SHEFFIELD FORGEMASTERS INTERNATIONAL LIMITED
Company number: 04883675
Reporting period:
1 January 2022 to 30 June 2022
Report filed on:
2 August 2022
Approved by:
Stephen Hammell
Payment statistics
Average time taken to pay invoices: 48 days
Invoices paid:
- within 30 days: 27%
- in 31 to 60 days: 39%
- in 61 days or more: 34%
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
60 days
Longest standard payment period
Answer not provided
Standard payment terms
Our standard terms are 60 days after the end of the month in which the invoice is submitted, although we have various contracts with suppliers where different payment terms have been agreed.
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
The business has very few disputes relating to payment and will only refuse to pay an invoice where issues have arisen with the supplier’s performance and there is legitimate legal and contractual basis to withhold payment. Any dispute raised by a supplier would be dealt with by our supply chain management and finance functions in the first instance, who would seek to resolve any discrepancy with the invoice. Where necessary, such as where there is a substantive dispute over the validity of the invoice, such dispute would be referred to our Commercial Director and Legal Counsel for resolution.
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