GOV.UK
SIMMONS & SIMMONS LLP
Company number: OC352713
Reporting period:
1 November 2022
to 30 April 2023
This report was filed on 23 May 2023
and approved by Jeremy Hoyland
Payment statistics
Average time taken to pay invoices: 25 days
Invoices paid:
- within 30 days: 78%
- in 31 to 60 days: 10%
- in 61 days or more: 12%
Invoices due but not paid within agreed terms: 22 %
Payment terms
Shortest standard payment period
14 days
Longest standard payment period
60 days
Standard payment terms
Trade related costs (office) are mostly paid on 30 days terms from invoice date.
For invoice costs that are billed to clients (disbursements), these are settled on Pay When Paid terms (when our client pays our bill) and are subsequenlty often paid after 30 days from invoice date.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
60 days
Any other information about payment terms
N/A
Dispute resolution process
Where a payment has gone over terms due to a query on the services/goods supplied and invoiced for, AP ensure the buyer has reached out to the supplier and discussed that payment may be withheld pending resolution of the disputed sum.
If AP have had no sight of an overdue invoice, the bill is first requested from the supplier and then sent to the buyer for urgent approval, we advise supplier that this is happening and make an urgent payment as soon as the invoice has been verified and approved by the authorised person.
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