GOV.UK
JTF WHOLESALE LIMITED
Company number: 05660877
Reporting period:
26 March 2018
to 25 September 2018
This report was filed on 24 October 2018
and approved by John Hepworth
Payment statistics
Average time taken to pay invoices: 45 days
Invoices paid:
- within 30 days: 30%
- in 31 to 60 days: 48%
- in 61 days or more: 22%
Invoices due but not paid within agreed terms: 45 %
Payment terms
Shortest standard payment period
0 days
Longest standard payment period
90 days
Standard payment terms
We offer 3 payment terms to suppliers as a standard:
1. 30 Days - 2.5% Discount;
2. 60 Days - 1.0% Discount;
3. 90 Days - No Discount.
We still have a number of suppliers on different terms either as a legacy or due to commercial requirement, including immediate payment, 7 days and 45 days. Work is ongoing to move these suppliers wherever possible to our standard terms.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
90 days
Any other information about payment terms
Where a supplier's payment terms are very short (e.g.immediate payment or 7 days), internal processes around receipt, authorisation, matching and processing of invoices may mean that some invoices are in effect paid late. This has a negative impact on the reported % of invoices not paid within agreed terms.
Dispute resolution process
Invoice queries (e.g.where the invoice does not match to the PO and GRN within pre-set acceptable tolerance) are passed to the relevant buyer to then resolve with the supplier.
Our finance team have a generic e-mail address for accounts queries.
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