GOV.UK
SIG TRADING LIMITED
Company number: 01451007
Reporting period:
1 July 2022
to 31 December 2022
This report was filed on 31 January 2023
and approved by Chris Lodge
Payment statistics
Average time taken to pay invoices: 54 days
Invoices paid:
- within 30 days: 7%
- in 31 to 60 days: 56%
- in 61 days or more: 37%
Invoices due but not paid within agreed terms: 45 %
Payment terms
Shortest standard payment period
0 days
Longest standard payment period
60 days
Standard payment terms
Our standard payment terms are 30/60 Days EOM +1. On average it takes two days from invoice receipt for the invoice to be booked on our ledger.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
60 days
Our payment terms are from the end of the month of the month of invoice
Any other information about payment terms
Whilst 45% of invoices appear not to be paid within the agreed terms. One of our main month end payment run's is generated on the 1st working day of the following month for invoices that are due at the end of the month, this has been the customary practice for a number of years and is widely accepted by our supplier base.
Dispute resolution process
We aim to resolve all disputes promptly and will normally do so by raising an abeyance note (request for credit note) to the supplier detailing the query, followed by contacting suppliers directly. Any disputes regarding payments are also directed to our AP Helpdesk team.
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.
Yes
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