THE NORTH BRITISH DISTILLERY COMPANY LIMITED
Company number: SC001491
Reporting period:
1 January 2024 to 30 June 2024
Report filed on:
16 August 2024
Approved by:
Fraser MacDonald
Payment statistics
Average time taken to pay invoices: 41 days
Invoices paid:
- within 30 days: 18%
- in 31 to 60 days: 77%
- in 61 days or more: 4%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 28%
Payment terms
Shortest standard payment periods
16 days
Longest standard payment period
45 days
Standard payment terms
We had 2 payments run (monthly) structure through Purchase Ledger, Plus Faster or Bacs payment for instant remittances up to May 2024.
1-16 Th of month following invoice date.
2-31st of month following invoice date (1st of following month if a 30-day month-differing for February).
The “Shortest” terms can be paid quicker than 16 -30 days depending on invoice date and our payment run transmission.
The “Longest” terms can be 45 days, but only in extreme cases (e.g. if invoice arrives on 1st of month and is paid 31st of the following month).
From May 2024, new payment terms have been implemented. Our aim is for invoices to be paid within 30 days from transaction (invoice) date not entry date.
Were there any changes to the standard payment terms in the reporting period?
Yes, changes have occurred in the reporting period as explained above in order to remove a processing anomaly. The statistic has been based to revised terms.
New payment terms are within 30 days from invoice date.
Were suppliers notified or consulted about these changes before they were made?
No
Maximum contractual payment period agreed
45 days
N/A
Any other information about payment terms
N/A
Dispute resolution process
If there is a problem relating to an invoice,we contact the supplier,let them know the details and suggest a solution to the problem(e.g goods not delivered,faulty workmanship etc).We don't complete the process until and agreed plan of action is in force so both parties know what is to happen to allow timeouts payment.
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