SEVERFIELD (UK) LIMITED
Company number: 02668795
1 October 2021
to 31 March 2022
This report was filed on 29 April 2022
and approved by Jennifer Magowan
Average time taken to pay invoices: 39 days
- within 30 days: 40%
- in 31 to 60 days: 55%
- in 61 days or more: 5%
Invoices due but not paid within agreed terms: 15 %
Shortest standard payment period
Longest standard payment period
Standard payment terms
Standard payment terms are end of month following month 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
For small suppliers 84% of suppliers were paid within 30 days.
Severfield UK acknowledge that the result of 84% of SME suppliers paid within 30 days is less than of the Code's required target of 95%. Our business has demonstrated improvement against the previous reporting period since July, despite continuing to face the challenges presented of working remotely, which has resulted in delays in our internal invoice approval processes and the nature of a contracting business (with many levels of authorisation) makes it challenging to meet the 30 day target. We note that the requirement to pay SME suppliers within 30 days was a change to the PPC reporting requirements that we originally signed up to in 2019. Nevertheless, we will continue to implement changes to our purchase ledger process to improve this result further in the current period.
Dispute resolution process
All invoice disputes are raised with the Accounts Payable Manager who escalates the issue to Group Procurement and works to resolve the issue in a timely manner.
The supplier is kept up to date during the resolution process
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.
Yes – Prompt payment code
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?