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SEVERFIELD (DESIGN & BUILD) LIMITED

Company number: 04107553

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 Zara Morris

Payment statistics

Average time taken to pay invoices: 41 days

Invoices paid:

• within 30 days: 50%
• in 31 to 60 days: 38%
• in 61 days or more: 12%

Invoices due but not paid within agreed terms: 14 %

Payment terms

Shortest standard payment period

30 days

Longest standard payment period

60 days

Standard payment terms

The standard payment terms are for payments to be made the end of the month following receipt of invoice

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

No

Maximum contractual payment period agreed

90 days

Any other information about payment terms

Severfield D&B acknowledge that the results of 88% of invoices paid within 60 days and 68% of SME invoices paid within 30 days are less than the Code's required target of 95%. This is reflective of the ongoing inflationary and supply chain pressures faced by the company, and our suppliers in recent months, in addition to the existing difficulties faced by companies in the construction sector where supply chains and contractual terms are complex, and prompt payment is often materially impacted by resolution of disputes and alignment to agreed contractual terms. On the whole, the company has managed these pressures well through strict cash management procedures and maintaining good relationships with our suppliers, and this is reflected in 88% of suppliers continuing to be paid within 60 days.

Dispute resolution process

Severfield (Design & Build) Ltd actively resolve disputes as quickly as possible. All disputes are escalated to the Accounts Payable Manager who works with the teams involved to reach a resolution with our suppliers.

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.

Yes – Prompt Payment Code

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