SEVERFIELD (UK) LIMITED
Company number: 02668795
1 October 2022
to 31 March 2023
This report was filed on 28 April 2023
and approved by Jennifer Magowan
Average time taken to pay invoices: 39 days
- within 30 days: 45%
- in 31 to 60 days: 47%
- in 61 days or more: 8%
Invoices due but not paid within agreed terms: 20 %
Shortest standard payment period
Longest standard payment period
Standard payment terms
30 days end of month of date of invoice
Were there any changes to the standard payment terms in the reporting period?
Maximum contractual payment period agreed
Severfield UK acknowledge that the results of 92% of invoices paid within 60 days and 27% of SME invoices paid within 30 days are less than the codes required targets of 95%. This is reflective of the ongoing inflationary and supply chain pressures faced by the company 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 affected by resolution of disputes. On the whole the company has managed these pressures well through strict cash management procedures. This has shown an improvement to the previous return with an increase from 87% to 92% of invoices paid within 60 days
Any other information about payment terms
Dispute resolution process
All disputes are escalated to the Accounts Payable Manager who works with the teams involved to reach a resolution
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.
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.
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?
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?