ATLANTIC FOODS LIMITED
Company number: 05335933
Reporting period:
31 December 2017 to 30 June 2018
Report filed on:
18 October 2018
Approved by:
William Coulten
Payment statistics
Average time taken to pay invoices: 40 days
Invoices paid:
- within 30 days: 9%
- in 31 to 60 days: 86%
- in 61 days or more: 5%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 5%
Payment terms
Shortest standard payment periods
0 days
Longest standard payment period
60 days
Standard payment terms
Standard terms are 28 days for this reporting period. However, we have some standard terms specific to the vendor, which vary between proforma (0 days) up to 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
Please note, we implemented a new accounting system in May which has impacted our ability to report practices across the 6 month reporting period. However, the data reported is a reasonable reflection of our payment practices.
Dispute resolution process
1. Terms are agreed with vendors prior to trading 2. If payments are disputed with vendors: - remittance advice goes to all vendors when paid, referencing key information such as invoices covered etc. - if vendors have concerns, the remittance advice includes contact information for the Atlantic Foods Limited accounts payable team - disputes are then negotiated between parties - aged payables are also reviewed on a monthly basis with senior Atlantic Foods management
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