SCOTT TIMBER LIMITED
Company number: SC105196
1 July 2021
to 31 December 2021
This report was filed on 27 January 2022
and approved by Tracy Trotter
Average time taken to pay invoices: 40 days
- within 30 days: 43%
- in 31 to 60 days: 23%
- in 61 days or more: 34%
Invoices due but not paid within agreed terms: 32 %
Standard payment period for qualifying contracts
Standard payment terms
The business does not impose standard payment terms on its suppliers, and has always settled invoices based on the terms offered by the supplier as part of the purchase contract. The most frequently used payment terms for qualifying contracts are end of week or end of month payments.
Were there any changes to the standard payment terms in the reporting period?
Maximum contractual payment period agreed
The maximum payment period that the company has entered into with suppliers is 60 days from the end of the invoice month
Any other information about payment terms
Dispute resolution process
Finance would forward any dispute received from the vendor to Purchasing where they would retrieve the signed original credit application form that was received from the vendor for completion and present to the vendor to support the terms we are paying to. Payment term queries/disputes are typically raised when a supplier is confirming/chasing payment with the accounts payable finance team, which can be by both telephone and email.
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.
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.
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.
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?
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?