BORRAS CONSTRUCTION LTD.
Company number: 01520021
Reporting period:
1 January 2022 to 30 June 2022
Report filed on:
15 July 2022
Approved by:
M Howlett
Payment statistics
Average time taken to pay invoices: 33 days
Invoices paid:
- within 30 days: 50%
- in 31 to 60 days: 50%
- in 61 days or more: 0%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 0%
Payment terms
Shortest standard payment periods
14 days
Longest standard payment period
60 days
Standard payment terms
Subcontractors – Subcontractors are required to make applications for payment as set out in the subcontract order. When the application is received payment will be made 14 days after the application is approved and loaded onto the accounting system.
Suppliers – Borras Construction has a standard payment term of 30 days following the month in which the invoice is presented. In certain circumstances this is reduced.
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
60 days
60 days for suppliers invoices when payment is at the end of the calendar month after the month during which the invoice is received (providing the invoice is correctly prepared).
Any other information about payment terms
No further comment provided
Dispute resolution process
When there are queries or if a dispute arises between the parties, Borras Construction will attempt to resolve them as soon as possible with the other party involving both the accounts and buying department as necessary. If a dispute is not being resolved in a timely manner this will be escalated to the Borras Construction Purchasing Director to ensure a fair resolution is achieved.
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.
Yes, this business has signed up to: 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.
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