RIVERSTONE MANAGEMENT LIMITED
Company number: 01268308
Reporting period:
1 January 2022 to 30 June 2022
Report filed on:
2 August 2022
Approved by:
Andrew Creed
Payment statistics
Average time taken to pay invoices: 12 days
Invoices paid:
- within 30 days: 98%
- in 31 to 60 days: 1%
- in 61 days or more: 1%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 2%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
Answer not provided
Standard payment terms
RiverStone Management Limited’s standard contractual length of time for payment of invoices is 30 days. This is the most frequently used payment terms for all qualifying contracts.
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
30 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
Invoices, credit notes and statements should be directed to Accounts Payable preferably by email to ap@rsml.co.uk or via post to Park Gate, 161-163 Preston Road, Brighton, East Sussex, BN1 6AU.
Once recorded by the accounts payable team, invoices are passed to the authorised purchaser for review followed by approval for payment from an authorised signatory. Invoices received from suppliers which are considered incorrect are disputed within 5 working days of receipt of the invoice. The authorised purchaser or their Manager will contact the supplier either by telephone or email to challenge the invoice. Concurrently, accounts payable are advised that the invoice has been challenged and will therefore be held from payment until such time the dispute is resolved.
Accounts Payable are updated on a weekly basis on the progress of resolving the dispute.
Any invoices and/or credit notes issued following dispute resolution are processed by accounts payable, passed to the authorised purchaser for matching with the original invoice and then to their authorised signatory for approval, releasing the invoice/s for inclusion within the next BACS payment.
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 Fair 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