RICHARD WELLOCK & SONS LIMITED
Company number: 04296795
Reporting period:
25 April 2021
to 23 October 2021
This report was filed on 15 November 2021
and approved by Clair Scott
Payment statistics
Average time taken to pay invoices: 37 days
Invoices paid:
- within 30 days: 15%
- in 31 to 60 days: 82%
- in 61 days or more: 3%
Invoices due but not paid within agreed terms: 39 %
Payment terms
Shortest standard payment period
7 days
Longest standard payment period
45 days
Standard payment terms
We will pay all suppliers within 45 days of receiving invoices, unless otherwise agreed in advance and in writing.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
45 days
Any other information about payment terms
N/A
Dispute resolution process
We actively contact our suppliers to raise queries and questions with them by email and phone. A lot of our suppliers are long term relationships and we always work with one and another to agree the best ways forward where a dispute arises.
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