GOV.UK
NISBETS PLC
Company number: 01693112
Reporting period:
1 January 2022
to 30 June 2022
This report was filed on 27 July 2022
and approved by Andrew Walsham
Payment statistics
Average time taken to pay invoices: 47 days
Invoices paid:
- within 30 days: 9%
- in 31 to 60 days: 73%
- in 61 days or more: 18%
Invoices due but not paid within agreed terms: 48 %
Payment terms
Shortest standard payment period
30 days
Longest standard payment period
60 days
Standard payment terms
As standard, Nisbets PLC pay its suppliers and distributors no later than 60 days from the end of the month of the date of the invoice received. Variations to the standard payment terms are negotiated with certain suppliers by exception and are agreed by both parties.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
60 days
Maximum contractual terms for payments in this period are 60 days following the month end of the invoice date, which gives a maximum payment period of 91 days. There are 631 invoices with a value of £1,937,208 due for payment in this period with these terms.
Any other information about payment terms
N/A
Dispute resolution process
Nisbets PLC have a dedicated Purchase Ledger team with specific accounts allocated to individuals in that team, allowing suppliers a direct, named, point of contact. In the event of disputed charges, our policy is to investigate the invoice in question, such as inspecting Goods Received Notes depending on its nature, and communicate directly with the supplier to ensure timely resolution.
Dependent on the specific contract terms, we would potentially withhold payment on the disputed portion of the invoice, or raise a debit note for those items until the query is 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 Prompt Payment Code must commit to paying 95% of their invoices within 60 days.No
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