INCE GORDON DADDS LLP
Company number: OC383616
Reporting period:
1 October 2021 to 31 March 2022
Report filed on:
6 July 2022
Approved by:
John Biles
Payment statistics
Average time taken to pay invoices: 29 days
Invoices paid:
- within 30 days: 65%
- in 31 to 60 days: 19%
- in 61 days or more: 16%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 15%
Payment terms
Shortest standard payment periods
7 days
Longest standard payment period
42 days
Standard payment terms
Standard payment terms for trade creditors is 42 days.
Standard payment terms for standard legal creditors is via variable direct debit (7 days and 14 days payment terms and 30 days).
Standard payment terms for other legal creditors is upon receipt of client funds to cover the disbursement.
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
152 days
152 days – This relates to a trade creditor with whom we had agreed a deferred payment and a payment plan.
Any other information about payment terms
The Accounts Payable Manager and Chief Financial Officer have continued to work closely together to identify high value suppliers which we hoped to defer payment to a later date. A single member of the accounts payable team was designated with the task of liaising with suppliers to discuss possible payment deferral. The Accounts Payable Manager subsequently contacted the supplier directly through telephone to agree a payment plan in situations where the supplier refuses any initial request for payment deferral. In situations where no agreement can be made, the decision is escalated to the Chief Financial Officer to agree and negotiate payment options. Failures to make good of payment plans are addressed directly by the Accounts Payable manager.
Dispute resolution process
Any initial disputes in relation to payments are initially circulated to the Accounts Payable team which are then passed on to the Accounts Payable manager for investigation. The Accounts Payable manager will seek direct contact with the supplier to address the issue. If the dispute relates to the product or service provided, the authorising purchaser will contact the supplier directly. Where the issue relates to physical payment, accounts payable will be in direct communication with the 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 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.
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.
Yes
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