GOV.UK
CORIN LIMITED
Company number: 01910453
Reporting period:
1 January 2018
to 30 June 2018
This report was filed on 30 July 2018
and approved by Victoria Silvester
Payment statistics
Average time taken to pay invoices: 60 days
Invoices paid:
- within 30 days: 15%
- in 31 to 60 days: 47%
- in 61 days or more: 38%
Invoices due but not paid within agreed terms: 88 %
Payment terms
Shortest standard payment period
0 days
Longest standard payment period
119 days
Standard payment terms
The shortest standard payment term is 0 days. This related to recruitment invoices. These are unusual and infrequent standard payment terms. The shortest standard payment terms otherwise is 7 days.
The longest standard payment days will vary as some suppliers set their terms from the end of the month. Therefore, depending on the invoice date, depends on the number of days till the end of the month and therefore the overall payment days.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
121 days
The maximum contractual period is 90 days from the end of the month. Asssuming an invoice is dated on the first day of the month, this would give a maximum of 121 days.
Any other information about payment terms
The invoices paid outside of agreed terms of 88% is impacted by our BACS run procedure. A BACS run is completed at the beginning of each month for all invoices due during the previous month, this means that a large number of invoices are shown as paid late, including items late by just 1 day. Our procedure helps to capture invoices monthly in the payment run with a consistent payment pattern for suppliers.
In the orthopaedics industry it is common for terms to be 60 days or longer. This explains why 38% of payments are made 60 days or longer from receipt.
Dispute resolution process
First point of contact for disputes in Corin Limited is the purchasing department.They will work with the supplier and relevant department manager to resolve the issue. Once the issue has been resolved, the supplier will need to provide any missing information or a corrected invoice before payment.
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