GRATTE BROTHERS LIMITED

Company number: 00411138

Reporting period:
1 April 2018 to 30 September 2018

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This report was filed on 30 October 2018

and approved by NARESH J THAKKER

Payment statistics

Average time taken to pay invoices: 48 days

Invoices paid:

• within 30 days: 19%
• in 31 to 60 days: 39%
• in 61 days or more: 42%

Invoices due but not paid within agreed terms: 37%

Payment terms

Shortest standard payment periods

7 days

Longest standard payment period

90 days

Standard payment terms

The company operates two distinct payment processes:- 1. Purchase Order (Mainly materials and plant)   Standard payment terms Payment terms are agreed with suppliers on a case by case basis. The most commonly used terms are 30 days following the end of the month in which the tax point of the suppliers’ invoice falls. Maximum payment terms The maximum payment term is 60 days. 2. Subcontract Orders There are two main types of subcontractor 1. Agency Labour Standard payment terms Standard payment terms vary between 7 days and 60 days from the end of the month in which the tax point of the invoice falls. Maximum payment term The maximum agreed payment term is 90 days. 2. Supply & Fix Standard payment terms Standard payment terms and conditions with subcontractors are in staged payments. Due dates for these staged payments are agreed at the outset of each contract being placed. The average payment periods fall between 30 and 60 days following the certification of applications for payment or invoices received from the subcontractor. Maximum payment term The maximum agreed payment term is 60 days.

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

The percentage of payments due within the reporting period which were not paid within the agreed payment period include disputed invoices.

Dispute resolution process

Purchase Order In the first instance payment queries will be raised with the Accounts Manager. Queries for materials and equipment hire will be escalated to the procurement team for resolution through dialogue with the supplier. Subcontract Orders In the first instance payment queries will be raised with the Accounts Manager who will refer it to the surveyor responsible for the contract. A dialogue with the subcontractor will then opened with the aim of reaching resolution. If the dispute cannot be resolved, it is referred to the Supply Chain Director.

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