CARR'S FLOUR MILLS LIMITED
Company number: 00480341
Reporting period:
1 April 2022 to 30 September 2022
Report filed on:
12 October 2022
Approved by:
Lorraine Kane
Payment statistics
Average time taken to pay invoices: 48 days
Invoices paid:
- within 30 days: 20%
- in 31 to 60 days: 50%
- in 61 days or more: 29%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 87%
Payment terms
Shortest standard payment periods
28 days
Longest standard payment period
60 days
Standard payment terms
Standard payment terms are 30 days from End of Month of invoice. The only contractual terms are with UK wheat suppliers where the terms are 28 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
60 days
No further comment provided
Any other information about payment terms
As a business we will always try and pay to our supplier terms, but we only do a non-wheat payment run on a weekly basis, which invariably will result in most of our payments appearing late, even if only by a few days. If you take this weekly payment run practice into account and allow 7 days tolerance on the due date, our non-payment % reduces.
Dispute resolution process
Disputes are normally resolved informally by phone call/email unless there are other non-financial reasons for the non-payment where a dispute will be escalated internally. Further action, such as litigation, will be taken if necessary but this is seen as a last resort.
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