FAROL HOLDINGS LIMITED
Company number: 01143172
Reporting period:
1 February 2021 to 31 July 2021
Report filed on:
16 September 2021
Approved by:
Matthew Balch
Payment statistics
Average time taken to pay invoices: 47 days
Invoices paid:
- within 30 days: 20%
- in 31 to 60 days: 53%
- in 61 days or more: 27%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 6%
Payment terms
Shortest standard payment periods
1 days
Longest standard payment period
35 days
Standard payment terms
As a machinery dealer we have a wide range of payment terms varying from 30 through to 356days, with options to extend.
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
356 days
Our business covers varying sectors, for example in tyres there is an industry standard of 60 days. Outside of this sector our default would normally be 30 days subject to supplies made by John Deere as mentioned previously.
Any other information about payment terms
The data we have provided includes invoices that have only been paid late due to us receiving these invoices late from our suppliers and in addition to this also includes invoices that are in dispute. As a business we will always try and pay to our agreed supplier payment terms, but unfortunately we only do a payment run once a week, which invariably will result some our payments to appear late, even if only by one or two days.
Dispute resolution process
Individuals approving invoices will notify both our accounts department and the supplier themselves if an invoice is in dispute. Depending on the nature of the dispute, will determine the timescale and next steps for each individual queried invoice.
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