CHARLIES STORES LIMITED

Company number: 01761459

Reporting period:
1 August 2019 to 31 July 2020

This information is as reported by the business, and responses are in their own words.

This report was filed on 13 November 2020

and approved by Nicholas Dann

Payment statistics

Average time taken to pay invoices: 47 days

Invoices paid:

within 30 days: 25%
in 31 to 60 days: 50%
in 61 days or more: 25%

Invoices due but not paid within agreed terms: 62%

Payment terms

Shortest standard payment periods

35 days

Longest standard payment period

90 days

Standard payment terms

Our standard payment terms are 35 days end of month. We have a number of extended payment plans to cover goods that are delivered prior to season commencing. We pay a 30% deposit payment for container stock with full payment made on submission of documents before the stock is delivered. All invoices for services are usually paid within 15 days.

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

180 days

No further comment provided

Any other information about payment terms

Supplier invoices are matched to the purchase order and the goods received note. If the supplier invoice contains products which were not delivered we process a shortage claim on the supplier. Similarly, if the invoice price is higher than the price on the purchase order the invoice is not passed for payment until a credit note is received from the supplier. The original supplier invoice is held until we have received all shortage claims or credit notes.

Dispute resolution process

Claims for short deliveries are sent to the supplier as soon as the goods are received. These claims are then resent to the supplier after 30 days if we have not received a credit note. Claims for pricing errors are sent to the supplier when the invoice is matched and then resent to the supplier if no credit is received after 30 days. We run our supplier payments weekly and maintain a regular dialogue with our suppliers to ensure all that invoice discrepancies are resolved as quickly as possible.

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.

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.

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?