TESCO FOOD SOURCING LIMITED
Company number: 07502096
Reporting period:
26 February 2018
to 26 August 2018
This report was filed on 25 September 2018
and approved by Karandeep Singh
Payment statistics
Average time taken to pay invoices: 31 days
Invoices paid:
- within 30 days: 34%
- in 31 to 60 days: 65%
- in 61 days or more: 1%
Invoices due but not paid within agreed terms: 19 %
Payment terms
Shortest standard payment period
7 days
Longest standard payment period
58 days
Standard payment terms
1. 07 Days
2.14 Days
3. 21 Days
4. 28 Days
5. 30 Days
6. 35 Days
7. 58 Days
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
58 days
Most of the vendors having maximum contractual payment period of 58 days are service providers. (hauliers, packers and shipping company)
Any other information about payment terms
N/A
Dispute resolution process
We manage all queries through an incident management tool . We have a dedicated team to match the invoices and resolve any queries.
If there is a dispute, we would call/email the relevant vendors and follow up with an email to resolve. All queries raised by vendors are usually resolved within 7 days.
We have an escalation matrix which is shared with all the vendors.
We conduct periodic governance on the performance of the query team to ensure that queries are resolved timely and satisfactorily, thereby ensuring a build-up of invoices on hold is avoided and vendors are paid accurately.
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