GOV.UK
FUTURE PUBLISHING LIMITED
Company number: 02008885
Reporting period:
1 October 2021
to 31 March 2022
This report was filed on 29 April 2022
and approved by Rob Tompkins
Payment statistics
Average time taken to pay invoices: 35 days
Invoices paid:
- within 30 days: 68%
- in 31 to 60 days: 23%
- in 61 days or more: 9%
Invoices due but not paid within agreed terms: 30 %
Payment terms
Shortest standard payment period
30 days
Longest standard payment period
60 days
Standard payment terms
Standard terms of business are 30 days from date of invoice for contributors and 60 days from date of invoices for suppliers
Our standard practice is to pay within standard or otherwise agreed payment terms on receipt of a valid and accurate invoice which quotes purchase order number, and provided we are satisfied that the goods or services have been delivered or performed in accordance with the agreement with the supplier.
We operate a NO PURCHASE ORDER NO PAY policy. Any invoices received without a PO are rejected back to supplier requesting a PO, with some pre-agreed exceptions
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
60 days
The maximum is 60 days from end of month
Any other information about payment terms
Any variation on standard terms must be requested on a new vendor forms and approved by the Head of Accounts Payable, the Financial Operations Director or the Director of Group Finance
Dispute resolution process
Any queries relating to payment of invoices should be sent to Accounts Payable Team
The supplier should liaise with the person who orders the goods/service who placed the order to resolve any dispute or complaint.
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.
Yes
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