JACK RICHARDS & SON LIMITED

Company number: 01041518

Reporting period:
6 January 2020 to 5 July 2020

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This report was filed on 31 July 2020

and approved by Victoria Banks

Payment statistics

Average time taken to pay invoices: 60 days

Invoices paid:

• within 30 days: 9%
• in 31 to 60 days: 54%
• in 61 days or more: 37%

Invoices due but not paid within agreed terms: 74%

Payment terms

Shortest standard payment periods

7 days

Longest standard payment period

120 days

Standard payment terms

Subcontractor standard terms are 60 Days end of month from date of invoice, all other invoices standard terms are 30 days end of month from date of invoice. These standard terms apply unless otherwise agreed with the Finance Director.

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

120 days

We tend to pay our suppliers in line with how customers pay us. In this instance our customer pays us on 120 days terms and therefore the subcontractor terms mirror this.

Any other information about payment terms

N/A

Dispute resolution process

The supplier will be contacted by email or phone to inform them of the dispute. If the dispute is not resolved then the query will passed onto the necessary department in order to come to a solution.

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