MICHAEL I HOLDSWORTH LIMITED
Company number: 02027459
Reporting period:
1 September 2022 to 28 February 2023
Report filed on:
24 March 2023
Approved by:
Mrs RJC Warhurst
Payment statistics
Average time taken to pay invoices: 39 days
Invoices paid:
- within 30 days: 25%
- in 31 to 60 days: 74%
- in 61 days or more: 1%
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: 5%
Payment terms
Shortest standard payment periods
10 days
Longest standard payment period
60 days
Standard payment terms
We have weekly payment terms for local suppliers and small businesses We have a 20th of the month following month of supply We have an End of the month following the month of supply We part pay our Rates bills over 306days by direct debit We have special terms and pay some suppliers by direct debit ie., Utility suppliers We may enter into arrangements to pay a supplier by percentage of a Gross amount – until the supply is complete We may make staged payments to a supplier until the supply is complete We do not pay any supplier without receipt of a statement (unless there is only one invoice outstanding) This can cause delays as some Suppliers do not issue statements! And need constant chasing
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
306 days
Unfortunately, when suppliers charge us incorrectly and don’t send in credit notes on a timely basis we are in breach of the agreed terms. This is sometimes at the supplier’s request, as they don’t want any of their invoices part paid
Any other information about payment terms
COVID19 and the Ukraine war has caused major disruption to supply and pricing issues too. Again, getting hold of suppliers is very difficult with staff working from home Also, a number of suppliers have their head office in another country, and this does affect communication when requesting credit notes for incorrect pricing or short deliveries or none delivery or incorrect deliveries
Dispute resolution process
During invoice processing it will be determined if there is a dispute with the invoice ie., incorrect prices, short deliveries, none deliveries, wrong goods delivered, damaged goods delivered, return of goods or goods need returning, as Holdsworth did not order the goods delivered Holdsworth email/write and phone the suppliers to request credit notes or collections With large suppliers and suppliers that have their head office outside the UK, this can make our disputes process a very lengthy process – much to our detriment.
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