AFE GROUP LIMITED

Company number: 03872673

Reporting period:
1 March 2019 to 31 August 2019

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This report was filed on 27 September 2019

and approved by Timothy Smith

Payment statistics

Average time taken to pay invoices: 56 days

Invoices paid:

• within 30 days: 13%
• in 31 to 60 days: 46%
• in 61 days or more: 41%

Invoices due but not paid within agreed terms: 57%

Payment terms

Shortest standard payment periods

0 days

Longest standard payment period

90 days

Standard payment terms

Standard payment terms are 60 days following the end of month of the date of invoice, however various commercial payment terms are negotiated with our suppliers and service partners, structured around terms commonly applied within the market segments of our industry. http://www.theafegroup.com/policies

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

We continue to work with our service and supply partners to apply mutually agreed payment terms and to help support our supply chain and service partner networks

Dispute resolution process

In the first instance the person responsible for the supply agreement will look to resolve the dispute, if unresolved this will then be escalated to the head of the department and Financial Controller. Failure to meet a resolution will then be escalated to the 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 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