The trend for BIG BEAR CONFECTIONERY LIMITED's average time to pay invoices has been decreasing over the past three periods, going from 39 days in Apr 2018 - Sep 2018 to 44 days in Oct 2018 - Mar 2019 and then dropping to 38.3 days in Apr 2019 - Sep 2019.
The company's volatility in terms of paying invoices on time has also decreased over the past three periods. In the first period, 53% of invoices were paid later than 60 days, but this number dropped to 5% in the second period and then slightly increased to 8.3% in the most recent period. Additionally, the percentage of invoices paid within 30 days has increased from 37% to 41.7% in the same time frame.
Overall, BIG BEAR CONFECTIONERY LIMITED has shown improvement in paying invoices on time over the past three periods. The average time to pay has decreased by 5.7%, and the percentage of invoices paid within 30 days has increased by 4.7%. The company also saw a significant decrease in the percentage of invoices paid later than 60 days, going from 53% to 8.3%. However, there is still room for improvement as 50% of invoices are still paid between 31 and 60 days, and 7% are not paid within agreed terms.
| 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 Apr 2018 - 30 Sept 2018 | 02 Nov 2018 | 39 | 37% | 53% | 10% | 52% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
60 DAYS AFTER DATE OF INVOICE
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
Contact supplier and Internal staff to resolve queiries in a timely manner
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
BIG BEAR CONFECTIONERY LIMITED is a dissolved private limited company, incorporated on 29 July 2003, based in the East of England region. Registered business activity: Manufacture of cocoa and chocolate confectionery; Manufacture of sugar confectionery.
From Companies House records.