BETA This is a new service – your feedback will help us to improve it.

RICHER SOUNDS LIMITED

Company number: 01402643

Reporting period:
1 May 2022 to 29 October 2022

---

This information is as reported by the business, and responses are in their own words.

This report was filed on 2 June 2023

and approved by Thomas Letchford

Payment statistics

Average time taken to pay invoices: 29 days

Invoices paid:

• within 30 days: 76%
• in 31 to 60 days: 23%
• in 61 days or more: 1%

Invoices due but not paid within agreed terms: 1 %

Payment terms

Shortest standard payment period

0 days

Longest standard payment period

90 days

Standard payment terms

The Company's policy is to agree appropriate terms of payment individually with suppliers and to abide by those terms based on the timely submission of satisfactory invoices. Where no specific agreement exists the Company will make payment on 30 day terms.

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

No

Maximum contractual payment period agreed

90 days

Any other information about payment terms

N/A

Dispute resolution process

The Company is committed to dealing with its suppliers in a fair, honest and professional manner. Disputes are directed in the first instance to our Accounts Payable team. Escalation of the dispute would be directed to the head of department that made the order or to the Finance Director or Financial Controller.

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.

Yes – The Prompt Payment 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.

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