SODRA WOOD LIMITED
Company number: 01789912
Reporting period:
1 July 2023 to 31 December 2023
Report filed on:
26 March 2024
Approved by:
George Whittaker
Payment statistics
Average time taken to pay invoices: 34 days
Invoices paid:
- within 30 days: 37%
- in 31 to 60 days: 61%
- in 61 days or more: 2%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 4%
Payment terms
Shortest standard payment periods
7 days
Longest standard payment period
60 days
Standard payment terms
We do not have a standard payment term set for our suppliers. The most frequent term is NMA (net monthly account - average 45 days) and this is used for our smaller suppliers, however we do have a range of shorter to pro-forma terms on the small suppliers. The higher value stock invoices tend to be on shorter terms where the average would be 30 days.
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
60 days
We have different payment terms with some suppliers where they will give us a discount if paid early.
Each supplier is unique and not set terms for all suppliers.
Any other information about payment terms
No further comment provided
Dispute resolution process
Invoice queries in the first instance are taken up by PL team and investigated, copies and supporting information requested. Stock queries would be resolved with assistance from shipping and procurement managers. Haulier invoices with support from distribution manager and smaller adhoc suppliers with the relevant contact.
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 Fair 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.
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