BELRON UK LIMITED

Company number: 00494648

Reporting period:
1 January 2020 to 30 June 2020

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This report was filed on 29 July 2020

and approved by Taxiarchis Konstantopoulos

Payment statistics

Average time taken to pay invoices: 60 days

Invoices paid:

• within 30 days: 47%
• in 31 to 60 days: 24%
• in 61 days or more: 29%

Invoices due but not paid within agreed terms: 88%

Payment terms

Shortest standard payment periods

1 days

Longest standard payment period

60 days

Standard payment terms

Our most frequently used payment term is 30 days net. However we are moving to 60 days EOM terms following contract negotiations with suppliers

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

We are moving the business to 60 Day Terms however this is only after contract negotiation with our suppliers. Where contracts are not yet due for renewal our current terms apply. During the Covid period of Mar – Jul 2020 we also made arrangements with our largest suppliers to defer payments, this ranged from 60-120 day terms. We also took a business decision to protect payments during this period so we extended most payment terms from 30 to 60 days. This ceased at the end of June for our standard suppliers and we are now paying to terms again.

Were suppliers notified or consulted about these changes before they were made?

A mixture of correspondence and phone calls with suppliers

Maximum contractual payment period agreed

60 days

No further comment provided

Any other information about payment terms

N/A

Dispute resolution process

Usually our buyers contact the suppliers to query incorrect charges or non-receipt of goods. For pricing queries our suppliers will investigate our disputes and raise credit notes where applicable, however usually the invoice is held until the credit has been received before releasing the payment. If the dispute is rejected the buyer will adjust the purchase order value to the higher amount or advise us of their approval, at which point the invoice is released for payment on our next available payment run. For non-receipt of goods, we usually request a Proof of Delivery, which when received and investigated usually leads to the order being receipted and the invoice released for payment.

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