GOV.UK
RICH PRODUCTS LIMITED
Company number: 01847615
Reporting period:
1 January 2018
to 30 June 2018
This report was filed on 31 July 2018
and approved by Theresa Pickard
Payment statistics
Average time taken to pay invoices: 32 days
Invoices paid:
- within 30 days: 71%
- in 31 to 60 days: 26%
- in 61 days or more: 3%
Invoices due but not paid within agreed terms: 3 %
Payment terms
Shortest standard payment period
0 days
Longest standard payment period
60 days
Standard payment terms
We pay to terms stated on the invoice so if the supplier requires immediate payment it is zero days or if they allow 60 days we pay within 60 days. We do not set the payment terms this is something that would be agreed within the contract depending on the supplier requirements
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
60 days
Terms vary from supplier to supplier we have some immediate, some pay on order, 7 days, 14days, 28 days, 30days, 45 days, 60days. It does not necessarily follow the item we are ordering more the company size and terms agreed with them.
Some suppliers allow payment end of month following invoice month so a May invoice would be paid end of June which could be up to 60 days
Any other information about payment terms
We ensure payment is made to terms, the only reasons for late payments would be not receiving the invoice or quantity/price queries
Dispute resolution process
If there is a quantity discrepancy we require proof of delivery, all items are checked in and any damages or discrepancies will be noted on the delivery paperwork. Invoices should quote a purchase order number and agree to the amount on the order. Discrepancies will be dealt with when the invoice is processed, depending on the query it will be referred to the supplier by email or telephone conversation or directed to the person who placed the order in the case of a difference to the agreed value on the purchase order, they would then contact the supplier
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