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THE FACTORY SHOP LIMITED

Company number: 04176887

Reporting period:
1 April 2018 to 30 September 2018

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This information is as reported by the business, and responses are in their own words.

This report was filed on 31 October 2018

and approved by T Bettley

Payment statistics

Average time taken to pay invoices: 51 days

Invoices paid:

• within 30 days: 29%
• in 31 to 60 days: 30%
• in 61 days or more: 41%

Invoices due but not paid within agreed terms: 45 %

Payment terms

Standard payment period for qualifying contracts

30 days

Standard payment terms

There are no standard payment terms. Common terms for UK suppliers are 30, 60 and 90 days with 30 being the most frequent. The most frequent terms for imports is 30 days before estimated delivery date.

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

No

Maximum contractual payment period agreed

90 days

Any other information about payment terms

The Company entered into CVA agreement on 9th July 2018. From that point, Invoices not paid within terms has dropped to 26% from 57% beforehand as the company has benefited from a cash injection from its owners

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

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