S.G. PETCH LIMITED
Company number: 02479069
Reporting period:
1 May 2018 to 31 October 2018
Report filed on:
21 November 2018
Approved by:
Simon Rees
Payment statistics
Average time taken to pay invoices: 41 days
Invoices paid:
- within 30 days: 32%
- in 31 to 60 days: 51%
- in 61 days or more: 17%
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
3 days
Longest standard payment period
180 days
Standard payment terms
Appropriate payment terms are agreed with our suppliers based on the nature of the transaction. The Company, as standard, pays its suppliers no later than the last day of the month following the month in which the invoice is agreed, subject to the receipt of statements where appropriate.
Individual agreements are in place for manufacturer vehicle purchases. These can vary from 3 days from the date of first registration to extended credit of up to 180 days.
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
180 days
N/A
Any other information about payment terms
N/A
Dispute resolution process
The company aims to resolve disputes in a timely manner. Any queries relating to invoices are initially handled by the suppliers regular contact at the branch or Head Office. Disputes are co-ordinated by our Head Office accounts team. If the matter can not be resolved then any final decision would be made by the company Financial Director.
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