RENROD LIMITED
Company number: 01210595
Reporting period:
1 July 2022 to 31 December 2022
Report filed on:
22 February 2023
Approved by:
Odette Darnell
Payment statistics
Average time taken to pay invoices: 26 days
Invoices paid:
- within 30 days: 58%
- in 31 to 60 days: 39%
- in 61 days or more: 3%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 21%
Payment terms
Shortest standard payment periods
0 days
Longest standard payment period
180 days
Standard payment terms
Most frequent is Net Monthly. This is the end of the month of invoice for general suppliers. For vehicle supplies this ranges from same day payment as invoice date or up to 180 days from invoice date.
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
180 days
Vehicle payments can be made same day or up to 180 days dependent if new cars are registered or not during that period. If registered then payment collected by manufacturer. If not sold within 180 days a direct debit payment is collected by the manufacturer.
Any other information about payment terms
N/A
Dispute resolution process
Reconciliation of supplier payments to our rec0rded invoices on our DMS system. If any invoice is in dispute this is raised with the supplier by email or a telephone conversation. Once resolved payment is made. If not resolved the dispute/complaint is passed to the manager who ordered the goods/services to discuss agreed contract. Once resolved payment is made. If not resolved this is escalated to a Director.
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.
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