WESLEYAN FINANCIAL SERVICES LIMITED

Company number: 01651212

Reporting period:
1 January 2021 to 31 December 2021

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This report was filed on 17 January 2022

and approved by Gillian Cass

Payment statistics

Average time taken to pay invoices: 39 days

Invoices paid:

• within 30 days: 59%
• in 31 to 60 days: 23%
• in 61 days or more: 18%

Invoices due but not paid within agreed terms: 41%

Payment terms

Shortest standard payment periods

0 days

Longest standard payment period

7 days

Standard payment terms

Standard payment terms are from the date of the invoice to payment of invoice. For example on 30 day terms if an invoice is dated 25 November then payment due is 24 December

Were there any changes to the standard payment terms in the reporting period?

Answer not provided

Were suppliers notified or consulted about these changes before they were made?

N/A

Maximum contractual payment period agreed

30 days

N/A

Any other information about payment terms

N/A

Dispute resolution process

Invoices are matched to pre arranged orders. Any invoices outside tolerance levels are then referred to the purchaser to liaise with the company (supplier) providing the goods or services to resolve their differences

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.

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.

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