CARTER SYNERGY LIMITED
Company number: 00176807
Reporting period:
1 January 2020 to 30 June 2020
Report filed on:
31 July 2020
Approved by:
Peter Madelin
Payment statistics
Average time taken to pay invoices: 61 days
Invoices paid:
- within 30 days: 5%
- in 31 to 60 days: 40%
- in 61 days or more: 55%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 20%
Payment terms
Shortest standard payment periods
7 days
Longest standard payment period
90 days
Standard payment terms
Some invoices paid by direct debit are paid within 7 days. Majority are on either 30 days or 60 days end of month. Dependent on the date of an invoice we could take up to 90 days to pay and still be within terms on a 60 day account.
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
90 days
Each supplier has different terms dependent upon which contract they are predominantly supplying to. On the sales side some of our customers take 75 or 90 days to pay, this can then flow up the supply chain so that some of our suppliers are on different terms.
Any other information about payment terms
No further comment provided
Dispute resolution process
We operate a Purchase Order based invoice system which means that an invoice is not recognised or approved without a purchase order(the exceptions are utility bills etc) If we have a dispute with a supplier, we (normally the person who ordered the part/service) will notify the supplier of the query. The invoice is held (not paid) until the query is resolved. Most queries are resolved within 30 days, although invoices that get sent without a purchase order can take longer because there is no indication (via a reference) why the invoice has been sent to us.
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