GOV.UK
C N C SPEEDWELL LIMITED
Company number: 03124721
Reporting period:
1 April 2018
to 30 September 2018
This report was filed on 8 November 2018
and approved by Bryn Marsh
Payment statistics
Average time taken to pay invoices: 42 days
Invoices paid:
- within 30 days: 11%
- in 31 to 60 days: 87%
- in 61 days or more: 2%
Invoices due but not paid within agreed terms: 81 %
Payment terms
Shortest standard payment period
0 days
Longest standard payment period
30 days
Standard payment terms
Standard payment terms are 30 days end of month, all suppliers are paid on these terms unless it is otherwise agreed.
Small suppliers or suppliers who require deposits or pro forma invoicing are paid on 0 days when requested.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
60 days
60 days end of month
Any other information about payment terms
Standard payment terms of 30 days end of month are applied with mutual agreement by all suppliers who do not require immediate payment.
Whilst 81% of payments are made later than the terms set out on the suppliers invoice, there is a mutual understanding and clear communication that terms of 30 days end of month will be applied to transactions. CNC Speedwell pay consistently to these terms and work with suppliers to ensure payments are made in a reasonable manner - as demonstrated by the relatively low average payment days and small number of transactions settled in over 60 days.
Dispute resolution process
Complaints or concerns are dealt with on a reasonable basis by the Financial Controller and the Managing Director, with the relevant parties concerned.
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