GOV.UK
BARRETT STEEL LIMITED
Company number: 02755663
Reporting period:
1 October 2021
to 31 March 2022
This report was filed on 27 April 2022
and approved by Marcus Tyldsley
Payment statistics
Average time taken to pay invoices: 71 days
Invoices paid:
- within 30 days: 4%
- in 31 to 60 days: 34%
- in 61 days or more: 62%
Invoices due but not paid within agreed terms: 21 %
Payment terms
Shortest standard payment period
7 days
Longest standard payment period
120 days
Standard payment terms
Steel purchases – 60-90 days EOM, paid on the next payment run following due date
Non-steel purchases – 30-120 days EOM, paid on the next payment run following due date
We have longstanding relationships with our key suppliers. Whilst some payments made fall outside of the contractual period, we make regular payments to these suppliers on fixed days of the month which are accepted by them
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
120 days
Any other information about payment terms
N/A
Dispute resolution process
Invoices in dispute will be queried by the Accounts Payable department and are documented in a Query Log. If they are unable to resolve the query, this will be referred to colleagues elsewhere in the business to resolve. Once resolved the invoice will be processed on the payment run in accordance with payment terms. If it is resolved after payment due date, the invoice will be paid on the next payment run
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
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.
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