EEF LIMITED
Company number: 05950172
Reporting period:
1 January 2018 to
30 June 2018
This report was filed on 8 August 2018
and approved by Paul Jennings
Payment statistics
Average time taken to pay invoices: 31 days
Invoices paid:
- within 30 days: 58%
- in 31 to 60 days: 37%
- in 61 days or more: 5%
Invoices due but not paid within agreed terms: 2%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
60 days
Standard payment terms
Payment terms are 30 days unless considered a key supplier, and we can agree priority terms. We also operate a no PO no payment policy. All POs need to be approved prior to order of goods or services.
Were there any changes to the standard payment terms in the reporting period?
Answer not provided
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
N/A
Dispute resolution process
Suppliers will need to contact the staff member who organised the service or goods to agree a resolution. Purchase Ledger will co-ordinate this, and ensure the invoice is logged and flagged within our PO system. We monitor these. As a PO is required prior to order we have not had a complaint within the qualifying period.
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, 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