STORY CONTRACTING LIMITED
Company number: 03709861
Reporting period:
1 April 2021 to 30 September 2021
Report filed on:
27 October 2021
Approved by:
Russell Collins
Payment statistics
Average time taken to pay invoices: 38 days
Invoices paid:
- within 30 days: 50%
- in 31 to 60 days: 41%
- in 61 days or more: 9%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 18%
Payment terms
Shortest standard payment periods
1 days
Longest standard payment period
61 days
Standard payment terms
Materials and Overheads, Standard payment terms are 30 days following the month that a VAT invoice is received and approved. Subcontractors are required to make applications for payment on a monthly basis, provided the application for payment is received ahead of the deadline, payment will be made on the next payment run. We currently make 2 payments per month for Subcontractors and Suppliers.
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
61 days
Invoices falling due between payment dates will by definition be overdue when paid. Our Suppliers are aware of this practice although it is not written into formal agreements.
Any other information about payment terms
No further comment provided
Dispute resolution process
Any disputes with any payments are passed to the Purchase Ledger Team who then liaise with the Procurement /Commercial teams to resolve the matter directly 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 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.
Yes
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