LISTER WILDER LIMITED
Company number: 01966449
Reporting period:
1 January 2018 to 30 June 2018
Report filed on:
31 July 2018
Approved by:
Charles King
Payment statistics
Average time taken to pay invoices: 45 days
Invoices paid:
- within 30 days: 34%
- in 31 to 60 days: 45%
- in 61 days or more: 21%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 77%
Payment terms
Shortest standard payment periods
7 days
Longest standard payment period
365 days
Standard payment terms
Material parts and services provided are on a standard period of 30 days of the month following. Wholegoods (vehicles and machinery) stock terms differ by product and seasonality which can be from 30 days of the month following to 365 days based on the following criteria: Retailed goods - 30 day of the month following terms. Seasonal stock - 90-180 day terms. On occasion stock can be purchased on 365 day terms on agreement with supplier. Seasonal stock and 365 day term stock is on a pay when sold basis.
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
365 days
No further comment provided
Any other information about payment terms
The figure of 77% for payments due in the reporting period which have not been paid within the agreed period is misleading due to the following: As the majority of our invoices (not values) are on 30 day month following terms and our supplier accounts term are setup as 28 days month following to account for the leap year the reporting programme flags these as late payments. In addition the majority of our wholegoods stocking payments are made by Direct Debit from the supplier therefore these are never late. In the light of this report we are amending our recording if necessary and we should see an improvement in their accuracy.
Dispute resolution process
Dedicated manageress responsible for handling disputes and taken to the Director responsible when required
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