GOV.UK
SILVER STREET AUTOMOTIVE LIMITED
Company number: 00716748
Reporting period:
1 October 2023
to 31 March 2024
This report was filed on 26 April 2024
and approved by Mark Hemus
Payment statistics
Average time taken to pay invoices: 34 days
Invoices paid:
- within 30 days: 51%
- in 31 to 60 days: 47%
- in 61 days or more: 2%
Invoices due but not paid within agreed terms: 27 %
Payment terms
Shortest standard payment period
0 days
Longest standard payment period
60 days
Standard payment terms
Standard terms offered are for payment at the end of the month following the invoice date. However, the company operates a motor vehicle franchise model. The major vehicle manufacturers dictate their own specific terms varying from one manufacturer to another. The individual manufacturer's terms will also vary dependant on the type of transaction - for instance the terms for a new vehicle sale will differ from those offered for sale of original equipment parts. The shortest payment term is collection by direct debit on the date the invoice is issued equating to 0 days payment terms.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
60 days
Any other information about payment terms
N/A
Dispute resolution process
When invoices are received they are assigned to an Authorising Manager. If a dispute arises it is the responsibility of the Authorising Manager to liaise with the supplier to resolve any issues. The invoice will be put on hold during this process. Accounts Payable reconcile supplier statements monthly and at that point they will liaise with the authorising manager to progress any outstanding disputes. Reasons for withholding payment can also be recorded against the invoice on the Accounts Payable system.
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.
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