AB WORLD FOODS LIMITED
Company number: 01400901
Reporting period:
1 September 2024 to 1 March 2025
Report filed on:
28 March 2025
Approved by:
Adrian Kee
Payment statistics
Average time taken to pay invoices: 30 days
Invoices paid:
- within 30 days: 56%
- in 31 to 60 days: 42%
- in 61 days or more: 2%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 14%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
60 days
Standard payment terms
The standard payment terms are 30 days from invoice date for UK businesses with less than 50 employees and 60 days from date of invoice for any other suppliers. However there are non-standard terms agreed with suppliers which range from pro-forma to 90 days depending on the supplier and the type of goods and services purchased.
Were there any changes to the standard payment terms in the reporting period?
Answer not provided
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
90 days
"Our payment statistics to UK suppliers are 98% of all invoices are paid <=60 days. Payment for the majority of our suppliers is via a weekly BACs payment run and we ensure the timing allows many of our suppliers to receive payment upto 8 days before payment due date. We continually strive to improve our payment practices and are currently in the process of automating significant processes to allow faster invoice processing, approval and payment. Payment terms are negotiated depending on the type of supplier and the type of goods or services purchased. For example whether the purchase is trade goods or non-trade goods/services."
Any other information about payment terms
N/A
Dispute resolution process
For disputes relating to payment, the procurement team will liaise with the supplier to resolve any disputes relating to pricing, quantity or quality issues as soon as a query is raised. In the case of pricing issues, prices will be checked to the original contract or agreed price list. All efforts are made to resolve all issues within 30 days and ideally before payment is due. We request that all suppliers provide Purchase Orders with invoices because without this delays in payment will occur.
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 Prompt 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