SELCO TRADE CENTRES LIMITED

Company number: 02182671

Reporting period:
1 July 2021 to 31 December 2021

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This report was filed on 26 January 2022

and approved by Robert Brewill

Payment statistics

Average time taken to pay invoices: 43 days

Invoices paid:

• within 30 days: 30%
• in 31 to 60 days: 54%
• in 61 days or more: 16%

Invoices due but not paid within agreed terms: 13%

Payment terms

Shortest standard payment periods

30 days

Longest standard payment period

Answer not provided

Standard payment terms

Standard payment terms are the supplier payment terms. Selco do not impose their own payment terms with suppliers. However, majority of stock suppliers are paid at the end of the month following the transaction. Other contracts will be payable immediately or within 7 days, in line with the suppliers standard terms. Also, there are a few suppliers with 90 day payment terms.

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

90 days

No further comment provided

Any other information about payment terms

See above. Payment terms are set by the supplier.

Dispute resolution process

For Goods for Resale invoices, disputes are raised with the supplier within 48 hours of receiving the goods. If a copy of Delivery Note is required, this will be requested from the supplier. If there is a dispute regarding quality, these will be raised with the supplier and will be dealt with on an individual basis. Payment continues to be made on invoices not in dispute, and only disputed invoices will be excluded from payment runs.

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.

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