Published reports

THE PALLET NETWORK LIMITED

Company number: 03868401

This information is as reported by the business, and responses are in their own words.

Reporting period:

1 December 2019 to 31 May 2020

Report filed on:

30 June 2020

Approved by:

Brian Corrway

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Payment statistics

Average time taken to pay invoices: 36 days

Invoices paid:

• within 30 days: 27%
• in 31 to 60 days: 70%
• in 61 days or more: 3%

Late and disputed:

• payments due in the reporting period which have not been paid within the agreed period: 81%

Payment terms

Shortest standard payment periods

30 days

Longest standard payment period

42 days

Standard payment terms

Standard payment terms are 30 days from date of invoice with exception for agency labour. Member depots are paid through an internal payment timetable which equates to payment on week 6. During COVID 19 where possible credit terms were asked to be extended to 45 days.

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

42 days

N/A

Any other information about payment terms

N/A

Dispute resolution process

Any supplier payment dispute will be directed to TPN's finance department on 0121 313 4002 and dealt with accordingly. Member disputes will be accounted for through the weekly credit / revenue procedure.

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