R.TWINING AND COMPANY LIMITED
Company number: 00525071
Reporting period:
1 March 2018 to 31 August 2018
Report filed on:
28 September 2018
Approved by:
George McCallum
Payment statistics
Average time taken to pay invoices: 38 days
Invoices paid:
- within 30 days: 40%
- in 31 to 60 days: 45%
- in 61 days or more: 15%
Late and disputed:
- total value of payments due in the reporting period which have not been paid within the agreed period: £0
- payments due in the reporting period which have not been paid within the agreed period: 61%
Payment terms
Shortest standard payment periods
60 days
Longest standard payment period
Answer not provided
Standard payment terms
Within 60 days of the date of the invoice. This is stated on all our purchase orders and applied to all suppliers, unless different terms are negotiated.
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
120 days
120 days from date of the invoice. We offer supplier finance, through which signed up suppliers can take payment for their invoices early (through an intermediary), but they do incur charges depending on how early they take payment. Therefore the terms we have to declare are those which govern us paying the intermediary – in one case these terms are 120 days.
Any other information about payment terms
No further comment provided
Dispute resolution process
1. Suppliers are advised at the time of sending a purchase order to raise any future queries with the person who has created them, central finance team are able to inform suppliers with the name of this person. 2. If a supplier believes we have failed to make a payment which is due to them by the due date for payment then they would normally raise this with either the person who raised the purchase order or the Central Finance team. 3. That being said we do try to take a proactive approach to managing any disputes about payments eg in terms of the processes we have put in place for managing any issues we may come across matching invoices to purchase orders.
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.
Yes, this business has signed up to: “The Better Payment Practice Code”.
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.
Yes
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