GOV.UK
PRINCES LIMITED
Company number: 02328824
Reporting period:
1 April 2018
to 30 September 2018
Warning
This information is as reported by the business, and responses are in their own words.
This report was filed on 30 October 2018
and approved by Craig Price
Payment statistics
Average time taken to pay invoices: 49 days
Invoices paid:
- within 30 days: 18%
- in 31 to 60 days: 58%
- in 61 days or more: 24%
Invoices due but not paid within agreed terms: 12 %
Payment terms
Standard payment period for qualifying contracts
60 days
Standard payment terms
The Princes Terms and Conditions of Purchase state that unless otherwise provided by an order, the price shall be payable by Princes to the Seller before the expiry of 60 days from the date of delivery.
Were there any changes to the standard payment terms in the reporting period?
Yes – The standard payment terms were reduced from 90 days to 60 days.
Were suppliers notified or consulted about these changes before they were made?
No
Maximum contractual payment period agreed
90 days
Any other information about payment terms
N/A
Dispute resolution process
Before resorting to legal proceedings the parties shall attempt to amicably resolve any dispute arising out of or relating to contract through negotiations.
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