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VISION EXPRESS (UK) LIMITED

Company number: 02189907

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 29 July 2019

and approved by Nicholas David Coton

Payment statistics

Average time taken to pay invoices: 79 days

Invoices paid:

• within 30 days: 5%
• in 31 to 60 days: 27%
• in 61 days or more: 68%

Invoices due but not paid within agreed terms: 5 %

Payment terms

Shortest standard payment period

0 days

Longest standard payment period

90 days

Standard payment terms

The company has differing standard payment periods depending on the classification of the product or service acquired. Vendors for stock items are generally 60 or 90 days, end of month. The period for fixed asset suppliers are generally 60 days, end of month. Other vendors are generally paid 30 days, end of month.

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

No

Maximum contractual payment period agreed

90 days

90 days refers to 90 days end of month (see below for more detail)

Any other information about payment terms

Quoted number of days for standard period/terms are actually "End of month". For example an invoice dated 1st February, with terms 90 days end of month, would be payable by 31 May.

Dispute resolution process

Responsibility for resolution of disputes and complaints is jointly held by our accounts payable and procurement teams as appropriate. The aim is to work closely with suppliers to negotiate appropriate resolution in advance of the payment due dates, where possible.

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