RATIONAL UK LIMITED
Company number: 02576032
Reporting period:
1 July 2020 to 31 December 2020
Report filed on:
14 January 2021
Approved by:
Michael Keeley
Payment statistics
Average time taken to pay invoices: 12 days
Invoices paid:
- within 30 days: 98%
- in 31 to 60 days: 1%
- in 61 days or more: 1%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 21%
Payment terms
Shortest standard payment periods
1 days
Longest standard payment period
60 days
Standard payment terms
Payment terms are agreed individually with each supplier during the course of contractual negotiations
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
130 days
No further comment provided
Any other information about payment terms
We changed the standard payment term for our self-billing payments to service engineers from "immediate" to 7 days. This change took place in September 2020 so we still see a negative impact of a statistical "late" payment in the 2020 H2 reporting. This will resolve itself in 2021 H1 to show a more positive position in terms of late payments.
Dispute resolution process
Any dispute is resolved locally between the company and the supplier on an individual basis with the primary aim that disputes are settled quickly and contractual payment dates are met. The company has a strong discipline of reconciling supplier statements where available, to it's weekly payments,
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