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RESTORE PLC

Company number: 05169780

Reporting period:
1 January 2019 to 30 June 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 11 July 2019

and approved by Adam Councell

Payment statistics

Average time taken to pay invoices: 42 days

Invoices paid:

• within 30 days: 32%
• in 31 to 60 days: 47%
• in 61 days or more: 21%

Invoices due but not paid within agreed terms: 64 %

Payment terms

Shortest standard payment period

0 days

Longest standard payment period

120 days

Standard payment terms

We do not have standard terms from suppliers. Some are 7 days, others 30 days from the date of invoice, others 30 days from the end of the month and some are longer. Are longest term is 120 days.

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

No

Maximum contractual payment period agreed

120 days

We do not monitor payment terms. But there has been no changes to any during this period.

Any other information about payment terms

N/A

Dispute resolution process

Any matters that will knowingly cause a delay in payment are usually identified at the time invoices are sent for approval. The supplier is then contacted to discuss these matters and a resolution is agreed with them. Once the person authorising the invoices is satisfied the invoice is release for payment.

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