CARTER SYNERGY LIMITED
Company number: 00176807
Reporting period:
1 January 2022 to 30 June 2022
Report filed on:
22 July 2022
Approved by:
Peter Madelin
Payment statistics
Average time taken to pay invoices: 61 days
Invoices paid:
- within 30 days: 7%
- in 31 to 60 days: 47%
- in 61 days or more: 46%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 24%
Payment terms
Shortest standard payment periods
7 days
Longest standard payment period
90 days
Standard payment terms
We have very few payment terms of 7 days from invoice date. For the majority of our invoices our payment terms are either 30 days (end of month) or 60 days end of month. For the 60 days end of month the longest payment term could be, if the invoice was dated on the 1st, 90 days form invoice date. Hence 90 has been put in as our longest standard payment terms (which 3 months less one day).
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
90 days
Whist we normally have 30day end of month (EOM) or 60 days EOM, we have some contracts where the client dictates a 75 (EOM) or 90 (EOM) day payment, sometimes this can flow up the supply chain so all contractors / sub-contractors use those terms. So, we can have different terms for an individual supplier depending on which contract we are working on.
Any other information about payment terms
No further comment provided
Dispute resolution process
We operate a Purchase order based invoice system which means that an invoice is not recognised or approved without a purchase order (the exceptions are utility bills etc.). If we have a dispute with a supplier, we (normally the person who ordered the part/service) will notify them of our query. The invoice is held (not paid) until the query has been resolved. Most queries are resolved within 30 days, although invoices that get sent without purchase order can take longer because there is no indication (via a reference) why the invoice has been sent to us.
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