THOMAS SANDERSON LIMITED

Company number: 04626841

Reporting period:
1 January 2018 to 30 June 2018

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

This report was filed on 27 July 2018

and approved by Nigel Campkin

Payment statistics

Average time taken to pay invoices: 13 days

Invoices paid:

within 30 days: 92%
in 31 to 60 days: 5%
in 61 days or more: 3%

Invoices due but not paid within agreed terms: 32%

Payment terms

Shortest standard payment periods

2 days

Longest standard payment period

30 days

Standard payment terms

Unless otherwise agreed in writing, Thomas Sanderson Ltd will pay for third party goods or services, within 30 days of receipt of a correct, undisputed and properly due VAT invoice, such invoices to be provided by the supplier within the time contractually agreed with Thomas Sanderson Ltd. Invoices must generally state: the contact details of the Thomas Sanderson Ltd point of contact; the relevant purchase order number; the period to which the invoice relates; the Supplier's bank account for payment; all charges and applicable taxes and a description of the services/products. Thomas Sanderson Ltd also operates Self-Billing agreements with self-employed agents. Payments are made in the week following that in which the service was provided. However, upon termination of an agency agreement, commission payments may be held for several months until all contracts are completed. In the event of a dispute payment may be withheld pending resolution.

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

30 days

No further comment provided

Any other information about payment terms

N/A

Dispute resolution process

In the event of a dispute of pricing or the terms of a contract, the manager responsible for procuring the goods/services will attempt to resolve the dispute. Should the invoicing itself be deficient in any way then Accounts Payable will contact the supplier to advise of the issues and try to resolve them. All attempts at contact aim to deal with the disputes swiftly to allow fulfilment of the terms of contract.

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.

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?