SMITHS NEWS TRADING LIMITED

Company number: 00237811

Reporting period:
28 February 2021 to 28 August 2021

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This report was filed on 28 September 2021

and approved by AL Grace

Payment statistics

Average time taken to pay invoices: 20 days

Invoices paid:

• within 30 days: 83%
• in 31 to 60 days: 16%
• in 61 days or more: 1%

Invoices due but not paid within agreed terms: 2%

Payment terms

Shortest standard payment periods

7 days

Longest standard payment period

60 days

Standard payment terms

Standard non-trade payment terms of 60 days are deemed the firm's default, unless specific agreement is reached with individual suppliers for an alternative payment period. Trade Suppliers are paid on the 10th day of the second month following supply, unless alternative contracted terms are in place. Sub-contractor payments are 18 days from self-billed invoicing.

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

Answer not provided

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

N/A

Maximum contractual payment period agreed

60 days

From 26/10/20 standard payment terms for new suppliers was increased to 60 days. Existing suppliers remain at 30 days.

Any other information about payment terms

N/A

Dispute resolution process

Invoices are matched on receipt and disputed invoices notified to the supplier. Disputes are managed directly between the supplier and site and resolved items are then reprocessed.

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, 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.

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