CARTER SYNERGY LIMITED
Company number: 00176807
Reporting period:
1 July 2020 to 31 December 2020
Report filed on:
27 January 2021
Approved by:
Peter Madelin
Payment statistics
Average time taken to pay invoices: 56 days
Invoices paid:
- within 30 days: 5%
- in 31 to 60 days: 41%
- in 61 days or more: 54%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 20%
Payment terms
Shortest standard payment periods
7 days
Longest standard payment period
90 days
Standard payment terms
We have very few payment terms of 7 days from invoice date. For the majority of our invoices our payments terms are either 30 days (end of month) or 60 days (eom). For the 60 day accounts the longest payment term could be, if the invoice is dated the 1st, 90 days from invoice date. Hence 90 days as our longest payment term(which is 3 months less one day)
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
90 days
Whilst we normally have 30 day end of month or 60 days eom we have some clients that dictate longer terms such as 75 days eom or 90days eom, sometimes this can flow up the supply chain so all contractors/sub contractors working on these contracts use these terms. So, we can have different terms for an individual supplier dependent on which contract they are working on.
Any other information about payment terms
No further comment provided
Dispute resolution process
We operate a Purchase Order based invoice system which means that an invoice is not recognised or approved without a Purchase Order(except for utility bills). If we have a dispute with a supplier, we will ask the person within our organisation who placed the order to notify the supplier of the query. All invoices in query are held unpaid until the query is resolved. Most queries are resolved within 30 days, although invoices sent without a purchase order can take longer because there is no indication who placed the order within our organisation.
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