 %
Payment terms
Shortest standard payment period
2 days
Longest standard payment period
90 days
Standard payment terms
Our standard terms are 30 days end of month and 60 days end of month.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
90 days
Maximum payment terms contractually is 60 days end of month. We have entered 90 here to illustrate the maximum period available to us.
Any other information about payment terms
In the previous report, it was noted that our payments had returned to normal as a result of the business reopening fully in the second half of 2020. This process of normalisation continued in to the first half of 2021 with a slight improvement in payment days from an average of 53 days in H2, 2020 to 50 days in H1, 2021. This is the result of business operations returning largely to normal but also significantly increased demand leaving us with no reason or desire to delay payments in any way. This was of course a different situation in H1, 2020 with the business only just starting to reopen post lockdown 1.0. 75% of invoices were paid within 60 days in H1, 2021, 67% were paid to terms and of the 33% paid outside of terms, only 17% of these were paid more than 10 days late indicating mere timing of payment runs.
Dispute resolution process
Discrepancies relating to shortages, damage or price are communicated to the supplier at the earliest opportunity following receipt of invoice by the supply chain team. Finance issue a goods received not invoiced report weekly to alert the supply chain team to situations where goods may have been received but invoices not yet processed. Statements are reconciled each month by finance to detect missing invoices. Suppliers can call the finance department any working day between 8.30am and 5pm to enquire when invoices are due to be paid. In the event that an invoice has been held for payment by manager but not previously communicated to finance, the finance team will ascertain the reason and communicate this to the supplier.
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