BETA This is a new service – your feedback will help us to improve it.

WILLIAM KING LIMITED

Company number: 00498601

Reporting period:
1 January 2020 to 30 June 2020

---

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

This report was filed on 27 July 2020

and approved by Rachel Graville

Payment statistics

Average time taken to pay invoices: 63 days

Invoices paid:

• within 30 days: 8%
• in 31 to 60 days: 36%
• in 61 days or more: 56%

Invoices due but not paid within agreed terms: 82 %

Payment terms

Standard payment period for qualifying contracts

60 days

Standard payment terms

William King standard payment terms are end of month 60 days. Variations to these terms are arranged by mutual agreement with suppliers.

Were there any changes to the standard payment terms in the reporting period?

No

Maximum contractual payment period agreed

90 days

Any other information about payment terms

The average payment period for invoices in this period has risen due to the effects of the current ongoing pandemic. Due to the nature of our business, purchase orders for stock (i.e. metal coils) are required to be placed 3 to 4 months in advance. With demand dropping significantly in the past few months the payment of these invoices has been managed/agreed between ourselves and suppliers, so although they appear overdue they have been paid within an agreed time frame.

Dispute resolution process

Payment disputes are handled by the purchase ledger team with support from the invoice contact within the business. This can be escalated up to the Finance Manager and ultimately the Managing Director until the issue is resolved.

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