THE FACTORY SHOP LIMITED
Company number: 04176887
Reporting period:
1 October 2023 to 31 March 2024
Report filed on:
30 April 2024
Approved by:
Ian Williams
Payment statistics
Average time taken to pay invoices: 49 days
Invoices paid:
- within 30 days: 22%
- in 31 to 60 days: 42%
- in 61 days or more: 37%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 43%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
90 days
Standard payment terms
There are no standard payment periods. Common periods are 30, 60 or 90 days. Most frequent for UK suppliers is 30 days and for imports 30 days before date of estimated delivery. Our terms state that invoices will be paid on the Friday of the week the agreed payment period falls due. The payment week runs from Sunday to Saturday.
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
120 days
No further comment provided
Any other information about payment terms
N/A
Dispute resolution process
In the first instance disputes are dealt with by the merchandising department. If the matter cannot be resolved it will be escalated to senior management.
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