ZEN INTERNET LIMITED
Company number: 03101568
Reporting period:
1 April 2022 to 30 September 2022
Report filed on:
4 October 2022
Approved by:
Matt Kay
Payment statistics
Average time taken to pay invoices: 29 days
Invoices paid:
- within 30 days: 60%
- in 31 to 60 days: 35%
- in 61 days or more: 5%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 1%
Payment terms
Shortest standard payment periods
14 days
Longest standard payment period
90 days
Standard payment terms
Standard payment terms are 30 days. We have agreed with a number of suppliers to pay them within 7 days in line with their payment terms Our longest payment terms are with a supplier where we receive goods issued from Germany at 90 days terms. These terms are extended because the goods are issued at the same date as the invoice from the factory in Germany. The time allows for both delivery and then payment hence the larger terms. Overall zen has three key values, one of which is "happy suppliers" where we take great pride in paying our suppliers on time and supporting when necessary where we can.
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
Our longest payment terms are with a supplier where we receive goods issued from Germany at 90 days terms. These terms are extended because the goods are issued at the same date as the invoice from the factory in Germany. The time allows for both delivery and then payment hence the larger terms.
Any other information about payment terms
No further comment provided
Dispute resolution process
We have a formal dispute process with our key suppliers (covering c80%) of the spend.
All other suppliers where we have a dispute we will raise with the supplier and work together to resolve in a timely manner. If any payment is witheld we make this clear as part of the dispute process.
Overall zen has three key values, one of which is "happy suppliers" where we take great pride in paying our suppliers on time and supporting when necessary where we can.
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?
Yes
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No