STORY CONTRACTING LIMITED
Company number: 03709861
Reporting period:
1 October 2022 to 31 March 2023
Report filed on:
26 April 2023
Approved by:
Russell Collins
Payment statistics
Average time taken to pay invoices: 42 days
Invoices paid:
- within 30 days: 45%
- in 31 to 60 days: 44%
- in 61 days or more: 11%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 11%
Payment terms
Shortest standard payment periods
1 days
Longest standard payment period
60 days
Standard payment terms
Standard Payment terms for purchase ledger invoices is 30 days from invoice end of month, subcontractor payments are 28 days from application. Reduced Payment terms can be set up for individual suppliers and subcontractors.
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
61 days
No further comment provided
Any other information about payment terms
Improved subcontractor payment process to ensure applications and payless notices are processed in a timely manner. Working collaboratively with our suppliers to improve query process which ultimately delays the payment.
Dispute resolution process
We aim to query and resolve invoice queries within the payment terms which is 30 days from end of month invoice date. This is not always possible but there is an escalation process and we are working collaboratively with our suppliers to improve quotations, orders which ultimately will prevent further queries.
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.
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