THE WORKS STORES LIMITED

Company number: 06557400

Reporting period:
1 November 2022 to 30 April 2023

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This report was filed on 24 May 2023

and approved by Steve Alldridge

Payment statistics

Average time taken to pay invoices: 61 days

Invoices paid:

• within 30 days: 20%
• in 31 to 60 days: 58%
• in 61 days or more: 22%

Invoices due but not paid within agreed terms: 67%

Payment terms

Shortest standard payment periods

30 days

Longest standard payment period

60 days

Standard payment terms

We don't have standard payment terms for stock suppliers. The majority of stock suppliers are on 30 days from invoice, 2nd is 30 EOM, 3rd 60 EM. Largest stock suppliers are on 60 EM. Majority of expense suppliers are on 30 EM, 2nd 30 DI.

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

90 days from invoice

Any other information about payment terms

N/A

Dispute resolution process

Complaints relating to payments would be directed to the AP team in finance. It will start off with the Purchase Ledger Clerk. If they can not resolve the problem it will be escalated to the Purchase Ledger Supervisor (RT) or the Finance Manager (MD) Complaints can be made either via phone or by email to accounts@theworks.co.uk.

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.

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