RENROD LIMITED
Company number: 01210595
Reporting period:
1 January 2018
to 30 June 2018
This report was filed on 18 July 2018
and approved by Odette Darnell
Payment statistics
Average time taken to pay invoices: 26 days
Invoices paid:
- within 30 days: 61%
- in 31 to 60 days: 36%
- in 61 days or more: 3%
Invoices due but not paid within agreed terms: 16 %
Payment terms
Shortest standard payment period
0 days
Longest standard payment period
90 days
Standard payment terms
Most frequent is net monthly. This is the end of the following month from month of invoice date for general suppliers.
For vehicle supplies this ranges from same day payment as invoice date or up to 90 days from invoice date.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
90 days
Vehicle payments can be made same day as invoice or up to 90 days dependant if new cars are registered or not within that period. If registered then payment taken by manufacturer. If not sold within 90 days a direct debit payment is taken by the manufacturer.
Any other information about payment terms
N/A
Dispute resolution process
Reconciliation of supplier statements to our recorded invoices on our systems.
Request copy invoices if not received by e-mail or telephone conversation.
If any invoice is in dispute this is raised with the supplier by e-mail or telephone conversation. Once resolved payment made.
If not resolved the dispute/complaint is passed to the Manager who ordered the goods/services to discuss agreed contract. Once resolved, payment made.
If not resolved this is escalated to a Director.
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