DRAEFERN LIMITED
Company number: 02066103
Reporting period:
1 July 2024 to 31 December 2024
Report filed on:
12 February 2025
Approved by:
Iain Pickering
Payment statistics
Average time taken to pay invoices: 24 days
Invoices paid:
- within 30 days: 70%
- in 31 to 60 days: 24%
- in 61 days or more: 6%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 34%
Payment terms
Shortest standard payment periods
7 days
Longest standard payment period
30 days
Standard payment terms
It is company policy to agree appropriate terms of payment with each individual supplier. The majority of suppliers are paid on 30 day terms or fewer. No early settlement discounts are generally entered into. We have specific terms in place for direct limited company contractors - who are paid on the next payment run 1 week in arrears of receipts of an approved timesheet and invoice. Payment runs are carried out once a week. We work inline with the "GI Group" Code of Ethics which is published on our company website. As noted in the Fairness paragraph, we are "opposed to any practices that induce Suppliers to enter a contract that is unfavourable to them".
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
30 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
Supplier disputes are rare, but if a supplier does have an issue we instruct them to contact our accounts payable team on gigrouppl@gigroup.com who will seek to resolve any queries as quickly as possible. If a dispute cannot be resolved by our accounts payable team, the issue will be escalated to a senior member of our finance team, and ultimately our Finance 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 Fair 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