T.R. FASTENINGS LIMITED
Company number: 01103675
Reporting period:
1 April 2022 to 30 September 2022
Report filed on:
6 October 2022
Approved by:
ANNA-MARIA JOHNSON
Payment statistics
Average time taken to pay invoices: 45 days
Invoices paid:
- within 30 days: 39%
- in 31 to 60 days: 26%
- in 61 days or more: 35%
Late and disputed:
- total value of payments due in the reporting period which have not been paid within the agreed period: £0
- payments due in the reporting period which have not been paid within the agreed period: 18%
Payment terms
Shortest standard payment periods
0 days
Longest standard payment period
120 days
Standard payment terms
TR Fastenings Ltd standard terms of stock suppliers are from the date of invoice or receipt of invoice where a copy has been received, M15 net monthly payable on the 15 th or 1st working day after M30 net monthly payable on 1st working day after due date, or the 1st available date subject to the co. shutdown at Christmas or Public Holiday. M45 net monthly payable on 15th or the 1st working day after M60 net monthly payable on the 1st working day after due date or the 1st available date subject to the company shutdown at Christmas or Public Holidays. Exceptions to the above include: Imported goods where payment is from Bill of Lading, (BOL) and TR Fastenings have terms ranging from BOL 0 to BOL 60 Following and extraordinary agreement with certain suppliers - TRF Ltd have M90 net monthly, payable on the 1st working day after due date or the 1st available date subject to the company shutdown at Christmas, or Public Holidays. Variations to these standard terms are by exception only and only applied when negotiated and agreed by both parties. For Non-stock suppliers, our standard terms are negotiated between both parties.
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
120 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
Dispute resolution process If at any time a dispute arises between TR Fastenings Ltd and a supplier, the invoice will be recorded on the system, and rejected as a non-compliant invoice. Our process is to reject the invoice with a reason code i.e. quantity difference to an Accounts Administrator, they liaise with the Purchase Order placer who in turn will contact the supplier with the query. Once a resolution has been agreed the invoice will be passed back to finance for processing and payment. Where necessary a credit note will be requested and if this is not forthcoming within 2 weeks TR will raise an internal debit note, and a copy will be sent to the supplier.
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