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VP PLC

Company number: 00481833

Reporting period:
1 October 2018 to 31 March 2019

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This information is as reported by the business, and responses are in their own words.

This report was filed on 30 April 2019

and approved by Allison Bainbridge

Payment statistics

Average time taken to pay invoices: 53 days

Invoices paid:

• within 30 days: 22%
• in 31 to 60 days: 43%
• in 61 days or more: 35%

Invoices due but not paid within agreed terms: 32 %

Payment terms

Shortest standard payment period

0 days

Longest standard payment period

60 days

Standard payment terms

The Company negotiates and agrees payment terms with its suppliers as one element of its procurement process. As a result, payment terms vary by supplier. Most suppliers have agreed terms of 60 days end of month, although payment terms can be as low as payment on receipt of invoice.

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

No

Maximum contractual payment period agreed

60 days

N/a

Any other information about payment terms

N/a

Dispute resolution process

Disputed invoices will be notified to the supplier and investigated in a timely manner and resolved. Invoiced items that are subject to dispute will not be paid until resolution of the dispute.

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

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