JACKSON'S BAKERY LIMITED

Company number: 03974455

Reporting period:
29 April 2018 to 27 October 2018

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

This report was filed on 26 November 2018

and approved by JILL MARTIN

Payment statistics

Average time taken to pay invoices: 43 days

Invoices paid:

within 30 days: 22%
in 31 to 60 days: 48%
in 61 days or more: 30%

Invoices due but not paid within agreed terms: 94%

Payment terms

Shortest standard payment periods

1 days

Longest standard payment period

80 days

Standard payment terms

The business’ standard payment terms can be found in our Standard Terms and Conditions, which are issued to all suppliers ahead of trading. These terms command “Each invoice will be payable by the Buyer on the 5th day of the month that is two months following the end of the month that the Goods are accepted by the Supplier or where such day is not a Business Day, the next Business Day. The Supplier acknowledges that such payment make take up to five (5) Business Days to clear.” As a business we do acknowledge situations, by exception that require a deviation from these standard terms and work with those suppliers in these exceptional positions.

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

80 days

No further comment provided

Any other information about payment terms

N/A

Dispute resolution process

In the first instance all financial disputes about payments under qualifying contracts will be dealt with via our finance team of whom suppliers have the relevant contact details. They will share any disputes or concerns with the relevant member of the procurement team, who along with the finance team will ensure the dispute is dealt with in a timely manner.

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.

Yes

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.

Yes

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?