REISS LIMITED
Company number: 02655347
Reporting period:
1 February 2021 to
31 July 2021
This report was filed on 22 September 2021
and approved by JONATHAN NEIL BLANCHARD
Payment statistics
Average time taken to pay invoices: 58 days
Invoices paid:
- within 30 days: 37%
- in 31 to 60 days: 35%
- in 61 days or more: 29%
Invoices due but not paid within agreed terms: 63%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
60 days
Standard payment terms
We pay 30 days as standard, though many stock suppliers are on 60 days. For stock suppliers, payments are also subject to QC checks being completed and we ensure that we are always in communication with suppliers to discuss any issues. Payment is not automatically issued after 30 days, the supplier must provide a statement to the Accounts Payable department which is reconciled. Payments are then made twice a week for invoices that have fallen due and that have been reconciled to a supplier statement.
Were there any changes to the standard payment terms in the reporting period?
Answer not provided
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
60 days
Period from goods clearing QC in our warehouse.
Any other information about payment terms
N/A
Dispute resolution process
Complaints and disputes should be raised initially with the Accounts Payable department in our Beckton office via email or telephone. A complaint will be picked up by a specific member of staff, depending on the type of supplier, on receipt and where it cannot be resolved the complaint will be escalated in the first instance to the Purchase Ledger Manager and then to the Financial Controller if required.
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, this business has not signed up to a code of conduct or standards on payment practices.
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