The average payment time of 39 days indicates a consistent trend of payments settling predominantly within the 31-60 day range. Only 23% of invoices are paid within 30 days, suggesting payments routinely extend beyond immediate terms for this company.
With 73% of payments falling predictably between 31-60 days, there is a reasonable level of payment reliability within this specific timeframe. However, the 36% late payment rate, including 4% exceeding 60 days, introduces a moderate, but predictable, risk of extended delays for a notable portion of invoices.
Suppliers should anticipate payment within the 31-60 day window and adjust cash flow expectations accordingly. To mitigate the moderate 36% late payment risk, consider negotiating clear payment terms, exploring early payment incentives, or implementing stricter credit limits.
| 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 2023 - 29 Mar 2024 | 23 May 2024 | 39 | 23% | 73% | 4% | 36% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
Terms are set by supplier. Out of (currently) circa. 217 suppliers: 3% are on Immediate Terms 34% are on 1-30 Days 63% over 30Days
Were there any changes to the standard payment terms in the reporting period?
Some suppliers have extended payment terms.
Any other information about payment terms
No additional information
Maximum contractual payment period agreed
90
Raise with supplier in first instance to see if there is an error/issue. If un-resolvable between Accounts Payable/Purchasing Department and Supplier the dispute is escalated to main supplier account contact to resolve.
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
BENSONSFORBEDSMANUFACTURING LTD is an active private limited company primarily engaged in the manufacturing of beds.
Incorporated on 19 June 2020, the company operates from its registered office at 3rd Floor The Globe Centre, 1 St James Square, Accrington, Lancashire, United Kingdom, BB5 0RE. Its company number is 12683167, and its location is within the North West region of the UK.
As a bed manufacturing private limited company, BENSONSFORBEDSMANUFACTURING LTD typically specialises in the design, production, and distribution of a range of beds and related sleep products for the UK market. This commonly includes frames, mattresses, divans, and headboards.