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ENCON INSULATION LIMITED

Company number: 01377342

Reporting period:
1 August 2020 to 31 January 2021

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

This report was filed on 26 February 2021

and approved by Stuart Moore

Payment statistics

Average time taken to pay invoices: 46 days

Invoices paid:

• within 30 days: 21%
• in 31 to 60 days: 57%
• in 61 days or more: 22%

Invoices due but not paid within agreed terms: 55 %

Payment terms

Shortest standard payment period

30 days

Longest standard payment period

90 days

Standard payment terms

Standard Contractual terms for goods and services is End of Month plus 60 days (Max30+60=Max90). Suppliers can opt for End of Month plus 30 days in return for deduction of 2.5% settlement discount.

Were there any changes to the standard payment terms in the reporting period?

No

Maximum contractual payment period agreed

90 days

N/A

Any other information about payment terms

N/A

Dispute resolution process

The main point of contact for disputes is the Accounts Payable team at the Head Office in Wetherby, UK. Every invoice is checked against the corresponding goods receipt note (stock) or purchase order (expense). If a discrepancy exists, the manager responsible at the purchasing branch/department will be asked to respond within 7 days to either approve the variance, or request a dispute be raised. If a dispute is requested, the Accounts Payable team will notify their contact at the supplier. Communication will continue until the dispute is resolved.

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