CORNEY AND BARROW LIMITED
Company number: 02296476
Reporting period:
1 May 2018 to 31 October 2018
Report filed on:
16 November 2018
Approved by:
P S Masters
Payment statistics
Average time taken to pay invoices: 28 days
Invoices paid:
- within 30 days: 88%
- in 31 to 60 days: 9%
- in 61 days or more: 3%
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
30 days
Longest standard payment period
90 days
Standard payment terms
With the exception of broking transactions, Corney and Barrow Ltd does not have standard payment terms. Differing payment terms are agreed as between UK and overseas suppliers during the course of contractual negotiations. It should be noted that, in the case of broking transactions, 30 days payment terms means payment will be made in the week in which the 30 day period falls. Therefore payment could be upto 34 days from the date of the broking sales advice but will still be within agreed terms.
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
259 days
The 259 day payment period was for an overseas supplier that sets a due date for payment on a pro-forma invoice to coincide with delivery of wine to the UK. However, this is not a 'standard period' imposed by Corney and Barrow.
Any other information about payment terms
No further comment provided
Dispute resolution process
Disputes would be resolved between the member of Corney and Barrow's buying team and his/her counterpart at the supplier.
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 Fair 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