NICE-PAK INTERNATIONAL LIMITED

Company number: 02119397

Reporting period:
1 January 2018 to 30 June 2018

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This report was filed on 25 July 2018

and approved by Michael Staton

Payment statistics

Average time taken to pay invoices: 57 days

Invoices paid:

• within 30 days: 10%
• in 31 to 60 days: 52%
• in 61 days or more: 38%

Invoices due but not paid within agreed terms: 30%

Payment terms

Shortest standard payment periods

30 days

Longest standard payment period

105 days

Standard payment terms

Unless otherwise agreed standard terms are 30, 60 or 90 days with payments being made twice per month to cover all invoices due on or before the date of the payment run. End of month terms are also agreed with some suppliers.

Were there any changes to the standard payment terms in the reporting period?

Answer not provided

Were suppliers notified or consulted about these changes before they were made?

N/A

Maximum contractual payment period agreed

121 days

In case of 90 days to end of month terms having been agreed the maximum potential contractual period is 121 days

Any other information about payment terms

N/A

Dispute resolution process

All suppliers are able to contact the Accounts Payable team by email or phone and where necessary have a named person familiar with their account. Once notified disputes will be dealt with promptly.

Other payment information

Has this business signed up to a code of conduct or standards on payment practices? If so, which?

For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.

No, this business has not signed up to a code of conduct or standards on payment practices.

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.

No

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.

No

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?

No

During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?

No