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LBS BUILDERS MERCHANTS LIMITED

Company number: 00254946

Reporting period:
1 January 2023 to 30 June 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 5 February 2024

and approved by Philip Evans

Payment statistics

Average time taken to pay invoices: 45 days

Invoices paid:

• within 30 days: 26%
• in 31 to 60 days: 59%
• in 61 days or more: 15%

Invoices due but not paid within agreed terms: 0 %

Payment terms

Shortest standard payment period

7 days

Longest standard payment period

45 days

Standard payment terms

Standard payment terms are based on the number of days from date of invoice. The longest payment terms will be based on the numbers of days from the end of month the invoice received is dated.

Were there any changes to the standard payment terms in the reporting period?

No

Maximum contractual payment period agreed

60 days

We have 4 suppliers who offer 60 day contract terms, these are exceptional terms and are not standard.

Any other information about payment terms

LBS Builders Merchants Ltd looks to ensure all suppliers are paid to terms with the exception of queried invoices and disputes. Where possible we look to adopt early settlement terms if available.

Dispute resolution process

LBS Builders Merchants Ltd works actively with its whole supplier network to ensure disputes and queries are resolved at the earliest opportunity, this allows us to avoid any delay in payments to suppliers.

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