BETA This is a new service – your feedback will help us to improve it.

RICHARD WELLOCK & SONS LIMITED

Company number: 04296795

Reporting period:
27 October 2019 to 25 April 2020

---

This information is as reported by the business, and responses are in their own words.

This report was filed on 22 December 2020

and approved by Clair Scott

Payment statistics

Average time taken to pay invoices: 30 days

Invoices paid:

• within 30 days: 63%
• in 31 to 60 days: 36%
• in 61 days or more: 1%

Invoices due but not paid within agreed terms: 19 %

Payment terms

Shortest standard payment period

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

Maximum contractual payment period agreed

30 days

Any other information about payment terms

N/A

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 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