SMITH BROTHERS STORES LIMITED
Company number: 00962846
Reporting period:
1 April 2024 to 30 September 2024
Report filed on:
31 October 2024
Approved by:
David Bryson
Payment statistics
Average time taken to pay invoices: 54 days
Invoices paid:
- within 30 days: 9%
- in 31 to 60 days: 57%
- in 61 days or more: 34%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 21%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
Answer not provided
Standard payment terms
The Company has the following standard payment terms with its suppliers: Where no agreement exists, the company will pay suppliers 30 days end of month subject to the correct price on the invoice. Terms may vary in accordance with individual agreements with suppliers which normally vary from 30 to 60 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
60 days
The terms for the maximum contract period which is agreed with the supplier is that the company will pay the supplier 60 days end of month subject to the correct price on the invoice
Any other information about payment terms
No further comment provided
Dispute resolution process
Where non-payment is due to invoicing inaccuracy because of incorrect pricing/quantities or the quality of goods or services provided, the invoice is put on hold until the error is resolved. Once resolved, payment will be made in line with the terms of the supplier, unless the invoice is overdue where it will be paid in the next available payment run.
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