SEVERFIELD (UK) LIMITED
Company number: 02668795
1 April 2021
to 30 September 2021
This report was filed on 25 October 2021
and approved by Adam Semple
Average time taken to pay invoices: 37 days
- within 30 days: 33%
- in 31 to 60 days: 64%
- in 61 days or more: 3%
Invoices due but not paid within agreed terms: 14 %
Shortest standard payment period
Longest standard payment period
Standard payment terms
30 or 60 days end of month
Were there any changes to the standard payment terms in the reporting period?
Yes – From July to commit to the changes to the prompt payment code we started trying to pay all small suppliers within 30 days. We have seen progress each month in doing this, with the 3 months (July to Sept) percentages being 40%, 32%, 27% respectively. We expect to have this % below 5% by the end of the year.
Were suppliers notified or consulted about these changes before they were made?
Maximum contractual payment period agreed
2 suppliers on 75 days end of month
Any other information about payment terms
Dispute resolution process
We escalate any issues to the relevant procurement and accounts payable manager, then a thorough investigation of the issue is under took and we come to a solution with the supplier.
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.
Yes – Prompt payment code
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.
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.
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?
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?