CREED FOODSERVICE LIMITED
Company number: 01065559
Reporting period:
30 June 2018 to 29 December 2018
Report filed on:
14 January 2019
Approved by:
Kirstin Hawkins
Payment statistics
Average time taken to pay invoices: 37 days
Invoices paid:
- within 30 days: 45%
- in 31 to 60 days: 44%
- in 61 days or more: 12%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 75%
Payment terms
Shortest standard payment periods
7 days
Longest standard payment period
75 days
Standard payment terms
45 days from end of month
Were there any changes to the standard payment terms in the reporting period?
Some suppliers changed from the whole account being due at the end of the month, to being payable on a weekly basis, terms average out the same, but payment profile changed, so as suppliers receive payment weekly.
Were suppliers notified or consulted about these changes before they were made?
Either via meeting or telephone conversation.
Maximum contractual payment period agreed
75 days
60 days from end of month, average 75 days.
Any other information about payment terms
Of the number of invoices not paid to terms 68% of these were paid within 7 days of the due date.
Dispute resolution process
Invoice will be placed on hold, discussion with the supplier and our commercial team will attempt to resolve any dispute, so as the invoice can be cleared for 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