AARTEE BRIGHT BAR LIMITED
Company number: 03725308
Reporting period:
1 January 2021 to 30 June 2021
Report filed on:
28 July 2021
Approved by:
Gianpiero Repole
Payment statistics
Average time taken to pay invoices: 55 days
Invoices paid:
- within 30 days: 16%
- in 31 to 60 days: 37%
- in 61 days or more: 47%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 50%
Payment terms
Shortest standard payment periods
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
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
120 days
No further comment provided
Any other information about payment terms
No further comment provided
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 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