RICHARD WELLOCK & SONS LIMITED
Company number: 04296795
Reporting period:
28 April 2019 to 26 October 2019
Report filed on:
22 December 2020
Approved by:
Clair Scott
Payment statistics
Average time taken to pay invoices: 25 days
Invoices paid:
- within 30 days: 82%
- in 31 to 60 days: 17%
- in 61 days or more: 1%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 17%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
36 days
Standard payment terms
We pay our suppliers weekly on 30 day from invoice date terms. Therefore, we can be either paying on 30 days or up to 36 days depending upon how that weekly payment run falls. Therefore, technically we are always just behind terms, however, are confident the way we pay our suppliers is industry leading.
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
30 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
We actively contact our suppliers to raise queries and questions with them by email and phone. A lot of our suppliers are long term relationships and we always work with one and another to agree the best ways forward where a dispute arises.
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 Fair 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