GOV.UK
FORTICRETE LIMITED
Company number: 00221210
Reporting period:
1 January 2023
to 30 June 2023
This report was filed on 28 July 2023
and approved by Craig Holland
Payment statistics
Average time taken to pay invoices: 60 days
Invoices paid:
- within 30 days: 8%
- in 31 to 60 days: 55%
- in 61 days or more: 37%
Invoices due but not paid within agreed terms: 28 %
Payment terms
Standard payment period for qualifying contracts
30 days
Standard payment terms
The majority of the Company’s purchases are initiated by the individual factories and overseen by the Procurement function.
Under the standard terms operated, Forticrete Limited will pay for goods in the payment run which occurs in the first week following a period of 60 days since the receipt of the related invoice. Suppliers can contact Forticrete Limited to negotiate terms which differ from those employed as standard.
Payment is dependent upon validated delivery of the goods and the correct invoicing by the Supplier. If Forticrete Limited has not been correctly invoiced by our standard terms’ payment date, payment will be made in the week following receipt of corrected invoicing.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
90 days
None
Any other information about payment terms
None
Dispute resolution process
Forticrete Limited seeks to settle all disputes as soon as possible. Should a dispute arise between the parties, the Supplier can contact their Company contact (generally, the factory manager or administrator), who will attempt to resolve the dispute. Escalation to the central Procurement Manager is expected prior to commencement of any legal proceedings.
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