BETA This is a new service – your feedback will help us to improve it.

FERRARIS PISTON SERVICE LIMITED

Company number: 04148298

Reporting period:
1 January 2022 to 30 June 2022

---

This information is as reported by the business, and responses are in their own words.

This report was filed on 15 August 2022

and approved by J Coombes

Payment statistics

Average time taken to pay invoices: 101 days

Invoices paid:

• within 30 days: 3%
• in 31 to 60 days: 22%
• in 61 days or more: 75%

Invoices due but not paid within agreed terms: 53 %

Payment terms

Shortest standard payment period

12 days

Longest standard payment period

365 days

Standard payment terms

Standard payment terms are 12 to 365 days from date of invoice depending on the suppliers

Were there any changes to the standard payment terms in the reporting period?

No

Maximum contractual payment period agreed

365 days

Any other information about payment terms

N/A

Dispute resolution process

Suppliers may raise disputes by emailing the purchase ledger team who seeks to resolve independently. Where necessary, disputes are escalated to the purchase ledger manager and then to a financial controller. If a dispute is still not resolved, the company will enter into a process of self managed arbitration, involving the senior management of both principals to try and reach a mutually acceptable agreement.

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