CITYFIBRE HOLDINGS LIMITED
Company number: 07488363
Reporting period:
1 July 2020 to 31 December 2020
Report filed on:
28 January 2021
Approved by:
Simon Holden
Payment statistics
Average time taken to pay invoices: 35 days
Invoices paid:
- within 30 days: 77%
- in 31 to 60 days: 13%
- in 61 days or more: 9%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 23%
Payment terms
Shortest standard payment periods
7 days
Longest standard payment period
30 days
Standard payment terms
CityFibre Holdings' standard terms of payment are 30 days from invoice date. CityFibre operates a 3-way purchase to pay process whereby a Purchase Order (PO) is raised to order the work with the supplier and the PO owner internally receipts when the work has been completed. The supplier sends an invoice with the approved PO number clearly stated to the dedicated inbox of accounts.payable@cityfibre.com which allows for account payable team to match the invoice to the PO so it is passed for payment.
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
N/A
Any other information about payment terms
If the payment is due on a weekend or public holiday, CityFibre Holdings will endeavour to make payment prior to the said weekend or public holiday. Our goal is to pay each and every invoice to terms unless there is a reasonable reason not to. Invoice received data has only been collected part way through this reporting period. Where this information is missing the invoice date has been used as a proxy.
Dispute resolution process
If CFH reasonably and in good faith disputes its obligation to pay part or all of an invoice submitted by a supplier, then CFH notifies the supplier in writing of the amount of the invoice which it is disputing and the reasons why it considers it is not obliged to pay that amount. Payment disputes are initially handled by the Accounts Payable team, with support from the person who negotiated or ordered the product/service. If a satisfactory outcome cannot be reached, the issue will be escalated within the organisation to the supply chain director and ultimately the legal team if necessary.
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