SEVERFIELD (UK) LIMITED

Company number: 02668795

Reporting period:
1 October 2022 to 31 March 2023

---

This report was filed on 28 April 2023

and approved by Jennifer Magowan

Payment statistics

Average time taken to pay invoices: 39 days

Invoices paid:

• within 30 days: 45%
• in 31 to 60 days: 47%
• in 61 days or more: 8%

Invoices due but not paid within agreed terms: 20%

Payment terms

Shortest standard payment periods

30 days

Longest standard payment period

75 days

Standard payment terms

30 days end of month of date of invoice

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

75 days

Severfield UK acknowledge that the results of 92% of invoices paid within 60 days and 27% of SME invoices paid within 30 days are less than the codes required targets of 95%. This is reflective of the ongoing inflationary and supply chain pressures faced by the company in recent months, in addition to the existing difficulties faced by companies in the construction sector where supply chains and contractual terms are complex, and prompt payment is often materially affected by resolution of disputes. On the whole the company has managed these pressures well through strict cash management procedures. This has shown an improvement to the previous return with an increase from 87% to 92% of invoices paid within 60 days

Any other information about payment terms

N/A

Dispute resolution process

All disputes are escalated to the Accounts Payable Manager who works with the teams involved to reach a resolution

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.

Yes, this business has signed up to: Prompt payment code

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