GOV.UK
CORIN LIMITED
Company number: 01910453
Reporting period:
1 January 2020
to 30 June 2020
This report was filed on 13 August 2020
and approved by Victoria Silvester
Payment statistics
Average time taken to pay invoices: 53 days
Invoices paid:
- within 30 days: 26%
- in 31 to 60 days: 36%
- in 61 days or more: 38%
Invoices due but not paid within agreed terms: 68 %
Payment terms
Shortest standard payment period
0 days
Longest standard payment period
119 days
Standard payment terms
The shortest period being 0 days is due to a legal invoice that is required to be paid as soon as issued.
This is an unusual standard payment terms. The shortest otherwise is 7 days
The longest payment terms will vary with each report as some suppliers will have a set term from the end of the month. Therefore depending on the date of the invoice will depend on time till the end of the month.
Were there any changes to the standard payment terms in the reporting period?
Yes – New contracts were discussed and agreed
Were suppliers notified or consulted about these changes before they were made?
Yes – We are in regular communication with suppliers.
Maximum contractual payment period agreed
121 days
The maximum contractual period is 90 days from the end of the month. Assuming an invoice is dated on the first of the month this would give a maximum days of 31 totalling 121 days.
Any other information about payment terms
The invoices paid outside of agreed terms is impacted by our BACS run procedure. A BACS run is completed at the beginning of each month for all invoices due during the previous month, this means that come number of invoices are shown as paid late, including items late by just 1 day. Our procedure helps to capture invoices monthly in the payment run with a consistent payment pattern for suppliers.
The reported period has been affected by exceptional circumstances due to the major global pandemic of COVID-19 which has significantly affected businesses including Corin. Due to the shutdown of elective surgeries in the majority of the world’s markets that Corin operates in, Corin took the decision to close its production site temporarily and us the Job retention scheme in the UK to furlough it’s employees. During this time, transaction processing was slower resulting in a temporary increase in payment terms. Many of the suppliers to Corin were also shut and so the delivery of invoices was also slower. In the second half of the 2020 we expect to return to normal business practices.
Dispute resolution process
The first point of contact for disputes in Corin Limited is the purchasing department. They will work with the supplier and relevant department manager to solve the issue. Once the issues have been resolved, the supplier will need to provide any missing information or a corrected invoice before 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
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