CHAIRS LIMITED
Company number: 02714841
Reporting period:
1 April 2023 to 30 September 2023
Report filed on:
23 October 2023
Approved by:
Danny Bovingdon
Payment statistics
Average time taken to pay invoices: 23 days
Invoices paid:
- within 30 days: 55%
- in 31 to 60 days: 38%
- in 61 days or more: 7%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 38%
Payment terms
Shortest standard payment periods
7 days
Longest standard payment period
90 days
Standard payment terms
TERMS OF PAYMENT
We have varies standard terms, but mostly 30/45/60 depending on what has been agreed with the supplier.
7 days
14 days
30 days
45 days
60 days
90 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
90 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
PROCEDURE TO PAY LATE INVOICES
If we receive late invoices, I check that all goods have been received and prices are correct, we then enter the invoice on the system and then arrange for the payment to made as soon as possible if we have gone over our payment terms.
If we receive a statement and we haven’t received some of the invoices from that statement, I will ring or email and ask for copies, once we have received them, I will check them and pay. ( the same as above).
Any queries are discussed with the supplier and credits and supporting documents are received to process for payment.
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