| 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 Oct 2019 - 31 Mar 2020 | 11 Jun 2020 | 34 | 40% | 59% | 1% | 64% |
| 01 Apr 2019 - 30 Sept 2019 | 29 Oct 2019 | 17 | 53% | 47% | 0% | 65% |
| 01 Oct 2018 - 31 Mar 2019 | 30 Apr 2019 | 22 | 50% | 49% | 1% | 53% |
| 01 Apr 2018 - 30 Sept 2018 | 31 Oct 2018 | 24 | 59% | 40% | 1% | 46% |
| 01 Oct 2017 - 31 Mar 2018 | 30 Apr 2018 | 31 | 58% | 41% | 1% | 45% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
Most frequently used payment term is 30 days net
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
Disputed invoices are placed on hold and referred back to the supplier through the supply chain team or finance team. Once resolved the invoice is released 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.
❌
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.
❌
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.
❌
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
FORMATION FURNITURE LIMITED is a insolvency proceedings private limited company, incorporated on 5 July 1996, based in the Yorkshire and The Humber region. Registered business activity: Manufacture of other furniture; Wholesale of household goods (other than musical instruments) not elsewhere classified.
From Companies House records.