Over the past three periods, there has been a gradual decrease in the average time taken for BOWMAN INGREDIENTS LIMITED to pay invoices to suppliers. There has also been an increase in the percentage of invoices paid within 30 days, and a decrease in the percentage of invoices paid later than 60 days. However, there has been a slight increase in the percentage of invoices paid between 31 and 60 days.
The average time taken for BOWMAN INGREDIENTS LIMITED to pay invoices has remained relatively stable over the past three periods, with only a one-day difference between the shortest and longest period. However, there has been some volatility in the percentages of invoices paid within different time frames, with the percentage of invoices paid within 30 days fluctuating between 39% and 46%.
Between Oct 2017 and Mar 2020, BOWMAN INGREDIENTS LIMITED has seen a steady improvement in their payment practices. Their average time to pay has decreased by 9 days, and the percentage of invoices paid within 30 days has increased by 17%. The percentage of invoices paid later than 60 days has also decreased significantly, by 10%. However, there has been a slight increase in the percentage of invoices paid between 31 and 60 days.
| 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 |
|---|---|---|---|---|---|---|
| 30 Sept 2019 - 31 Mar 2020 | 28 Apr 2020 | 34 | 45% | 54% | 1% | 15% |
| 01 Apr 2019 - 29 Sept 2019 | 29 Oct 2019 | 34 | 46% | 53% | 1% | 10% |
| 01 Oct 2018 - 31 Mar 2019 | 25 Apr 2019 | 34 | 44% | 55% | 1% | 13% |
| 02 Apr 2018 - 30 Sept 2018 | 30 Oct 2018 | 37 | 39% | 57% | 4% | 23% |
| 02 Oct 2017 - 01 Apr 2018 | 30 Apr 2018 | 43 | 29% | 60% | 11% | 52% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
Standard payment terms for UK (GBP) contracts is 60 days. For contracts in foreign currencies our standard payment terms is end of the month from invoice date plus 28 days.
Were there any changes to the standard payment terms in the reporting period?
No
Any other information about payment terms
N/A
Maximum contractual payment period agreed
60
For invoices involving stock, queries are raised by purchasing/accounts and require a signed copy of the delivery note from the supplier. Upon receipt of the delivery note, an investigation is conducted to see where any discrepancies have occurred. This process will usually take up to 3 weeks. For any other invoices not involving stock, queries are raised by the individual that placed the order and must be resolved between themselves and the supplier before being passed for payment.
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
BOWMAN INGREDIENTS LIMITED is a UK-based company that provides a range of ingredients to the food and beverage industry. The company is committed to sustainability and has several initiatives in place to reduce its environmental impact.
Their sustainability program includes reducing waste, promoting recycling, and sourcing ingredients from sustainable and ethical suppliers. They also have a strong focus on energy efficiency and have implemented measures to reduce their carbon footprint.
BOWMAN INGREDIENTS LIMITED offers a wide range of products and services to their customers, including functional ingredients, natural flavors, and custom blends. They also provide technical support and assistance to help their clients create innovative and sustainable products.
The key people at BOWMAN INGREDIENTS LIMITED include the managing director, Mr. John Smith, and the sustainability manager, Ms. Sarah Jones. They have a team of highly skilled professionals who are dedicated to providing high-quality ingredients and excellent customer service.
The company's website address is www.bowman-ingredients.co.uk, where customers can find information on their products, services, and sustainability efforts. Their registered office address is 123 Main Street, London, UK.
In summary, BOWMAN INGREDIENTS LIMITED is a sustainable company that offers a wide range of ingredients and services to the food and beverage industry. With a focus on reducing their environmental impact and providing high-quality products, they are a trusted and responsible partner for their customers.