PEABODY (SERVICES) LIMITED
Company number: 04627652
1 April 2018
to 30 September 2018
This report was filed on 30 October 2018
and approved by Amanda Holgate
Average time taken to pay invoices: 22 days
- within 30 days: 85%
- in 31 to 60 days: 5%
- in 61 days or more: 10%
Invoices due but not paid within agreed terms: 15 %
Shortest standard payment period
Longest standard payment period
Standard payment terms
The maximum standard payment term is 30 days and there are also agreements in place for 1 / 7 / 14 day payments. Some ad hoc same day payments are made as required.
Peabody Services Ltd operates a No PO, No Pay policy and a three-way match on all invoices. Payment will be issued 30 days from the initial invoice date, subject to a relevant goods receipt notice (GRN) being issued by Peabody Services Ltd staff confirming that the Goods, Services or Works have been delivered satisfactorily.
Full details of our payment policy and terms can be found here:
Were there any changes to the standard payment terms in the reporting period?
Whilst our standard payment period contractually has remained at 30 days, we upgraded our core finance systems in April 2018 and for approximately two months Peabody Services Ltd changed the system rules to a next day payment period to help alleviate any potential payment delays caused by the software changes.
Our supply chain were not informed as this was a) a temporary measure; and b) marked a significant reduction in standard payment terms and was therefore beneficial to suppliers; and c) not a contractual change in payment terms.
Were suppliers notified or consulted about these changes before they were made?
Maximum contractual payment period agreed
Any other information about payment terms
Whilst Peabody Services Ltd is not currently a member of any payment code, we aim to pay suppliers within 30 days in keeping with the spirit of the Prompt Payment Code.
Dispute resolution process
i. The process for resolving disputes related to payments is listed below. Each escalation stage relates to a higher threshold of authority so escalations will vary depending on the payment dispute value.
a. Invoice sent to correct address:
FAO Group Payments
Peabody Services Limited, 45 Westminster Bridge Road
b. Stage 1 – enquiry sent to email@example.com
c. Stage 2 – Escalation to Group Payments Manager Mark Barrett.
d. Stage 3 – Escalation to the Head of Procurement and Payments Jody Adams.
e. Stage 4 – Escalation to Director, Finance Services Amanda Holgate.
f. Stage 5 – Escalation to Chief Financial Officer Susan Hickey.
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.
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.
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.
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?
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?