RAMSDENS FINANCIAL LIMITED
Company number: 03045495
Reporting period:
1 October 2019 to 31 March 2020
Report filed on:
27 April 2020
Approved by:
Martin Clyburn
Payment statistics
Average time taken to pay invoices: 31 days
Invoices paid:
- within 30 days: 49%
- in 31 to 60 days: 49%
- in 61 days or more: 2%
Late and disputed:
- total value of payments due in the reporting period which have not been paid within the agreed period: £0
- payments due in the reporting period which have not been paid within the agreed period: 12%
Payment terms
Shortest standard payment periods
0 days
Longest standard payment period
60 days
Standard payment terms
We operate an end of month payment run, and our standard terms are to make payments at the end of the month following the date of invoice. Depending on the invoice date this can be 30-60 days. We also have agreements in place with certain suppliers with specific terms.
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
60 days
No further comment provided
Any other information about payment terms
Payment for the majority of our suppliers is via a monthly BACS payment run. Some of our suppliers are paid via Direct Debit and Standing Orders.
Dispute resolution process
All disputes relating to invoice payment should be referred to the accounts payable team via e-mail (accounts@ramsdensfinancial.co.uk) or telephone (01642 579975 - option4). Disputes should include values and invoice numbers to assist the process. The accounts payable team will liaise internally with the relevant department to resolve any outstanding issues and provide progress updates as required.
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