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REYNOLDS CATERING SUPPLIES LIMITED

Company number: 02955734

Reporting period:
1 July 2021 to 31 December 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 31 January 2022

and approved by ANDY AUSTIN

Payment statistics

Average time taken to pay invoices: 53 days

Invoices paid:

• within 30 days: 15%
• in 31 to 60 days: 50%
• in 61 days or more: 35%

Invoices due but not paid within agreed terms: 31 %

Payment terms

Shortest standard payment period

21 days

Longest standard payment period

76 days

Standard payment terms

Reynolds pays all its standard, non disputed Supplier invoices within agreed terms, invoices that vary from the PO are disputed as soon as the invoices are entered onto the system.

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

No

Maximum contractual payment period agreed

76 days

Customers who insist we use their chosen supplier, are
expected to pay us before we pay their chosen supplier.

Any other information about payment terms

N/A

Dispute resolution process

All produce invoices processed that differ from the PO either by price or quantity trigger an email to the procurement team. The procurement team will then either agree the difference or escalate the query to the supplier as soon as possible. Every effort is made to deal with disputes in a timely manner.

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