BENSONSFORBEDSRETAIL LTD
Company number: 12528962
Reporting period:
26 September 2021 to 26 March 2022
Report filed on:
1 August 2022
Approved by:
GORDON BROWN
Payment statistics
Average time taken to pay invoices: 48 days
Invoices paid:
- within 30 days: 92%
- in 31 to 60 days: 3%
- in 61 days or more: 5%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 19%
Payment terms
Shortest standard payment periods
0 days
Longest standard payment period
90 days
Standard payment terms
Terms are set by supplier. Out of (currently) circa. 650 suppliers: 35% are on Immediate Terms (these are mainly our landlords where we pay monthly in advance for rent/SC etc.) 62% are on 0-30 Days 2% between 31-60 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
This is only 1 x supplier. The majority of supplier are on 0-30 x days (refer to previous comment)
Any other information about payment terms
N/A
Dispute resolution process
Liaison with supplier in first instance to see if there is an error/issue. If un-resolvable between Accounts Payable Department and Supplier the dispute is escalated to the contact who manages the relationship with the supplier in order 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.
Yes
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