SMART GARDEN PRODUCTS LTD
Company number: 04583901
Reporting period:
1 December 2021 to 31 May 2022
Report filed on:
27 June 2022
Approved by:
Richard Browne
Payment statistics
Average time taken to pay invoices: 26 days
Invoices paid:
- within 30 days: 44%
- in 31 to 60 days: 54%
- in 61 days or more: 2%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 40%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
90 days
Standard payment terms
We have differing payment terms for each supplier, but our most common standard contractual length of time for payment of invoices for our UK suppliers are 30 days from document date and 30 or 45 days from the end of the month that the invoice is dated. We also have a large number of suppliers based abroad, where our payment terms differ from those in the UK. Our standard contractual length of time for payment of non-UK invoices range from deposit payments to 90 days from the date of shipment of the goods.
Were there any changes to the standard payment terms in the reporting period?
During the period December 2021 to May 2022, extended terms were agreed with one supplier to move from a due date of 45 days from the end of the month that the invoice is dated to 60 days from the end of the month that the invoice is dated. This was agreed with the supplier following negotiations regarding a rate review. Payments are often aggregated so can distort payment statistics, but does save bank charges and payment fees for both parties. Supplies are notified ahead of payments.
Were suppliers notified or consulted about these changes before they were made?
Change was agreed with the supplier following negotiations regarding a rate review.
Maximum contractual payment period agreed
90 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
If there is a dispute with a supplier regarding payment of a purchase invoice, the supplier is advised to contact the business by either telephone or email. The query will initially be dealt with by one of our accounts team responsible for payments and escalated to a supervisor as appropriate. We aim to resolve disputes within 7 days.
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 Fair Payment Code must commit to paying 95% of their invoices within 60 days.
No, this business has not signed up to a code of conduct or standards on payment practices.
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