The data for BENCHMARX KITCHENS AND JOINERY LIMITED shows a fluctuating trend in the average time taken to pay invoices to suppliers. From 2018 to 2020, the average time to pay increased from 55 days to 64 days, indicating a slower payment process. However, in 2021 and 2022, the data is not available, making it difficult to determine the current trend.
The volatility in the percentage of invoices paid within 30 days is relatively stable, ranging from 18% to 23%. However, there is a significant increase in the percentage of invoices paid later than 60 days, from 37% in 2018 to 55% in 2020. This suggests a possible issue with delayed payments to suppliers during this period.
From 2018 to 2020, there was a slight increase in the average time taken to pay invoices, from 55 days to 64 days. This was accompanied by a decrease in the percentage of invoices paid within 30 days, from 18% to 12%. Additionally, there was a significant increase in the percentage of invoices paid later than 60 days, from 37% to 55%. However, the percentage of invoices not paid within agreed terms remained relatively stable at 92%.
| 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 2022 - 31 Dec 2022 | 27 Jan 2023 | |||||
| 01 Jan 2022 - 30 Jun 2022 | 19 Jul 2022 | |||||
| 01 Jul 2021 - 31 Dec 2021 | 24 Jan 2022 | |||||
| 01 Jan 2021 - 30 Jun 2021 | 26 Jul 2021 | |||||
| 01 Jul 2020 - 31 Dec 2020 | 27 Jan 2021 | 60 | 23% | 45% | 32% | 87% |
| 01 Jan 2020 - 30 Jun 2020 | 27 Jul 2020 | 64 | 12% | 33% | 55% | 92% |
| 01 Jul 2019 - 31 Dec 2019 | 28 Jan 2020 | 56 | 19% | 43% | 38% | 92% |
| 01 Jan 2019 - 30 Jun 2019 | 26 Jul 2019 | 56 | 19% | 39% | 42% | 90% |
| 01 Jul 2018 - 31 Dec 2018 | 22 Jan 2019 | 56 | 18% | 41% | 41% | 91% |
| 01 Jan 2018 - 30 Jun 2018 | 26 Jul 2018 | 55 | 18% | 45% | 37% | 93% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
The company pays in line with the terms set out in written agreements with suppliers, which it has for the majority of goods for resale suppliers. Where a written agreement does not exist, the company will pay suppliers of goods for resale to 90 days after the invoice date, and suppliers of goods not for resale to 30 days after the invoice date, provided the supplier sends an accurate invoice which quotes the correct purchase order or cost centre number.
Were there any changes to the standard payment terms in the reporting period?
No information available
Any other information about payment terms
The company raises payment instructions in line with the agreed payment terms, which make no allowance for fund transmission times. The funds are available to suppliers between 1 and 5 days after the payment terms date depending upon the method of transmission.
Maximum contractual payment period agreed
90
Where non-payment is caused by invoicing inaccuracy due to incorrect pricing/quantities or the quality of goods or services provided, the person responsible for the purchase will dispute the invoice by placing it on hold. Invoices that are subject to a dispute will not be paid until the issue is resolved. Suppliers are informed of held items in every remittance advice which is sent out. Once resolved, payment will be made in accordance with the terms of the contract, unless the invoice is overdue where it will be paid in the next available payment run.
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
BENCHMARX KITCHENS AND JOINERY LIMITED is a British company that specializes in providing high-quality kitchen and joinery products to both trade and retail customers. The company was founded in 2006 and has since grown to become one of the leading suppliers in the UK.
Their sustainability program focuses on reducing their environmental impact through various initiatives such as using sustainable materials, reducing waste, and promoting energy efficiency. They also work closely with their suppliers to ensure responsible sourcing of materials.
BENCHMARX offers a wide range of products including kitchen cabinets, worktops, appliances, and accessories. Their products are known for their durability, functionality, and stylish designs. They also offer a bespoke design service to cater to the specific needs of their customers.
The company is led by a team of experienced and knowledgeable professionals, including Managing Director John Flanagan and Commercial Director Neil Rylance. They are committed to providing exceptional customer service and ensuring the company's continued success.
BENCHMARX KITCHENS AND JOINERY LIMITED can be contacted through their website, which provides information on their products, services, and locations. Their registered office address is Unit 1, Hanworth Trade Park, Hanworth Road, Sunbury-On-Thames, Middlesex, TW16 5DJ, United Kingdom.
In conclusion, BENCHMARX KITCHENS AND JOINERY LIMITED is a reputable company in the UK that offers high-quality and sustainable kitchen and joinery products. With their commitment to sustainability and experienced team, they continue to provide exceptional products and services to their customers.
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