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VISION LABS LTD.

Company number: 02407981

Reporting period:
1 September 2021 to 28 February 2022

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This information is as reported by the business, and responses are in their own words.

This report was filed on 25 March 2022

and approved by C Bold

Payment statistics

Average time taken to pay invoices: 35 days

Invoices paid:

• within 30 days: 77%
• in 31 to 60 days: 16%
• in 61 days or more: 7%

Invoices due but not paid within agreed terms: 26 %

Payment terms

Shortest standard payment period

1 days

Longest standard payment period

60 days

Standard payment terms

Standard Payment Terms are 30 days - however with our main global suppliers, extended terms are agreed, for example 30 days end of month or 60 Days, due to delivery of goods outside the UK from regions such as Asia

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

No

Maximum contractual payment period agreed

60 days

Any other information about payment terms

N/A

Dispute resolution process

All disputed invoices are referred back to the supplier to address and resolve. A disputed invoice is processed in our Accounting System and flagged as Disputed to ensure it is not picked up on the payment run. Once resolved and approved, the dispute flag is removed, allowing the invoice to be paid.

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.

Yes

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