REED EXHIBITIONS LIMITED
Company number: 00678540
Reporting period:
1 January 2019 to 30 June 2019
Report filed on:
29 July 2019
Approved by:
Alex Bowden
Payment statistics
Average time taken to pay invoices: 38 days
Invoices paid:
- within 30 days: 52%
- in 31 to 60 days: 32%
- in 61 days or more: 16%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 29%
Payment terms
Shortest standard payment periods
14 days
Longest standard payment period
60 days
Standard payment terms
Immediate payment - payment on the next payment run. Payment runs are fortnightly. Net 30 EOM - the end of the month (EOM) following the month the invoice is dated’. This is a ‘shortest payment period’ of 30 days, and ‘longest payment period’ of 60 days.
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
60 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
Standard procedure is that invoices must quote a Purchase Order number. If a valid purchase order can’t be identified; if it hasn’t been approved for payment; or if the invoice doesn’t match the purchase order then the Purchase Ledger team will contact the person who placed this order. They must either rectify the situation or notify the supplier of the issue in writing. The Purchase Ledger team will monitor the situation and chase for updates if not received automatically. Monthly a list of invoices in query will be circulated to senior management, highlighting invoices outside standard payments terms, so that they can chase up with their direct reports. The Transactions Services Manager/ Head of Financial Reporting will intervene if disputes are still not being resolved in a timely manner. If the person who placed the order cannot be identified then the Purchase Ledger team will go back to the supplier to request they provide a name.
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 Fair Payment Code must commit to paying 95% of their invoices within 60 days.
Yes, this business has signed up to: Prompt Payment Code
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