GOV.UK
W. WING YIP (LONDON) LIMITED
Company number: 01338172
Reporting period:
1 April 2022
to 30 September 2022
This report was filed on 31 October 2022
and approved by Philip Larmouth
Payment statistics
Average time taken to pay invoices: 42 days
Invoices paid:
- within 30 days: 20%
- in 31 to 60 days: 71%
- in 61 days or more: 9%
Invoices due but not paid within agreed terms: 78 %
Payment terms
Shortest standard payment period
1 days
Longest standard payment period
60 days
Standard payment terms
Our standard payment terms are 42 days unless suppliers
payment terms are applied which can be longer or shorter
than standard.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
60 days
Any other information about payment terms
N/A
Dispute resolution process
Invoices are matched to PO's on receipt by our Accounts Payable Team. Any invoice variances are sent to the buyer for approval. If the buyer disputes the
invoice, the Accounts Payable Team e-mail the supplier with a credit request or a request for proof of delivery typically within 48 hours. Once full credit or proof of delivery has been received, the invoice and any credits are processed ready for payment. If in the meantime the invoice has become due for payment, the invoice is added to the next bacs run (weekly). If the Accounts Payable Team are unable to resolve a dispute or query, the dispute is escalated to the Group Financial Controller for resolution.
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