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C SPENCER LIMITED

Company number: 02334308

Reporting period:
1 April 2021 to 30 September 2021

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

This report was filed on 18 October 2021

and approved by Gary Thornton

Payment statistics

Average time taken to pay invoices: 47 days

Invoices paid:

• within 30 days: 32%
• in 31 to 60 days: 48%
• in 61 days or more: 20%

Invoices due but not paid within agreed terms: 24 %

Payment terms

Shortest standard payment period

0 days

Longest standard payment period

60 days

Standard payment terms

Standard payment terms are 30,45 and 60 days month end as agreed with the individual supplier.

We embrace the various payment requirements of our clients and recognise the importance of prompt payments to our supply chain.

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

No

Maximum contractual payment period agreed

60 days

Any other information about payment terms

N/A

Dispute resolution process

The Finance Team collate all new invoice disputes and informs the accounting function of the supplier in order to provide the supplier with a single point of contact. The Finance team will actively seek to resolve the query, bridging the relationship between supplier and the business, to quickly resolve the disputed invoice.

Monthly statement reconciliations are carried out across all supplier accounts to ensure that all liabilities are captured.

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.

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