REISS LIMITED

Company number: 02655347

Reporting period:
25 January 2018 to 24 July 2018

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This report was filed on 6 September 2018

and approved by Jonathan N. Blanchard

Payment statistics

Average time taken to pay invoices: 49 days

Invoices paid:

• within 30 days: 30%
• in 31 to 60 days: 46%
• in 61 days or more: 23%

Invoices due but not paid within agreed terms: 74%

Payment terms

Shortest standard payment periods

30 days

Longest standard payment period

60 days

Standard payment terms

We pay 30 days as standard, though many stock suppliers are on 60 days. For stock suppliers, payment terms generally begin from the goods being received into our warehouse and clearing quality control. Payment is not automatically issued after 30 days, the supplier must contact the Accounts Payable department and provide a statement of account. Payments are then made every Friday for invoices that have fallen due.

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

Answer not provided

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

N/A

Maximum contractual payment period agreed

60 days

n/a

Any other information about payment terms

n/a

Dispute resolution process

Complaints and disputes should be raised initially with the accounts payable department in the Becton Office via email or telephone. A complaint will be picked by by a specific member of staff, depending on the type of supplier, on receipt and where it cannot be resolved the complaint will be escalated in the first instance to the Purchase Ledger Manager and then to the Financial Controller 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, 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.

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