FELTHAM CONSTRUCTION LIMITED
Company number: 01987699
Reporting period:
1 January 2022 to 30 June 2022
Report filed on:
29 July 2022
Approved by:
David Yates
Payment statistics
Average time taken to pay invoices: 27 days
Invoices paid:
- within 30 days: 59%
- in 31 to 60 days: 38%
- in 61 days or more: 2%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 16%
Payment terms
Shortest standard payment periods
14 days
Longest standard payment period
61 days
Standard payment terms
Subcontract:
Standard payment terms are set out with the subcontractor when the order is placed. Terms can range between 14 to 46 days. Payments are made by BACS and the time taken for payment to be received is included in the payment terms described in the subcontract order.
Purchase Ledger:
Standard payment terms for all major supplier accounts are payment to be received by the supplier by the end of the month following the invoice date. This gives a range of terms from 28 to 61 days, payments are made by BACs to reach suppliers by the due date.
General suppliers, professional fees and ad hoc payments can have terms from immediate payment to 30 days from date of invoice.
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
61 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
Subcontract ledger:
Any disputes regarding subcontract payments should be referred to the QS in the first instance. The QS will act to resolve the query as soon as possible. If the subcontractor wishes to escalate their query the matter should be referred to the Surveying Director. Once resolved payment will be made on the next available payment run.
Purchase Ledger:
Queries which arise regarding purchase ledger invoices are emailed to suppliers' credit controllers by the accounts team fortnightly as a minimum and followed up with a phone call if resolution not reached. Further to this queries may also be addressed by the Contracts Manager to the suppliers' sales department where specific details need to be discussed. Once resolved payment will be made on the next available payment run.
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