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SYMINGTON'S LIMITED

Company number: 02528254

Reporting period:
28 February 2018 to 26 August 2018

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This information is as reported by the business, and responses are in their own words.

This report was filed on 25 September 2018

and 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%

Invoices due but not paid within agreed terms: 93 %

Payment terms

Shortest standard payment period

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

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 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.

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