THE CLANCY GROUP LTD
Company number: 03339937
Reporting period:
1 October 2023 to 31 March 2024
Report filed on:
29 April 2024
Approved by:
David Pegg
Payment statistics
Average time taken to pay invoices: 34 days
Invoices paid:
- within 30 days: 57%
- in 31 to 60 days: 32%
- in 61 days or more: 11%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 14%
Payment terms
Shortest standard payment periods
14 days
Longest standard payment period
45 days
Standard payment terms
The standard payment terms of The Clancy Group Ltd are 45 days. However, as part of contractual negotiations variations to this may be agreed.
Were there any changes to the standard payment terms in the reporting period?
Answer not provided
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
60 days
The Clancy Group Ltd operates a number of payment methods including BACS and cheque payments. Our core ERP system is IFS and we use a three way matching system between purchase order, goods receipting (delivery tickets) and invoice. In order to avoid payment delays, suppliers and sub-contractors are asked to ensure that they have a valid and current purchase order number and quote this on all invoices, credit notes applications for payment and any other documentation relating to the payment process.
Any other information about payment terms
Historically, The Clancy Group Ltd had a large number of related party invoices, and in accordance with guidance these have been included within the reported figures. As expected, and reported, following changes to the process for these invoices from April 2022, this distortion has disappeared.
Dispute resolution process
The Clancy Group Ltd aims to resolve all invoice queries or disputes in a timely manner and ensure payments are made within agreed terms. All supplier queries should be addressed to ap@theclancygroup.co.uk in the first instance. If the issue cannot be resolved by the accounts payable team, then the matter will be directed to the purchase order owner or Procurement department as appropriate for resolution. Once any queries or disputes have been resolved then the invoice will be settled on the next payment run once it is due for payment. All sub-contractor queries should be addressed to their local commercial team 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 Prompt 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