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RAILPEN LIMITED

Company number: 02315380

Reporting period:
1 January 2022 to 30 June 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 28 July 2022

and approved by Stuart Blackett

Payment statistics

Average time taken to pay invoices: 22 days

Invoices paid:

• within 30 days: 82%
• in 31 to 60 days: 14%
• in 61 days or more: 4%

Invoices due but not paid within agreed terms: 16 %

Payment terms

Shortest standard payment period

0 days

Longest standard payment period

28 days

Standard payment terms

Railpen's standard payment terms are 28 days. A small number of suppliers are paid more promptly e.g. where supplies are deemed to be business critical or are identified as a micro business.

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

No

Maximum contractual payment period agreed

28 days

N/A

Any other information about payment terms

N/A

Dispute resolution process

The majority of suppliers are required to invoice quoting a purchase order (PO) number for payment. Any invoices submitted without a valid PO number will be rejected and the supplier will be requested to provide a PO number. Ongoing contract management and supplier management is the responsibility of the relationship owner, specified colleague or Budget Holder commissioning the services or goods. Payment dispute resolution is standard within our contracting practices.

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