| 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 2023 - 31 Jul 2023 | 27 Nov 2023 | 49 | 49% | 27% | 24% | 44% |
| 01 Jul 2022 - 31 Dec 2022 | 27 Nov 2023 | 58 | 49% | 27% | 24% | 24% |
| 01 Jul 2018 - 31 Dec 2018 | 30 Jan 2019 | 54 | 33% | 54% | 13% | 32% |
| 01 Jan 2018 - 30 Jun 2018 | 31 Jul 2018 | 58 | 16% | 65% | 19% | 46% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
Our Standard Payment terms for customers are 30 days unless other terms are agreed with customer. We have 60 day terms for all our stock purchase invoices . For Freight invoices we have terms for end of month following when the invoice has been raised.
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
60
When the invoice is received by the accounts department if there is a purchase order present on the invoice the invoice will be matched, if the invoice doesn't match this will then be sent to the relevant department to check the pricing, if it is an error on our side then the invoice will be processed, if it is an error on the suppliers side then this will be flagged as a dispute, depending on the dispute this can take 7-14 days for a resolution. The relevant department will then notify the accounts department when the query has been resolved and the invoice will either be processed for payment or a credit note raised. For invoices that do not have a purchase order these would be sent out to the relevant departments for signature. If the department signs the invoice then it will be processed for payment, if they are disputing the invoice this will then be logged with the supplier and once the query is resolved the invoice will be processed for payment or a credit note will be raised. The signature reports are sent out weekly to the departments so accounts know when queries have been resolved.
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.
❌
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?
❌
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No information available
NEW BALANCE ATHLETIC SHOES (U.K.) LIMITED is a renowned athletic shoe company that has been operating in the United Kingdom since 1982. The company is committed to providing high-quality, sustainable footwear and apparel to its customers.
The sustainability program at NEW BALANCE focuses on reducing their environmental impact and promoting ethical practices in their supply chain. They have implemented various initiatives, such as using eco-friendly materials, reducing waste and carbon emissions, and ensuring fair labor practices.
The company offers a wide range of products, including running shoes, lifestyle shoes, apparel, and accessories for men, women, and children. Their shoes are known for their comfort, durability, and performance, making them a popular choice among athletes and fitness enthusiasts.
The key people at NEW BALANCE include the CEO, Joe Preston, who has been with the company since 1992 and has played a significant role in its growth and success. The company also has a team of experienced designers, engineers, and athletes who work together to develop innovative products.
Customers can contact NEW BALANCE through their website, which also serves as an online store for their products. The website address is www.newbalance.co.uk. The registered office address is New Balance Athletic Shoes (U.K.) Limited, 2 Roundwood Avenue, Stockley Park, Uxbridge, Middlesex, UB11 1AF. Overall, NEW BALANCE is a reputable company that not only offers top-quality products but also prioritizes sustainability in its operations.
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