VISION LABS LTD.
Company number: 02407981
Reporting period:
1 March 2020
to 31 August 2020
This report was filed on 14 September 2020
and approved by M Coe
Payment statistics
Average time taken to pay invoices: 39 days
Invoices paid:
- within 30 days: 40%
- in 31 to 60 days: 47%
- in 61 days or more: 13%
Invoices due but not paid within agreed terms: 73 %
Payment terms
Shortest standard payment period
1 days
Longest standard payment period
60 days
Standard payment terms
Standard Payment Terms are 30 days with our major suppliers
Were there any changes to the standard payment terms in the reporting period?
Yes – Agreements with certain suppliers to extend payment terms due to Global Pandemic for 3 months (Apr-Jun)
Were suppliers notified or consulted about these changes before they were made?
Yes – Discussions and agreements took place between our Group Procurement Teams and Suppliers Finance Function/Account Managers
Maximum contractual payment period agreed
60 days
Any other information about payment terms
N/A
Dispute resolution process
All disputed invoices are referred back to the supplier to address and resolve. A disputed invoice is processed in our Accounting System and flagged as Disputed to ensure it is not picked up on the payment run. Once resolved and approved, the dispute flag is removed, allowing the invoice to be paid.
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.
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