ENCON INSULATION LIMITED
Company number: 01377342
Reporting period:
1 August 2021 to
31 January 2022
This report was filed on 18 February 2022
and approved by Stuart Moore
Payment statistics
Average time taken to pay invoices: 45 days
Invoices paid:
- within 30 days: 56%
- in 31 to 60 days: 24%
- in 61 days or more: 20%
Invoices due but not paid within agreed terms: 57%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
90 days
Standard payment terms
Standard Contractual terms for goods and services is End of Month plus 60 days (Max30+60=Max90). Suppliers can opt for End of Month plus 30 days in return for deduction of 2.5% settlement discount.
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
90 days
N/A
Any other information about payment terms
N/A
Dispute resolution process
The main point of contact for disputes is the Accounts Payable team at the Head Office in Wetherby, UK. Every invoice is checked against the corresponding goods receipt note (stock) or purchase order (expense). If a discrepancy exists, the manager responsible at the purchasing branch/department will be asked to respond within 7 days to either approve the variance, or request a dispute be raised. If a dispute is requested, the Accounts Payable team will notify their contact at the supplier. Communication will continue until the dispute is resolved.
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