THE CDA GROUP LIMITED
Company number: 02621460
Reporting period:
1 January 2022 to 30 June 2022
Report filed on:
19 July 2022
Approved by:
Paula Brown
Payment statistics
Average time taken to pay invoices: 26 days
Invoices paid:
- within 30 days: 56%
- in 31 to 60 days: 32%
- in 61 days or more: 12%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 96%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
150 days
Standard payment terms
Overhead suppliers are on 30 day payment terms with most suppliers of products on 60 - 90 days. Purchases from our Parent company are on 150 days.
Were there any changes to the standard payment terms in the reporting period?
Some factories agreed some temporary extended terms by 14 -30 days in the reporting period. This was agreed between both parties and was for a short period between February and June.
Were suppliers notified or consulted about these changes before they were made?
The agreement for extended terms was jointly discussed and agreed by both parties and was agreed in writing. Invoices for a short period were paid with these new temporary agreed payment terms.
Maximum contractual payment period agreed
150 days
The 150 day terms relates to payment terms agreed by our Parent company in relation to products manufactured for our company in their factory.
Any other information about payment terms
No further comment provided
Dispute resolution process
The Purchase Ledger team will notify the supplier if there is a dispute with an invoice by email or telephone. This invoice will remain unpaid and in dispute until we have a response on the query.
The supplier will discuss with the relevant department whether the invoice is correct or not and if it is correct the invoice will be authorised and paid within its terms or the supplier will issue CDA with a credit note to correct the original invoice and to resolve the query. The invoice and credit note will then be paid within the agreed terms or on the next available payment run if the payment due date has passed.
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.
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