LORIEN RESOURCING LIMITED

Company number: 01333388

Reporting period:
2 July 2022 to 30 December 2022

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This report was filed on 26 January 2023

and approved by Tim Briant

Payment statistics

Average time taken to pay invoices: 34 days

Invoices paid:

• within 30 days: 44%
• in 31 to 60 days: 49%
• in 61 days or more: 7%

Invoices due but not paid within agreed terms: 1%

Payment terms

Shortest standard payment periods

7 days

Longest standard payment period

90 days

Standard payment terms

Standard contractual terms for goods and services vary depending on the supplier but 45 days is considered standard terms. The maximum contractual period is 90 days

Were there any changes to the standard payment terms in the reporting period?

Change to Umbrella PSL July 2022 from 30 to 45 days

Were suppliers notified or consulted about these changes before they were made?

Written notification

Maximum contractual payment period agreed

90 days

No further comment provided

Any other information about payment terms

Mix of supply has shifted from PSC to second tier which is evidenced by the increase in % paid > 60days

Dispute resolution process

All contractor queries are forward to the TS Query team. The SLA is to respond to the initial query within 48 hours.

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, 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