GOV.UK
SOUTHAMPTON ISLE OF WIGHT AND SOUTH OF ENGLAND ROYAL MAIL STEAM PACKET COMPANY LIMITED
Company number: 00002404
Reporting period:
1 July 2018
to 31 December 2018
This report was filed on 9 August 2019
and approved by Graham Barnetson
Payment statistics
Average time taken to pay invoices: 24 days
Invoices paid:
- within 30 days: 62%
- in 31 to 60 days: 29%
- in 61 days or more: 8%
Invoices due but not paid within agreed terms: 45 %
Payment terms
Shortest standard payment period
0 days
Longest standard payment period
30 days
Standard payment terms
The shorted standard payment period is immediate and the longest standard payment period is 30 days after the end of the month on the invoice.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
30 days
This is the same as the longest payment period which is 30 days after the end of the month on the invoice.
Any other information about payment terms
N/a
Dispute resolution process
At Red Funnel, we strive to create and maintain good working relationships with our suppliers. When entering into an ongoing relationship with a third party we ensure a clear written agreement is in place that both parties are content with.
Most disputes can be resolved quickly and efficiently however, if a dispute arises please follow the steps below:
1. Review your written agreement or purchase order to check key details such as agreed payment terms or goods/services ordered. This will help identify if there is a problem before further steps are taken.
2. Consult your contact to discuss this issue. They may be able to help you or will refer you to another person within the business who can.
3. Follow up telephone conversations with an email to ensure there are records of the issue and actions agreed to resolve the problem. You can refer to these throughout the process.
4. To further escalate an issue please contact the procurement department at procurement@redfunnel.co.uk. The procurement team will respond back to you within a reasonable timescale and endeavour to resolve the dispute wherever possible. However, if this proves impossible, or you are unwilling to accept any resolution offered, then the dispute will be passed to an appropriate member of our senior management team who will request a discussion with a senior member of your organisation to try to negotiate a prompt resolution.
5. After exhausting all the above options with no resolution you may consider getting independent legal advice on how next best to proceed.
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