LIPSY LIMITED
Company number: 05728110
Reporting period:
28 January 2024 to 27 July 2024
Report filed on:
23 August 2024
Approved by:
Jonathan Blanchard
Payment statistics
Average time taken to pay invoices: 33 days
Invoices paid:
- within 30 days: 87%
- in 31 to 60 days: 6%
- in 61 days or more: 7%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 46%
Payment terms
Shortest standard payment periods
7 days
Longest standard payment period
Answer not provided
Standard payment terms
Standard contractual terms for goods and services is 30 days.
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
90 days
No further comment provided
Any other information about payment terms
N/A
Dispute resolution process
Central accounts payable phone number in place for suppliers to contact us for any matters under dispute. Calls are usually answered at the time of the call and responded to within 24 hours. Alternatively, suppliers may use email as a method of documenting their queries and these are responded to with within 7 days. Supplier emails or calls may be escalated to our management team where required.
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.
Yes
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