GOV.UK
VIRIDOR RESOURCE MANAGEMENT LIMITED
Company number: 03649069
Reporting period:
1 April 2022
to 30 September 2022
This report was filed on 31 October 2022
and approved by Nick Maddock
Payment statistics
Average time taken to pay invoices: 27 days
Invoices paid:
- within 30 days: 74%
- in 31 to 60 days: 21%
- in 61 days or more: 6%
Invoices due but not paid within agreed terms: 63 %
Payment terms
Shortest standard payment period
14 days
Longest standard payment period
90 days
Standard payment terms
The customer shall pay each invoice which is properly due and submitted within 60 days after the end of the month of receipt by the Customer of a valid undisputed invoice (the “Due Date”).
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
90 days
The maximum contractual payment period is 90 days if the invoice were received on the date of raising, however the majority are 30 days or fewer.
Any other information about payment terms
Viridor introduced a new automated invoice process in conjunction with a new group ERP system in November 2021. This was implemented to deliver improved financial governance and improve the timeliness and response to the invoice workflow and payments to suppliers.
A valid invoice reflects:
• registered and approved supplier
• purchase order number
• includes the necessary details of goods/services, date and financial detail and sent either electronically to invoices@viridor.co.uk or by post.
Whilst Viridor is not a member of the prompt payment code, we do adopt the principles of the code including:
1. paying suppliers on time – with average payment days which is below our standard terms and lower than 30 days
2. Clear guidance to suppliers – our terms and conditions are included within our purchase orders and on our website.
Dispute resolution process
VIRIDOR RESOURCE MANAGEMENT LIMITED operates an automated invoice process. We work closely with our suppliers and aim to pay all invoices in a timely and accurate manner. Any disputes that arise are immediately brought to the attention of the dedicated Accounts Payable team and Transactional Services Manager who will engage with all relevant stakeholders to ensure a speedy and
satisfactory resolution. Any dispute arising that is not resolved is escalated through the finance management structure and the Executive Management team member if required.
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