CARPENTERS LIMITED
Company number: 06532413
Reporting period:
1 July 2019 to 31 December 2019
Report filed on:
28 January 2020
Approved by:
Donna Richards
Payment statistics
Average time taken to pay invoices: 103 days
Invoices paid:
- within 30 days: 27%
- in 31 to 60 days: 8%
- in 61 days or more: 65%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 5%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
Answer not provided
Standard payment terms
"Payment terms are agreed with suppliers during contract negotiations. Counsel & expert fees (Professional Disbursements) however carry different terms for settlement. In accordance with standard procedures for law firms and in accordance with Solicitors Regulation Authority (SRA) Accounts Rules, Carpenters pays Professional Disbursements within two days of receipt of payment from the client for those costs, unless otherwise agreed with the supplier. This may result in the actual payment date exceeding the ""standard"" payment term of some suppliers. This approach is standard procedure for law firms and compliant with Solicitors Regulation Authority (SRA) Accounts Rules. This approach leads to a higher percentage of cases appearing in the overall ""61 days or more"" category. Therefore for transparency; time taken to pay invoices can be split as follows: Trade: Average time taken to pay invoices : 32 Days Invoices Paid: within 30 days: 80% in 31 to 60 days: 17% in 61 days or more: 3% Non-Trade (Professional Disbursements): Average time taken to pay invoices : 269 Days Invoices Paid: within 30 days: 23% in 31 to 60 days: 8% in 61 days or more: 69%"
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
0 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
Supplier Team deal with any disputes
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