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THE BINDING SITE GROUP LIMITED

Company number: 05508774

Reporting period:
1 October 2022 to 31 March 2023

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

This report was filed on 28 April 2023

and approved by Mark Culwick

Payment statistics

Average time taken to pay invoices: 38 days

Invoices paid:

• within 30 days: 44%
• in 31 to 60 days: 49%
• in 61 days or more: 7%

Invoices due but not paid within agreed terms: 47 %

Payment terms

Shortest standard payment period

5 days

Longest standard payment period

90 days

Standard payment terms

Our standard payment terms are 30d EOM, but are assigned on a case by case basis

Were there any changes to the standard payment terms in the reporting period?

Yes – Yes - On a case by case basis a few Supplier payment terms were changed after consultation

Were suppliers notified or consulted about these changes before they were made?

Yes – Yes - This was done verbally and also in writing

Maximum contractual payment period agreed

90 days

Any other information about payment terms

N/A

Dispute resolution process

1) Disputed invoices are raised to the supplier detailing if the query relates to a quantity discrepancy, or a pricing discrepancy, by our central accounts payable team. The invoice is then held pending resolution
2) Accounts payable liaise with suppliers to obtain and process any missing invoices
3) Accounts payable liaise with suppliers to confirm payment details

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