COMMIFY UK LIMITED
Company number: 04217280
Reporting period:
1 January 2022 to 30 June 2022
Report filed on:
26 July 2022
Approved by:
Hayden Robinson
Payment statistics
Average time taken to pay invoices: 36 days
Invoices paid:
- within 30 days: 31%
- in 31 to 60 days: 63%
- in 61 days or more: 6%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 80%
Payment terms
Shortest standard payment periods
14 days
Longest standard payment period
60 days
Standard payment terms
We have standard supplier contracts which include payment terms of 30 days. For contracts not on our standard payment terms, we generally agree 30 day payment terms but many suppliers request shorter payment terms and some accept 60 days.
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
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
This would initially be dealt with by our accounts payable team who would request/provide documentary evidence and explanations where required. Any continuing disputes would be escalated to the Head of Finance and then to our Chief Financial Officer and General Counsel to work with the supplier to resolve.
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