HOBBS LIMITED

Company number: 01577740

Reporting period:
1 October 2020 to 31 March 2021

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This report was filed on 20 October 2021

and approved by Aleksandra Didymiotis

Payment statistics

Average time taken to pay invoices: 62 days

Invoices paid:

• within 30 days: 40%
• in 31 to 60 days: 25%
• in 61 days or more: 36%

Invoices due but not paid within agreed terms: 43%

Payment terms

Shortest standard payment periods

0 days

Longest standard payment period

90 days

Standard payment terms

Goods for resale - 90 days Other overheads - 0-60 days

Were there any changes to the standard payment terms in the reporting period?

Due to the impact of Covid 19, the company was unable to commit to a reduction in payment terms from 90 days to 60 days, therefore they will continue to pay on a 90 day basis

Were suppliers notified or consulted about these changes before they were made?

A letter was sent out to all suppliers explaining the need to remain on extended terms of 90 days

Maximum contractual payment period agreed

90 days

No further comment provided

Any other information about payment terms

N/A

Dispute resolution process

The Accounts Payable department is responsible for dispute resolution. Disputes are resolved by negotiation with each individual supplier to ensure that a satisfactory outcome is reached.

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