BROMPTON BICYCLE LIMITED
Company number: 01261512
Reporting period:
1 April 2024 to 30 September 2024
Report filed on:
13 March 2025
Approved by:
Will Butler Adams FREng OBE
Payment statistics
Average time taken to pay invoices: 38 days
Invoices paid:
- within 30 days: 57%
- in 31 to 60 days: 30%
- in 61 days or more: 13%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 13%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
60 days
Standard payment terms
The standard payment term for most suppliers is 30 days after receipt of the invoice. There is also a quick settlement discount offered by certain suppliers for early settlement of outstanding liabilities.
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
Disputes regarding payments are generally infrequent due to strong controls around the accounts payable process.
In the unlikely event of a dispute, the following procedures are followed
1) Disputes or supplier concerns are received in our dedicated AP email inbox.
2) A supplier reconciliation is performed to ascertain the root cause of the issue by the AP team.
3) Findings are discussed with suppliers to clarify any uncertainties and ultimately to reach a negotiated settlement.
Based on the outcome, any outstanding liabilities are then settled promptly with authorisation from the Finance lead.
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.
Yes, this business has signed up to: Kings Award for Enterprise
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.
Yes
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