BRAKE BROS LIMITED

Company number: 02035315

Reporting period:
2 July 2017 to 1 January 2018

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

This report was filed on 30 January 2018

and approved by Michael Ball

Payment statistics

Average time taken to pay invoices: 50 days

Invoices paid:

within 30 days: 23%
in 31 to 60 days: 35%
in 61 days or more: 42%

Invoices due but not paid within agreed terms: 47%

Payment terms

Shortest standard payment periods

0 days

Longest standard payment period

90 days

Standard payment terms

The standard payment terms are weekly, no earlier than 60 days after the date of delivery, this calculates to 67 days. However there are non-standard supplier payment terms which can be shorter and longer than the standard terms. In certain circumstances a supplier may seek to impose its own payment terms, and in other circumstances, a bespoke contract may be agreed.

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

90 days

No further comment provided

Any other information about payment terms

For invoice not paid within our standard terms, a further 52% are paid in less than one week.

Dispute resolution process

Resolution of disputes is handled on a case-by-case basis. The company seeks to resolve disputes 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.

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.

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?

Yes