THE WORKS STORES LIMITED
Company number: 06557400
Reporting period:
30 April 2018 to 30 October 2018
Report filed on:
29 November 2018
Approved by:
Gavin Peck
Payment statistics
Average time taken to pay invoices: 66 days
Invoices paid:
- within 30 days: 7%
- in 31 to 60 days: 51%
- in 61 days or more: 42%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 90%
Payment terms
Shortest standard payment periods
1 days
Longest standard payment period
Answer not provided
Standard payment terms
We don't have standard payment terms for stock suppliers. The majority of stock suppliers are on 30 days from invoice, 2nd is 30 EOM, 3rd 60 EM. Largest stock suppliers are on 60 EM. Majority of expense suppliers are on 30 EM, 2nd 30 DI.
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
90 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
Complaints relating to payments would be directed to the AP team in finance. It will start off with the Purchase Ledger Clerk. If they can not resolve the problem it will be escalated to the Purchase Ledger Manager (JV). Complaints can be made either via phone or by email to accounts@theworks.co.uk. Where cheques haven't arrived the purchase ledger supervisor would either agree to raise a new cheque or agree with the FAM, FC or CFO that a same day Bacs payment can be made. Emails are reviewed the next day and a resolution would hope to be reached within 2 days.
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