| 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 Feb 2021 - 31 Jul 2021 | 16 Sept 2021 | 47 | 20% | 53% | 27% | 6% |
| 01 Aug 2020 - 31 Jan 2021 | 22 Feb 2021 | 47 | 21% | 54% | 25% | 6% |
| 01 Feb 2020 - 31 Jul 2020 | 01 Sept 2020 | 52 | 16% | 54% | 28% | 8% |
| 01 Aug 2019 - 31 Jan 2020 | 27 Feb 2020 | 51 | 15% | 54% | 30% | 14% |
| 01 Aug 2018 - 31 Jan 2019 | 27 Feb 2019 | 45 | 39% | 40% | 21% | 30% |
| 01 Feb 2018 - 31 Jul 2018 | 30 Aug 2018 | 45 | 40% | 30% | 30% | 25% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
As a machinery dealer we have a wide range of payment terms varying from 30 through to 356days, with options to extend.
Were there any changes to the standard payment terms in the reporting period?
No information available
Any other information about payment terms
The data we have provided includes invoices that have only been paid late due to us receiving these invoices late from our suppliers and in addition to this also includes invoices that are in dispute. As a business we will always try and pay to our agreed supplier payment terms, but unfortunately we only do a payment run once a week, which invariably will result some our payments to appear late, even if only by one or two days.
Maximum contractual payment period agreed
356
Individuals approving invoices will notify both our accounts department and the supplier themselves if an invoice is in dispute. Depending on the nature of the dispute, will determine the timescale and next steps for each individual queried invoice.
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
FAROL HOLDINGS LIMITED is an active private limited company, incorporated on 2 November 1973, based in the South East region. Registered business activity: Activities of head offices.
From Companies House records.