G PLAN UPHOLSTERY LIMITED
Company number: 00149073
Reporting period:
3 July 2017 to 2 January 2018
Report filed on:
26 March 2018
Approved by:
G M Brown
Payment statistics
Average time taken to pay invoices: 53 days
Invoices paid:
- within 30 days: 1%
- in 31 to 60 days: 60%
- in 61 days or more: 39%
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: 47%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
75 days
Standard payment terms
The standard payment terms are settlement at the end of the month following invoice date (average 45 days). Payment is made in the first week of the following month. There have been not changes to these terms in the period. Inter-company invoices are settled as part of the treasury management function. The nominal settlement period is within 1 year.
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
364 days
Inter-company invoices are settled as part of the treasury management function. The nominal settlement period is within 1 year. Excluding inter-company transactions the longest settlement period is 75 days average
Any other information about payment terms
No further comment provided
Dispute resolution process
In the event of a dispute the representative of the supplying organisation is invited to attend a meeting where the evidence for the under lying issue is presented. The supplying organisation will then respond with evidence to support an alternative view point if necessary. After, a second meeting may then be held with a view to reaching a consensus. Contact is maintained until either agreement is reached or no further progress can be made. At which time legal action may be taken.
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.
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