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FRIMLEY TOPCO LIMITED

Company number: 07729514

Reporting period:
1 January 2018 to 30 June 2018

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This information is as reported by the business, and responses are in their own words.

This report was filed on 30 July 2018

and approved by Caroline Wullrich

Payment statistics

Average time taken to pay invoices: 49 days

Invoices paid:

• within 30 days: 25%
• in 31 to 60 days: 47%
• in 61 days or more: 27%

Invoices due but not paid within agreed terms: 6 %

Payment terms

Standard payment period for qualifying contracts

56 days

Standard payment terms

Standard payment terms are 56 days

Were there any changes to the standard payment terms in the reporting period?

Yes – Standard payment terms for the majority of suppliers did not change during the period. However, for one supplier the supply chain finance provider was changed during the period and the term changed to 360 days in full consultation with the supplier and with consequential adjustment to pricing.

Were suppliers notified or consulted about these changes before they were made?

Yes – The supplier was consulted fully and changes were negotiated.

Maximum contractual payment period agreed

360 days

The majority of suppliers have contractual payment terms of 56 days or less. The maximum period of 360 days represents the time to settle supply chain finance for one supplier only.

Any other information about payment terms

N/A

Dispute resolution process

Complaints and payment concerns or disputes are dealt with by Accounts Payable and escalated to the Financial Controller if not resolved in a reasonable timeframe.

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.

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.

Yes

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