FIRCROFT ENGINEERING SERVICES LIMITED
Company number: 01405855
Reporting period:
1 September 2017 to 28 February 2018
Report filed on:
23 March 2018
Approved by:
Stuart Hall
Payment statistics
Average time taken to pay invoices: 4 days
Invoices paid:
- within 30 days: 98%
- in 31 to 60 days: 2%
- in 61 days or more: 0%
Late and disputed:
- total value of payments due in the reporting period which have not been paid within the agreed period: £0
- payments due in the reporting period which have not been paid within the agreed period: 5%
Payment terms
Shortest standard payment periods
5 days
Longest standard payment period
Answer not provided
Standard payment terms
It is the company's policy to agree appropriate terms of payment with suppliers for each transaction or series of transactions, and to abide by those terms based on the timely submission of satisfactory invoices. The majority of suppliers are paid on 5 day terms for contractor payments and 30 day terms for trade suppliers.
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
45 days
Not applicable
Any other information about payment terms
Not applicable
Dispute resolution process
Invoices in dispute are placed on hold after being notified by the internal purchaser and we seek to resolve queries as quickly as possible. If the initial discussions with the supplier do not resolve the issue, Fircroft operates a complaints service, whereby the query is registered and investigated by the Quality Manager who is independent to the Accounts Payable department and the Shared Service Centre. Once the dispute has been resolved, the invoice is paid on the next 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