BEAVERBROOKS THE JEWELLERS LTD
Company number: 00321773
Reporting period:
28 February 2021 to 28 August 2021
Report filed on:
1 October 2021
Approved by:
Anna Blackburn
Payment statistics
Average time taken to pay invoices: 79 days
Invoices paid:
- within 30 days: 61%
- in 31 to 60 days: 32%
- in 61 days or more: 8%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 24%
Payment terms
Shortest standard payment periods
5 days
Longest standard payment period
90 days
Standard payment terms
Standard payment terms vary significantly across the business depending on the type and nationality of the supplier. Our payment terms range between 5 and 90 days. We try to use local suppliers where possible, 40 % of our invoices were paid using end of month plus 24 days terms. Our next group are standard terms of 7 days being 17.5% of our total. Our next group are standard terms of 30 days being 17% of our total.
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
90 days
No further comment provided
Any other information about payment terms
As a result of the disruption caused by the countrywide lockdown due to COVID and the working from home policies we and many of our suppliers have continued to employ to protect employees it has continued to take a substantial amount of time to obtain statements, copy invoices and sign off for outstanding invoices. As a result we have processed a large amount of overdue invoices in this last 6 month period. We have been in constant communication with all our suppliers and made payment as soon as we have been able to obtain the documents and sign off. We have not changed the payment terms on our system as this would affect current invoices. Therefore, this has been reflected in the increased average time to pay number reported.
Dispute resolution process
Relationships with suppliers are held by individual senior managers throughout the business. Should a supplier complaint arise, this will be considered in the first instance by the senior manager of the relevant department. In the unlikely event that this does not satisfactorily resolve the issue, the matter would escalate to the Managing Director.
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.
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