GOV.UK
KERRY FOODS LIMITED
Company number: 02604258
Reporting period:
1 January 2020
to 30 June 2020
This report was filed on 30 July 2020
and approved by Ronan Deasy
Payment statistics
Average time taken to pay invoices: 78 days
Invoices paid:
- within 30 days: 9%
- in 31 to 60 days: 26%
- in 61 days or more: 65%
Invoices due but not paid within agreed terms: 15 %
Payment terms
Shortest standard payment period
0 days
Longest standard payment period
120 days
Standard payment terms
Kerry has over 20 terms in use with suppliers, the most common being equivalent to 90 days from date of invoice. Shorter terms may be granted to small businesses, charities, business organisations and government entities. Negotiations with suppliers happen on a continuous basis and payment terms may change as a result of agreements reached.
Were there any changes to the standard payment terms in the reporting period?
Yes – Changes were made based on the outcome of supplier negotiations. During this reporting period there were no unilateral changes to payment terms.
Were suppliers notified or consulted about these changes before they were made?
Yes – Each PO issued to and accepted by the Supplier will state the applicable payment term. Where a new term may be desired, suppliers are sent written communication requesting agreement to a new term.
Maximum contractual payment period agreed
120 days
Any other information about payment terms
Payment Terms are negotiated with each supplier and a wide range of terms are available for use. The terms used have been agreed to by suppliers and there is strong commitment to meet these terms.
Dispute resolution process
Invoices are processed in a structured, rule based process. Invoices which do not contain key information will be returned to the vendor with an accompanying note. Invoices which are accepted and are submitted for processing may encounter a discrepancy. In the first instance, a designated receiver of goods or a designated buyer of the goods will receive an automated request to confirm the quantity received and/or the price on the Purchase Order. If it is determined that the invoice does not match the quantity received or the price agreed, Accounts Payable will hold the invoice while a Credit Note is requested. When the correct Credit Note is received, it is processed with the original invoice to enable payment. A Supplier Invoicing guide is made available to suppliers. In addition to invoicing instructions, this guide also provides addresses, telephone numbers and e-mail addresses which can be used to resolve a dispute.
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.
Yes
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.
Yes
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