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W. WING YIP (LONDON) LIMITED

Company number: 01338172

Reporting period:
1 October 2017 to 31 March 2018

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

This report was filed on 2 May 2018

and approved by Philip Larmouth

Payment statistics

Average time taken to pay invoices: 45 days

Invoices paid:

• within 30 days: 12%
• in 31 to 60 days: 71%
• in 61 days or more: 17%

Invoices due but not paid within agreed terms: 83 %

Payment terms

Shortest standard payment period

1 days

Longest standard payment period

60 days

Standard payment terms

Our standard payment terms are 42 days unless suppliers payment terms are applied, which can be longer or shorter than our standard

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

No

Maximum contractual payment period agreed

60 days

Any other information about payment terms

Invoices due but not paid within agreed terms may be because of:
-Supplier invoices being received late
-The time taken to resolve disputes concerning the quality, quantity or price of the goods or services supplied

Dispute resolution process

Invoices are matched to Goods Receipt PO's on receipt by the Accounts Payable team. Any invoice variances are sent to either the purchasing department or goods in department for approval. If the invoice is disputed by either department the Accounts Payable team email the supplier with a credit request / proof of delivery typically within 48 hours.Once a full credit or proof of delivery has been received the invoice and credit where applicable are reconciled ready for payment. If in the meantime the invoice has become due for payment, the invoice is added to the next available BACs run (Weekly). If Accounts Payable are unable to resolve the dispute it is escalated to the Group Financial Controller for resolution

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.

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