Company number: 00481833
1 October 2022
to 31 March 2023
This report was filed on 26 April 2023
and approved by Anna Bielby
Average time taken to pay invoices: 57 days
- within 30 days: 24%
- in 31 to 60 days: 36%
- in 61 days or more: 40%
Invoices due but not paid within agreed terms: 39 %
Shortest standard payment period
Longest standard payment period
Standard payment terms
Vp plc's standard payment terms are 60 days month-end and these apply to the majority of supplier accounts. However, there are a range of terms in place for different suppliers, ranging from immediate payment to 90 days month-end. Payment terms are agreed to at the start of the business relationship and are confirmed in writing once accounts have been set up.
Were there any changes to the standard payment terms in the reporting period?
Maximum contractual payment period agreed
Any other information about payment terms
Dispute resolution process
Suppliers are formally advised of any invoice queries and Accounts Payable teams liaise with the supplier and the ordering point to resolve them. Records are kept of progress made or setbacks encountered. Queries are prioritised in terms of age and due date for resolution, with the aim of resolving all invoice queries within 30 days. Suppliers should contact the Accounts Payable department at the following address if they have any issues or problems with unpaid/overdue invoices:
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.
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.
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.
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?
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?