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SIMMONS & SIMMONS LLP

Company number: OC352713

Reporting period:
1 November 2021 to 30 April 2022

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This information is as reported by the business, and responses are in their own words.

This report was filed on 31 May 2022

and approved by Jeremy Hoyland

Payment statistics

Average time taken to pay invoices: 28 days

Invoices paid:

• within 30 days: 73%
• in 31 to 60 days: 11%
• in 61 days or more: 16%

Invoices due but not paid within agreed terms: 27 %

Payment terms

Shortest standard payment period

30 days

Longest standard payment period

31 days

Standard payment terms

30 days terms

Were there any changes to the standard payment terms in the reporting period?

No

Maximum contractual payment period agreed

30 days

Any other information about payment terms

N/A

Dispute resolution process

Where we are late in paying or have a dispute on an invoice, this is first discussed with the supplier with Accounts Payable forwarding on the contact details of the buyer/receiver of services to the supplier to resolve directly.
If an account becomes seriously overdue, this is escalated to myself (AP Manager) and the head of the team purchasing the service/supply and a formal process is initiated if necessary.
If an oversight on this Firms part, we generate a same day payment once approvals have been given to pay a supplier.

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