REESINK UK LTD
Company number: 09893219
Reporting period:
1 July 2019 to
31 December 2019
This report was filed on 30 January 2020
and approved by David Cole
Payment statistics
Average time taken to pay invoices: 31 days
Invoices paid:
- within 30 days: 64%
- in 31 to 60 days: 29%
- in 61 days or more: 7%
Invoices due but not paid within agreed terms: 66%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
Answer not provided
Standard payment terms
30 days from date of invoice
Were there any changes to the standard payment terms in the reporting period?
Answer not provided
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
180 days
We have special payment terms and agreements in place with one of our key suppliers that represents 41% of total purchase invoices paid. Our agreed payment terms can go to a maximum of 180 days on these terms.
Any other information about payment terms
Our payment runs are prepared on a weekly basis to include figures due for payment up to the end of that week.
Dispute resolution process
Queries from suppliers are investigated by the finance department and internal checks are done to ensure that all goods or services have been received. Upon receipt of goods or services invoices are authorised and payment runs are completed on a weekly basis. Any queries are communicated to the correct internal departments and suppliers in order to resolve any issues as soon as possible.
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, 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