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HEYWOOD WILLIAMS COMPONENTS LIMITED

Company number: 02523354

Reporting period:
1 July 2023 to 31 December 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 30 January 2024

and approved by James Kiernan

Payment statistics

Average time taken to pay invoices: 12 days

Invoices paid:

• within 30 days: 33%
• in 31 to 60 days: 53%
• in 61 days or more: 13%

Invoices due but not paid within agreed terms: 5 %

Payment terms

Shortest standard payment period

0 days

Longest standard payment period

90 days

Standard payment terms

30 Days EOM & 60 Days EOM

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

N/A

Dispute resolution process

Discrepancies are dealt with in a professional manner , and reported to the Supplier at the earliest opportunity following receipt of invoice , Finance issue a GRNI report weekly to alert the Supply Chain team to situations where goods may have been received but invoices not yet processed , Statements are reconciled as part of the month end procedure and the Finance team are available between the hours of 8.30am -5.00pm Monday to Thursday and 78.30am to 4.30PM Fridays and also by email . In the event an invoice is held for payment the Finance Manager will communicate with the team and suppliers reasons and resolutions

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