SYMINGTON'S LIMITED
Company number: 02528254
Reporting period:
28 February 2018 to 26 August 2018
Report filed on:
25 September 2018
Approved by:
Clare Urmston
Payment statistics
Average time taken to pay invoices: 72 days
Invoices paid:
- within 30 days: 10%
- in 31 to 60 days: 27%
- in 61 days or more: 63%
Late and disputed:
- total value of payments due in the reporting period which have not been paid within the agreed period: £0
- payments due in the reporting period which have not been paid within the agreed period: 93%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
90 days
Standard payment terms
Standard payment terms are 60 days.
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
90 days
Maximum contractual payment period of 90 days is more common with our suppliers from overseas due to the extended supply chain.
Any other information about payment terms
Of the 93% not paid to term, 30% are paid within 5 days of being due and 38% of payments are made within a week of being due. This is due to the timing of our payment runs versus falling due dates, as we do not make payments every day. 61% of payments are made within 2 weeks.
Dispute resolution process
Initial disputes are dealt with by our Ledger Manager and relevant Account Manager, with process in place to escalate firstly to the Financial Controller and then to the Chief Financial Officer.
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