RATIONAL UK LIMITED
Company number: 02576032
Reporting period:
1 January 2020 to 30 June 2020
Report filed on:
21 July 2020
Approved by:
Michael Keeley
Payment statistics
Average time taken to pay invoices: 15 days
Invoices paid:
- within 30 days: 93%
- in 31 to 60 days: 5%
- in 61 days or more: 2%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 68%
Payment terms
Shortest standard payment periods
1 days
Longest standard payment period
30 days
Standard payment terms
Payment terms are agreed individually with each supplier during the course of contractual negotiations.
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
130 days
No further comment provided
Any other information about payment terms
There is a standard payment term defined for self-billing invoices which covers payments to the service engineers network. These are a payment term of “immediate”. Standard practice is to pay these within 7 days of the invoice date. We are reviewing this with effect from H2 2020 and agreeing with the service engineers revised terms which will have the effect that there will no service engineers payments not paid within agreed terms.
Dispute resolution process
Any dispute is resolved locally between the company and the supplier on an individual basis with the primary aim that disputes are settled quickly and contractual payment dates met.
The Company has a strong discipline of reconciling suppliers’ statements, where available, to its weekly payments.
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