CITATION LIMITED
Company number: 03097504
Reporting period:
1 July 2021
to 31 December 2021
This report was filed on 28 January 2022
and approved by Eloise Wann
Payment statistics
Average time taken to pay invoices: 15 days
Invoices paid:
- within 30 days: 79%
- in 31 to 60 days: 19%
- in 61 days or more: 2%
Invoices due but not paid within agreed terms: 38 %
Payment terms
Shortest standard payment period
0 days
Longest standard payment period
90 days
Standard payment terms
Payment terms of 30 days are most commonly used with suppliers, which are agreed upon beforehand.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
90 days
Bi-monthly supplier payment runs are produced for payments due on or prior to the payment dates, subject to receiving the invoice on time and being approved. Invoices due between payment runs will be paid in the next one; the majority of supplier payments are therefore paid within 7 days of their due date.
Any other information about payment terms
N/A
Dispute resolution process
All disputes with suppliers are considered by the department who is responsible for the ordering of goods or services. Disputes are usually flagged to suppliers within a week by the purchase ledger clerk and will usually result in a credit note being raised, or payment to be made. Disputes are usually dealt with by the next payment run.
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