LOWRI BECK SERVICES LIMITED
Company number: 03364728
Reporting period:
1 January 2023 to 30 June 2023
Report filed on:
27 July 2023
Approved by:
Brandon Rennet
Payment statistics
Average time taken to pay invoices: 30 days
Invoices paid:
- within 30 days: 63%
- in 31 to 60 days: 26%
- in 61 days or more: 11%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 55%
Payment terms
Shortest standard payment periods
0 days
Longest standard payment period
60 days
Standard payment terms
We have some suppliers who requireimmediate payment upon receipt ofthe invoice, for example; trainingproviders who require payment at thepoint of booking a course. Themajority of suppliers are set up with30 day payment terms as standardand this is only reduced byexception. Some suppliers havebeen set up with longer paymentterms of 45 and 60 days.
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
60 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
All invoices are input into the financesystem and sent for approval via thatsystem to the relevant departmentthat initiated the spend. If
there is a dispute with the invoice,the department which initiated thespend would be responsible forquerying this with the supplier.
Upon resolution, the departmentwould either approve the invoice onthe finance system or would requesta revised invoice to be
issued.
Once the invoice has been enteredinto the system and approved in linewith the authorisation limits, theinvoice will be paid on the
following payment run. Payment runsare done once per week.
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.
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