PRINOVIS UK LIMITED
Company number: 05063783
Reporting period:
1 January 2018 to 30 June 2018
Report filed on:
17 July 2018
Approved by:
Richard Gray
Payment statistics
Average time taken to pay invoices: 40 days
Invoices paid:
- within 30 days: 43%
- in 31 to 60 days: 34%
- in 61 days or more: 23%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 64%
Payment terms
Shortest standard payment periods
0 days
Longest standard payment period
90 days
Standard payment terms
90 days net (with 3% discount if paid within 5 days end of month in which the invoice was received) T&C www.prinovis.co.uk
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
90 days
No further comment provided
Any other information about payment terms
Prinovis UK policy is to pay invoices as they fall due. For this reporting period, the payment performance is impacted by the length of time the payment takes to reach the recipient account and the day the payment is made. To reduce the impact of non-working days, the payment run date has been moved to reduce the payment cycle whilst not detrimentally impacting Prinovis UK working capital.
Dispute resolution process
Any payment disputes are dealt with by the AP team in the first instance. If the matter remains unresolved, it will be escalated to the senior managers in finance and purchasing.
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.
No, this business has not signed up to a code of conduct or standards on payment practices.
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