BENSONSFORBEDSRETAIL LTD
Company number: 12528962
Reporting period:
25 April 2021 to 25 September 2021
Report filed on:
16 November 2021
Approved by:
John Sidebotham (Submitted by Steve Weigh)
Payment statistics
Average time taken to pay invoices: 41 days
Invoices paid:
- within 30 days: 57%
- in 31 to 60 days: 18%
- in 61 days or more: 25%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 19%
Payment terms
Shortest standard payment periods
0 days
Longest standard payment period
72 days
Standard payment terms
Terms are set by supplier. Out of (currently) circa. 500 suppliers:
33% are on Immediate Terms (these are mainly our landlords where we pay monthly in advance for rent/SC etc.)
63% are on 0-30 Days
4% between 31-60 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
72 days
This is only 1 x supplier. The majority of supplier are on 0-30 x days (refer to previous comment)
Any other information about payment terms
Please note with regards to the 19% not paid on time above, 36% were paid within 7 x days and 83% within 60 x days
Dispute resolution process
Liaison with supplier in first instance to see if there is an error/issue. If un-resolvable between Accounts Payable Department and Supplier the dispute is escalated to the contact who manages the relationship with the supplier in order to resolve.
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