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RENROD LIMITED

Company number: 01210595

Reporting period:
1 January 2021 to 30 June 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 20 July 2021

and approved by Odette Darnell

Payment statistics

Average time taken to pay invoices: 30 days

Invoices paid:

• within 30 days: 49%
• in 31 to 60 days: 49%
• in 61 days or more: 2%

Invoices due but not paid within agreed terms: 19 %

Payment terms

Shortest standard payment period

0 days

Longest standard payment period

180 days

Standard payment terms

Most Frequent is net monthly. This is the end of the month of invoice for general suppliers. For vehicle supplies this ranges from same day payment as invoice date or up to 180 days from invoice date.

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

No

Maximum contractual payment period agreed

180 days

Vehicle payments can be made same day or up to 180days dependent if new cars are registered or not during that period. If registered then payment taken by manufacturer. If not sold within 180 days a direct debit payment is taken by the manufacturer.

Any other information about payment terms

N/A

Dispute resolution process

Reconciliation of supplier payments to our recorded invoices on our systems. Request copy of invoices if not received, by email or telephone conversation. Once resolved payment is made. If not resolved the dispute/complaint is passed to the manager who ordered the goods/services to discuss agreed contract. Once resolved payment is made. If not resolved this is escalated to a Director.

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