BARNWOOD LIMITED
Company number: 00785952
Reporting period:
1 July 2024 to 31 December 2024
Report filed on:
24 April 2025
Approved by:
Matthew James Williams
Payment statistics
Average time taken to pay invoices: 46 days
Invoices paid:
- within 30 days: 42%
- in 31 to 60 days: 54%
- in 61 days or more: 4%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 2%
Payment terms
Shortest standard payment periods
14 days
Longest standard payment period
63 days
Standard payment terms
Subcontract Ledger: Standard payment terms are set during the negotiation phase and written into the subcontract terms and conditions. Standard terms of 31 days are agreed with most subcontractors. Certain trades can often have shorter terms particularly where the labour content is high. As such terms can often range between 14-31 days. The time taken for the BACS payment to be received by the subcontractor is factored into the payment due date. Funds are available on the due date.
Purchase Ledger: Standard payment terms are payment to the supplier by the end of month following the month of invoice. This can result in a payment period of between 28-63 days. Payment is sent by BACS. Funds are available on the due date.
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
61 days
Standard payment terms require payment to the supplier by the end of the month following the invoice month. Consequently, payment terms may range from 28 to 63 days, depending on the invoice date. The maximum duration assumes an invoice issued on the 1st of the first month and paid by the end of the second month.
Any other information about payment terms
No further comment provided
Dispute resolution process
Subcontract Ledger: Disputes involving subcontractors are referred to the project's Quantity Surveyor, who will resolve them as promptly as possible. If the subcontractor wishes to escalate the issue, they may contact the Commercial Director or Finance Director for further discussion. Notes can be recorded in the finance system to track disputes and provide a clear audit trail. Once resolved, payment will be included in the next available weekly payment run or sooner if necessary.
Purchase Ledger: Invoices are recorded in the accounts system and visible to the accounts team as outstanding. Notes can be added to invoices within the system to highlight unresolved issues quickly. The Finance Manager monitors unapproved invoices and reports on outstanding items. Once resolved, payment will be included in the next available payment run or sooner if required.
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: Prompt Payment Code
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