NEW BALANCE ATHLETIC SHOES (U.K.) LIMITED
Company number: 01616165
Reporting period:
1 January 2018 to 30 June 2018
Report filed on:
31 July 2018
Approved by:
Simon Au
Payment statistics
Average time taken to pay invoices: 58 days
Invoices paid:
- within 30 days: 16%
- in 31 to 60 days: 65%
- in 61 days or more: 19%
Late and disputed:
- total value of payments due in the reporting period which have not been paid within the agreed period: £0
- payments due in the reporting period which have not been paid within the agreed period: 46%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
60 days
Standard payment terms
Our Standard Payment terms for customers are 30 days unless other terms are agreed with customer. We have 60 day terms for all our stock purchase invoices . For Freight invoices we have terms for end of month following when the invoice has been raised.
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
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
When the invoice is received by the accounts department if there is a purchase order present on the invoice the invoice will be matched, if the invoice doesn't match this will then be sent to the relevant department to check the pricing, if it is an error on our side then the invoice will be processed, if it is an error on the suppliers side then this will be flagged as a dispute, depending on the dispute this can take 7-14 days for a resolution. The relevant department will then notify the accounts department when the query has been resolved and the invoice will either be processed for payment or a credit note raised. For invoices that do not have a purchase order these would be sent out to the relevant departments for signature. If the department signs the invoice then it will be processed for payment, if they are disputing the invoice this will then be logged with the supplier and once the query is resolved the invoice will be processed for payment or a credit note will be raised. The signature reports are sent out weekly to the departments so accounts know when queries have been resolved.
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