GOV.UK
SEVERFIELD (UK) LIMITED
Company number: 02668795
Reporting period:
1 April 2022
to 30 September 2022
This report was filed on 28 October 2022
and approved by Jennifer Magowan
Payment statistics
Average time taken to pay invoices: 41 days
Invoices paid:
- within 30 days: 30%
- in 31 to 60 days: 57%
- in 61 days or more: 13%
Invoices due but not paid within agreed terms: 21 %
Payment terms
Shortest standard payment period
30 days
Longest standard payment period
75 days
Standard payment terms
30 days end of month of date of invoice
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
75 days
Any other information about payment terms
Severfield UK acknowledge that the results of 87% of invoices paid within 60 days and 51% of SME invoices paid within 30 days are less than of the Code's required targets of 95%. This is reflective of the ongoing inflationary and supply chain pressures faced by the company and our suppliers in recent months, in addition to the existing difficulties faced by companies in the construction sector where supply chains and contractual terms are complex, and prompt payment is often materially impacted by resolution of disputes and alignment to agreed contractual terms. On the whole, the company has managed these pressures well through strict cash management procedures and maintaining good relationships with our suppliers, and this is reflected in 87% of suppliers continuing to be paid within 60 days.
Dispute resolution process
All disputes are escalated to the Accounts Payable Manager who works with the teams involved to reach a resolution with our suppliers
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.Yes – Prompt payment code
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