CROMWELL TOOLS LIMITED
Company number: 00986161
Reporting period:
1 July 2023 to
31 December 2023
!
This information is as reported by the business, and responses are in their own words.
This report was filed on 31 January 2024
and approved by Jason Steward
Payment statistics
Average time taken to pay invoices:
64 days
Invoices paid:
- within 30 days: 6%
- in 31 to 60 days: 35%
- in 61 days or more: 59%
Invoices due but not paid within agreed terms:
9%
Payment terms
Shortest standard payment periods
60 days
Longest standard payment period
90 days
Standard payment terms
60 Days EOM
Were there any changes to the standard payment terms in the reporting
period?
Answer not provided
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
N/A
Dispute resolution process
Queries are created on internal software and accessed by the internal source via web portal for resolve/escalation to the vendor
Reports of outstanding queries are reviewed and chased/escalated by AP team for unresolved queries
Central helpdesk and phones lines in place for vendors to contact with inquiries/payment issues/requests
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, 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.
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