The average time taken by FORMICA LIMITED to pay invoices to suppliers has decreased over the past three periods, from 46 days in the first half of 2018 to 39 days in the first half of 2019. This shows a positive trend towards faster payment processing.
The volatility of FORMICA LIMITED's payment processing has also decreased over the three periods, with the percentage of invoices paid within 30 days increasing from 29% to 43%. This indicates a more consistent payment pattern.
In summary, FORMICA LIMITED has shown a positive trend towards faster payment processing and a decrease in volatility over the past three periods. The company has consistently improved in paying invoices within 30 days and has decreased the percentage of invoices paid between 31 and 60 days. However, the percentage of invoices paid later than 60 days has remained relatively high and requires attention.
| Reporting Period | Filing Date | Average Time to Pay (days) | Paid within 30 days | Paid 31-60 days | Paid after 60 days | Not Paid within Terms |
|---|---|---|---|---|---|---|
| 01 Jul 2019 - 31 Dec 2019 | 30 Oct 2020 | |||||
| 01 Jan 2019 - 30 Jun 2019 | 07 Aug 2019 | 39 | 43% | 46% | 11% | 32% |
| 01 Jul 2018 - 31 Dec 2018 | 31 Jan 2019 | 43 | 31% | 59% | 10% | 30% |
| 01 Jan 2018 - 30 Jun 2018 | 18 Sept 2018 | 46 | 29% | 54% | 17% | 64% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
Standard payment terms for Formica Ltd are 60 days from date of invoice. Even if a supplier sends an invoice in late, the terms will still start from the date of the invoice.
Were there any changes to the standard payment terms in the reporting period?
No information available
Any other information about payment terms
No additional information
Maximum contractual payment period agreed
90
Invoices in dispute remain "in query" within our accounting system. Once the dispute is resolved, the invoice will go out for payment on its original terms (invoice date plus payment terms) and may show as paid late but the issue may not have been with Formica but with the supplier. The dispute can be resolved between Accounts Payable Formica and Accounts Receivable Supplier, or , owner of the spend within Formica and a contact at the supplier depending on the nature of the issue. Suppliers who invoice too early before work is completed are asked to credit and re-issue the invoice once work is completed but some suppliers do not comply with this request.
Has this business signed up to a code of conduct or standards on payment practices?
For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.
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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.
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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.
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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?
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During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No information available
FORMICA LIMITED is a British company that specializes in the manufacturing and distribution of high-pressure decorative laminates. Founded in 1913, the company has grown to become a global leader in the industry, with operations in over 60 countries.
One of the key focuses of FORMICA LIMITED is sustainability. The company is committed to reducing its environmental impact by implementing sustainable practices in its manufacturing processes. This includes using renewable energy sources, reducing waste and emissions, and promoting recycling.
FORMICA LIMITED offers a wide range of products, including laminate sheets, solid surfacing materials, and decorative panels. Their products are known for their durability, versatility, and aesthetic appeal, making them a popular choice for both residential and commercial applications.
The company is led by a team of experienced and dedicated individuals, including its CEO, Mr. Nigel Machin. Under their leadership, FORMICA LIMITED has continued to innovate and expand its product offerings, while also focusing on sustainability and customer satisfaction.
For more information on FORMICA LIMITED and its products, customers can visit their website at www.formica.com. The company's registered office address is 100 High Street, Westerham, Kent, TN16 1JA, United Kingdom. With its commitment to sustainability and high-quality products, FORMICA LIMITED remains a trusted and reputable brand in the industry.