RENROD LIMITED
Company number: 01210595
Reporting period:
1 January 2020
to 30 June 2020
This report was filed on 17 September 2020
and approved by Odette Darnell
Payment statistics
Average time taken to pay invoices: 31 days
Invoices paid:
- within 30 days: 58%
- in 31 to 60 days: 28%
- in 61 days or more: 14%
Invoices due but not paid within agreed terms: 28 %
Payment terms
Shortest standard payment period
0 days
Longest standard payment period
180 days
Standard payment terms
Most frequent is net monthly. This is the end of the month from month of invoice for general suppliers. For vehicle supplies this ranges from same day payment as invoice date or up to 180 days from invoice date
Were there any changes to the standard payment terms in the reporting period?
Yes – Due to Covid 19 delayed payments as business closed.
Were suppliers notified or consulted about these changes before they were made?
No
Maximum contractual payment period agreed
180 days
Vehicle payments can be made same day or up to 180 days dependent if new cars are registered or not during that period. If registered then payment taken by manufacturer. If not sold within 180 days a direct debit payment is taken by the manufacturer.
During Covid 19 the manufacturers extended their terms of payment.
Any other information about payment terms
N/A
Dispute resolution process
Reconciliation of supplier payments to our recorded invoices on our system.
Request copy invoices if not received by email or telephone conversation.
If any invoice is in dispute this is raised with the supplier by e-mail or telephone conversation. Once resolved payment is made.
If not resolved the dispute/complaint is passed to the manager who ordered the goods/services to discuss agreed contract. Once resolved payment is made.
If not resolved this is escalated to a Director.
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