GOV.UK
IMI KYNOCH LIMITED
Company number: 00713735
Reporting period:
1 January 2018
to 30 June 2018
Warning
This information is as reported by the business, and responses are in their own words.
This report was filed on 19 July 2018
and approved by Sally McKone
Payment statistics
Average time taken to pay invoices: 33 days
Invoices paid:
- within 30 days: 67%
- in 31 to 60 days: 23%
- in 61 days or more: 10%
Invoices due but not paid within agreed terms: 54 %
Payment terms
Shortest standard payment period
30 days
Longest standard payment period
60 days
Standard payment terms
All invoices are paid where possible in line with the supplier payment terms stated on the invoice some of which are immediate. If this is not provided our standard payment terms of 30 days are used.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
60 days
We have different payment periods with different suppliers depending on the terms agreed upfront and then stated on the invoice.
Any other information about payment terms
N/A
Dispute resolution process
A central mailbox is managed daily. Any queries are followed up with the individual department heads and copy invoices obtained.
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