RECIPHARM HC LIMITED
Company number: 11343867
Reporting period:
1 January 2021 to 30 June 2021
Report filed on:
16 July 2021
Approved by:
Mark Quick
Payment statistics
Average time taken to pay invoices: 44 days
Invoices paid:
- within 30 days: 27%
- in 31 to 60 days: 58%
- in 61 days or more: 15%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 32%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
90 days
Standard payment terms
Predominantly 30 Days from Date of Invoice or 45 Days from Date of Invoice, a small number on end of month folllowing month of invoice and a very select few on 90 Days from Date of Invoice
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
90 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
We have a dedicated administration for accounts payable that intercepts queries from suppliers and intercedes with our procurement department to generate a dialogue. We rely on good faith and the high quality nature of the goods and services we provide to maintain a ethical policy of procurement which includes a commitment to dispute resolution as part of the general terms and conditions of trade of recipharm.
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.
Yes, this business has signed up to: Recipharm Procurement Code of Conduct
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