GOV.UK
VISION EXPRESS (UK) LIMITED
Company number: 02189907
Reporting period:
1 July 2020
to 31 December 2020
This report was filed on 28 January 2021
and approved by Nicholas David Coton
Payment statistics
Average time taken to pay invoices: 61 days
Invoices paid:
- within 30 days: 11%
- in 31 to 60 days: 4%
- in 61 days or more: 85%
Invoices due but not paid within agreed terms: 24 %
Payment terms
Shortest standard payment period
0 days
Longest standard payment period
90 days
Standard payment terms
The company has differing standard payment periods depending on the classification of the product or service acquired. Vendors for stock items are generally 60 or 90 days, end of month. The period for fixed asset suppliers are generally 60 days, end of month. Historically other vendors were generally paid 30 days, end of month however the business is moving towards new standard terms of 60 days.
Were there any changes to the standard payment terms in the reporting period?
Yes –
The company is moving towards a standard payment term of 60 days.
Were suppliers notified or consulted about these changes before they were made?
Yes – Applicable to new contracts being negotiated. No change to existing contractual terms imposed.
Maximum contractual payment period agreed
90 days
Any other information about payment terms
N/A
Dispute resolution process
Responsibility for resolution of disputes and complaints is jointly held by our accounts payable and procurement teams as appropriate. The aim is to work closely with suppliers to negotiate appropriate resolution in advance of the payment due dates, where possible.
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