THE WORKS STORES LIMITED
Company number: 06557400
Reporting period:
1 May 2023 to 31 October 2023
Report filed on:
27 November 2023
Approved by:
Steve Alldridge
Payment statistics
Average time taken to pay invoices: 55 days
Invoices paid:
- within 30 days: 21%
- in 31 to 60 days: 50%
- in 61 days or more: 29%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 44%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
90 days
Standard payment terms
We don't have standard payment terms for stock suppliers. The majority of stock suppliers are on 30 days from invoice, 2nd is 30 days end of month (EOM), 3rd 60 EOM. Largest stock suppliers are on 60 EOM. Majority of expense suppliers are on 30 EOM, 2nd 30 days from invoice
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
Complaints relating to payments would be directed to the AP team in finance. It will start off with the Purchase Ledger Clerk. If they can not resolve the problem it will be escalated to the Purchase Ledger Supervisor or Finance Manager. Complaints can be made either via phone or by email to accounts@theworks.co.uk. Further escalation can be to the Heads of Buying or Head of Finance in exceptional circumstances
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