SOUTHERN TYRE CO LIMITED
Company number: 00615334
Reporting period:
1 April 2021 to 30 September 2021
Report filed on:
12 October 2021
Approved by:
Mr J E M Sattin
Payment statistics
Average time taken to pay invoices: 37 days
Invoices paid:
- within 30 days: 58%
- in 31 to 60 days: 29%
- in 61 days or more: 13%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 0%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
90 days
Standard payment terms
Southern Tyre Co Limited agrees appropriate payment terms with its suppliers, based on
the nature of the transaction. The Company, as standard, pays its suppliers no later than the last
day of the month following the month in which the invoice is received.
Tyre manufacturers typically give extended credit of 60 or 90 days.
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
No further comment provided
Dispute resolution process
The Company is committed to dealing with its suppliers in a fair, honest and professional manner as well as pursuing best value for our business. We aim to resolve disputes in a timely manner. Any
queries in relation to invoices are initially handled by the supplier’s regular contact at the branch or
Head Office. Escalation of disputes is co-ordinated by our Head Office accounts team. If the matter
cannot be resolved by our Head Office accounts team, it would be passed to a Member of the Board.
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