The average time taken for SYMMETRY MEDICAL SHEFFIELD LTD. to pay invoices has decreased from 54 days in the first period to 59 days in the third period. However, there was an increase in the second period to 65 days.
The company's volatility in paying invoices can be seen in the changes in the percentage of invoices paid within 30 days and those paid later than 60 days. In the first period, 22% of invoices were paid within 30 days, but this decreased to 19% in the second period before increasing again to 25% in the third period. On the other hand, the percentage of invoices paid later than 60 days increased from 37% in the first period to 44% in the second period before decreasing to 40% in the third period. This shows that the company's payment patterns have fluctuated over the three periods.
| 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 Jan 2018 - 30 Jun 2018 | 31 Jul 2018 | 54 | 22% | 41% | 37% | 63% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
No standard payment terms. Average terms agreed with suppliers is 30 days after End of Month of Invoice Date - shown as average 45 days.
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
75
Invoices received are reconciled to Purchase Orders and Goods Received Notes - any discrepancies identified in this process or other disputes are resolved directly with the supplier as soon as they are identified.
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
Symmetry Medical Sheffield Ltd, previously known as George Wm. Thornton Limited, BI Thornton Limited and Thornton Precision Components Limited, is a long-established Sheffield manufacturer. Its principal activity is the manufacture of finished precision components in complex alloys, chiefly for the world-wide orthopaedic and aerospace industries. The company employs around 271 staff and operates from Beulah Road, Sheffield. It is controlled by Symmetry Medical Cheltenham Limited, forming part of a wider group structure, with this entity acting as the UK manufacturing operation. Companies House records list its business under metal forging and pressing, and manufacture of medical, dental and aerospace-related instruments and machinery.
Generated from the company's website and Companies House records. Sources: find-and-update.company-information.service.gov.uk · companiesintheuk.co.uk