K K FINE FOODS LIMITED
Company number: 02077911
Reporting period:
1 January 2018 to 30 June 2018
Report filed on:
3 August 2018
Approved by:
Samir Edwards
Payment statistics
Average time taken to pay invoices: 62 days
Invoices paid:
- within 30 days: 5%
- in 31 to 60 days: 55%
- in 61 days or more: 40%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 98%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
90 days
Standard payment terms
The majority of supplier contracts have 30 day payment terms unless specifically negotiated to be over a longer period, usually due to size of business.
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
90 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
Disputes are originally made to the Accounts Payable department and if not resolved at the first instance are escalated to the Finance Manager. Complaints or concerns are dealt with within the week and payment made on the next available payment run. For exceptional circumstances a same day bank transfer can be made.
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.
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