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JACKSON'S BAKERY LIMITED

Company number: 03974455

Reporting period:
30 April 2023 to 28 October 2023

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This information is as reported by the business, and responses are in their own words.

This report was filed on 24 November 2023

and approved by Jo Coombes

Payment statistics

Average time taken to pay invoices: 58 days

Invoices paid:

• within 30 days: 15%
• in 31 to 60 days: 34%
• in 61 days or more: 50%

Invoices due but not paid within agreed terms: 23 %

Payment terms

Standard payment period for qualifying contracts

1 days

Standard payment terms

The business’ standard payment terms can be found in our Standard Terms and Conditions, which are issued to all suppliers ahead of trading. These terms command  “Each invoice will be payable by the Buyer on the 5th day of the month that is two months following the end of the month that the Goods are accepted by the Supplier or where such day is not a Business Day, the next Business Day. The Supplier acknowledges that such payment make take up to five (5) Business Days to clear.” As a business we do acknowledge situations, by exception that require a deviation from these standard terms and work with those suppliers in these exceptional positions.

Were there any changes to the standard payment terms in the reporting period?

No

Maximum contractual payment period agreed

80 days

Any other information about payment terms

N/A

Dispute resolution process

In the first instance all financial disputes about payments under qualifying contracts will be dealt with via our finance team of whom suppliers have the relevant contact details. They will share any disputes or concerns with the relevant member of the procurement team, who along with the finance team will ensure the dispute is dealt with in a timely manner.

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.

Yes

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