J.D. WILLIAMS & COMPANY LIMITED

Company number: 00178367

Reporting period:
4 March 2018 to 3 September 2018

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

This report was filed on 1 October 2018

and approved by Craig Lovelace

Payment statistics

Average time taken to pay invoices: 41 days

Invoices paid:

within 30 days: 28%
in 31 to 60 days: 65%
in 61 days or more: 7%

Invoices due but not paid within agreed terms: 43%

Payment terms

Shortest standard payment periods

1 days

Longest standard payment period

60 days

Standard payment terms

The Group has recently standardised its payment terms to 60 days from the date of invoice. There are however exceptions to this where appropriate to reflect the nature of the product or service which we are procuring.

Were there any changes to the standard payment terms in the reporting period?

As set out above, the Group has changed its standard payment terms during the last twelve months to 60 days from invoice date which we are currently in the process of rolling out across our supplier base. As noted above, there will continue to be authorised exceptions to this where appropriate to reflect the nature of the product or service. As part of this process we have consulted with our supplier base to agree these changes and as part of that consultation we have offered an early payment programme which enables our suppliers to arrange financing to enable them to receive funds earlier than their contractual terms at an agreed rate with our financing partner

Were suppliers notified or consulted about these changes before they were made?

see above

Maximum contractual payment period agreed

60 days

No further comment provided

Any other information about payment terms

N/A

Dispute resolution process

Where the business receives queries or complaints from our suppliers, we will aim to resolve them as soon as practically possible. This will involve members of the accounts payable team liaising with both the supplier and the relevant internal departments to identify any issues and identify the facts and queries/disputes will be escalated internally as appropriate. Following this process, the team will then work with the supplier as appropriate to ensure the query or dispute is resolved and any amounts due are paid promptly.

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.

Yes

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?