WATKIN JONES & SON LIMITED
Company number: 02539870
1 October 2021
to 31 March 2022
This report was filed on 13 April 2022
and approved by Sarah Sergeant
Average time taken to pay invoices: 56 days
- within 30 days: 15%
- in 31 to 60 days: 66%
- in 61 days or more: 19%
Invoices due but not paid within agreed terms: 12 %
Shortest standard payment period
Longest standard payment period
Standard payment terms
The standard payment terms for suppliers are payment at the end of the month following date of invoice. The standard terms for sub-contractors are 60 days from receipt of invoice.
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
Suppliers - we have an accounts who process and query invoices in a timely manner. Where required, disputes can be escalated to senior management.
Sub-contractors - The accounts team deal with the daily processing and queries, but it's the responsibility of the contract quantity surveyor to issue payment notices, and payless notices to each sub-contractor. If they are unable to resolve a dispute the sub-contract adjudication process is followed.
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?