BROSE LIMITED
Company number: 00849216
Reporting period:
1 July 2021 to 31 December 2021
Report filed on:
28 January 2022
Approved by:
Steven Wilkins
Payment statistics
Average time taken to pay invoices: 30 days
Invoices paid:
- within 30 days: 55%
- in 31 to 60 days: 36%
- in 61 days or more: 7%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 60%
Payment terms
Shortest standard payment periods
26 days
Longest standard payment period
62 days
Standard payment terms
Terms are agreed individually with suppliers.
The most common terms are
-: 25th of the following month
-: Before 15th in 2 months due net
Payment dates are 15th of the month and 25th of the month.
It is company policy to pay promptly to the agreed terms and any late payments are generally as a result of invoices received late and/or invoices in dispute.
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
62 days
No further comment provided
Any other information about payment terms
When the 15th and 25th fall on a weekend or bank holiday, the payment is received by the supplier on the next banking day.
When these are excluded from "Invoice document date not paid on time" statistic, the result changes from 60% to 42%.
Dispute resolution process
Supplier invoices, statements, payments and disputes are managed by the Accounts Payable team
Contact details: Finance.Coventry@brose.com
The Accounts Payable team, will involve other parties as necessary in order to resolve issues as quickly as possible.
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.
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.
Yes
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