GOV.UK
AXMINSTER TOOL CENTRE LTD
Company number: 03326979
Reporting period:
1 May 2021
to 31 October 2021
Warning
This information is as reported by the business, and responses are in their own words.
This report was filed on 14 December 2021
and approved by Michael Trimble
Payment statistics
Average time taken to pay invoices: 32 days
Invoices paid:
- within 30 days: 65%
- in 31 to 60 days: 29%
- in 61 days or more: 6%
Invoices due but not paid within agreed terms: 17 %
Payment terms
Shortest standard payment period
0 days
Longest standard payment period
90 days
Standard payment terms
The most common payment term is 30 days following the month of the invoice.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
101 days
Any other information about payment terms
N/A
Dispute resolution process
Each supplier providing stock is appointed an individual Product Manager, responsibility for dispute resolution belongs to that individual. Other suppliers will be contacted by the manager of the team raising thye requisition. Directors will become involved at the request of either the supplier, or internal department manager.
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 – Good Business Charter
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