GOV.UK
RMD KWIKFORM LIMITED
Company number: 00301199
Reporting period:
1 January 2019
to 30 June 2019
This report was filed on 27 August 2019
and approved by Mark Pickard
Payment statistics
Average time taken to pay invoices: 45 days
Invoices paid:
- within 30 days: 29%
- in 31 to 60 days: 49%
- in 61 days or more: 22%
Invoices due but not paid within agreed terms: 44 %
Payment terms
Shortest standard payment period
30 days
Longest standard payment period
60 days
Standard payment terms
The vast majority of RMD Kwikform's standard payment terms are 30 days from receipt of invoice, variations to these terms are arranged by mutual agreement with suppliers.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
180 days
There are incidences in the reporting period where the maximum contractual payment period significantly exceeds the maximum contractual payment period of 60 days disclosed above. However these incidences are confined to payments for business rates where there is a quarterly payment plan agreed with local government.
Any other information about payment terms
Also included in the figures above are invoices payable to subsidaries that RMD UK share a mutual parent with, however the net balance between RMD UK and it's sibling entities more often than not results in a net payable to RMD UK. Therefore these invoices aren't settled to terms. This equates to 4% of the 'Payments due in the reporting period which have not been paid within the agreed period' % above being attributable to inter-company.
Dispute resolution process
The accounts payable team manage any disputes from suppliers regarding payment. Normally these disputes are settled within the team over the phone, however there is an escalation process whereby the accounts payable team can forward on any unsettled disputes primarily to the Management Accountant, then Financial Controller and ultimately the Managing Director to resolve.
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