Company number: 08258418
1 July 2021
to 31 December 2021
This report was filed on 29 January 2022
and approved by Stewart Baker
Average time taken to pay invoices: 59 days
- within 30 days: 2%
- in 31 to 60 days: 33%
- in 61 days or more: 65%
Invoices due but not paid within agreed terms: 77 %
Standard payment period for qualifying contracts
Standard payment terms
60 days from date of invoice, unless specific terms between the Company and the Supplier are agreed.
Were there any changes to the standard payment terms in the reporting period?
Maximum contractual payment period agreed
Any other information about payment terms
Dispute resolution process
Disputes would be directed to the Accounts Payable Manager, who would check the existing supplier terms or contract and if the dispute was straight forward they would liaise directly with the supplier to seek resolution.
If not, the issue would be escalated to the buyer of the products or services for resolution or alternatively the Director of Finance.
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?