GOV.UK
NORWOOD RAVENSWOOD
Company number: 03263519
Reporting period:
1 April 2020
to 30 September 2020
This report was filed on 29 October 2020
and approved by Patrick Murphy
Payment statistics
Average time taken to pay invoices: 24 days
Invoices paid:
- within 30 days: 73%
- in 31 to 60 days: 27%
- in 61 days or more: 0%
Invoices due but not paid within agreed terms: 35 %
Payment terms
Shortest standard payment period
14 days
Longest standard payment period
30 days
Standard payment terms
Norwood Ravenswood does not have standard payment terms, these are agreed with suppliers as part of contract negotiations.
The most frequently used payment terms in the reporting period were 30 days.
Payment runs are typically on a fortnightly basis by BACS
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
30 days
Any other information about payment terms
N/A
Dispute resolution process
In the event of a dispute, initially the manager who purchased the goods or service will contract the supplier to resolve the dispute and seek resolution of any issues.
Where it is not possible to reach an agreement, a number of potential resolution methods may be employed for example mediation, adjudication, litigation and/or arbitration.
Suppliers may also contact Accounts Payable team on AccountsPayable@norwood.org.uk if they have any query relating to the payment of the invoice.
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