GOV.UK
RENISHAW P L C
Company number: 01106260
Reporting period:
1 January 2018
to 30 June 2018
This report was filed on 6 August 2018
and approved by Allen Roberts
Payment statistics
Average time taken to pay invoices: 46 days
Invoices paid:
- within 30 days: 11%
- in 31 to 60 days: 80%
- in 61 days or more: 9%
Invoices due but not paid within agreed terms: 25 %
Payment terms
Standard payment period for qualifying contracts
60 days
Standard payment terms
It is the Company policy to agree appropriate terms of payment with each supplier, and to pay invoices in line with those terms subject to the timely submission of satisfactory invoices. Payment runs for each currency are made at both the middle and end of each month. To avoid invoices on the standard terms of 60 days being paid late, we endeavour whenever possible to pay these on month end 30 day terms. This approach results in the average time taken to pay invoices being 46 days compared to the standard 60 day terms.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
90 days
Any other information about payment terms
25% of invoices due in the period were not paid within the contractual terms. Most invoices paid beyond the due date were on 30 day terms or less. Of the invoices paid beyond terms, 62% were paid on the next available bi-monthly payment run and were therefore paid within two weeks of the due date. The 25% of payments not paid within terms includes items that were still in dispute at the due date. Invoices are paid promptly once disputes are resolved.
During the reporting period, 91% of invoices were paid within 60 days. Many of the invoices paid beyond 60 days relate to either intercompany supplies or disputed invoices. Excluding invoices still in dispute after 60 days, more than 95% of invoices were paid within 60 days.
Dispute resolution process
The Company is committed to dealing with its suppliers in a fair, honest and professional manner. We seek to resolve queries as quickly as possible to both party’s satisfaction prior to payment being made. Invoice queries are dealt with in the first instance by the Purchasing Department who are made aware of issues within a week of Accounts Payable receiving the invoice. Senior managers from both the Finance and Purchasing Departments review follow up activities on outstanding queries each month. An escalation process is in place whereby items not satisfactorily resolved in the first instance are elevated to the Divisional General Manager, the Head of Group Finance and ultimately to the Group Finance Director.
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.Yes – The Prompt Payment Code
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