SEVERFIELD (NI) LIMITED
Company number: NI010328
Reporting period:
1 April 2021
to 30 September 2021
This report was filed on 29 October 2021
and approved by Graeme Buchanan
Payment statistics
Average time taken to pay invoices: 36 days
Invoices paid:
- within 30 days: 34%
- in 31 to 60 days: 63%
- in 61 days or more: 3%
Invoices due but not paid within agreed terms: 13 %
Payment terms
Shortest standard payment period
30 days
Longest standard payment period
90 days
Standard payment terms
Our standard terms are for payments to be made at the end of the month following receipt of invoice. These terms have not changed during the reporting period. The longest terms agreed are for payments to be made at the end of month, two months after receipt of invoice. Payment terms are agreed with suppliers as part of the supplier approval process, prior to the commencement of business.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
90 days
Any other information about payment terms
With regards the requirement to pay 95% of invoices from businesses with fewer than 50 employees within 30 days from 1 July 2021, I can report Severfield (NI) Ltd’s performance as follows:
01/07/21 – 30/09/21 – 78% paid within 30 days
We recognise that 78% for these 3 months is not acceptable and we have taken significant steps throughout the period to considerably improve these statistics for our next reporting period. Note in the month of September 2021 91% were paid within 30 days. We have been through a thorough review of all suppliers to ensure we are capturing all suppliers with fewer than 50 employees and we are undertaking weekly reporting to ensure that we are picking up invoices from small businesses as early as possible. We have also been engaging with these businesses to try and facilitate more invoice submissions via email as opposed to through the post, as working from home arrangements can cause delays to invoices being received in hard-copy format through the post.
Dispute resolution process
Severfield (NI) Limited actively resolve disputes as quickly as possible. All invoice queries should be addressed to the Accounts Payable team at accounts.ni@severfield.com in the first instance. In the event that this should not yield a solution, please request the issue to be escalated to the relevant senior management.
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.
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