PAUL SMITH LIMITED
Company number: 01170719
Reporting period:
1 January 2018 to 30 June 2018
Report filed on:
21 December 2018
Approved by:
James Horsley
Payment statistics
Average time taken to pay invoices: 24 days
Invoices paid:
- within 30 days: 69%
- in 31 to 60 days: 22%
- in 61 days or more: 9%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 41%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
60 days
Standard payment terms
We pay 30 days net as standard. If suppliers wish to be paid sooner this needs to be discussed directly with our accounts department. Payment terms begin from the date goods are received in our warehouse and not the date on the invoice.
Payment is not automatically issued issued after 30 days, the supplier must contact the accounts department at this time to receive payment. This should be provided by statement of account.
Certain suppliers who ship goods via sea have 60 day payment 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
60 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
All Complaints and disputes for payment need to come through our purchase ledger department situated in our head office in Nottingham. Once the correspondence is received it is picked up by a specific member of the team, dependant of the type of goods or services in question. Suppliers can either contact the relevant member of the team directly or contact us through a dedicated email address (new suppliers are provided with this information).
Complaints or disputes are looked at when received. If disputes cannot be resolved by the department these are escalated to the Group Financial Controller for consideration.
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