Company number: 07002304
and approved by Laurence King
Average time taken to pay invoices: 33 days
Invoices paid:
Invoices due but not paid within agreed terms: 89%
7 days
105 days
Our policy is to comply with the standard payment terms of our suppliers. Where no terms are specified we apply 30 days from invoice date. We currently operate a weekly payment run. From the 1st January 2018 we have changed the cut-off point of the payment run, this will mean that suppliers are paid earlier than previously.
Answer not provided
N/A
105 days
Our longest payment term is 105 days, this is for one supplier who requested these terms. Our next longest payment terms are 60 days. However, the standard payment term is 30 days unless specified by the supplier.
Instead of using invoice receipt date, we have used invoice date in our calculations which will impact our statistics. Please note 78% of invoices not paid within agreed terms were only 1-7 days overdue which is related to the weekly payment run we operate. This will reduce now we have implemented a different cut-off from 1st January 2018.
Invoices in dispute go on hold and we contact the supplier to resolve the issue. Once resolved the invoice will be paid on the next weekly payment run.
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.
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
No
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
No
No