RATIONAL UK LIMITED
Company number: 02576032
Reporting period:
1 January 2023 to 30 June 2023
Report filed on:
10 July 2023
Approved by:
Michael Keeley
Payment statistics
Average time taken to pay invoices: 13 days
Invoices paid:
- within 30 days: 96%
- in 31 to 60 days: 2%
- in 61 days or more: 2%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 5%
Payment terms
Shortest standard payment periods
1 days
Longest standard payment period
90 days
Standard payment terms
1 represents payment terms stated as "immediately payable"
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
60 days
We had 5,491 payments in the reporting period. 278 technically paid outside of the payment term, 104 of these payments had a payment term of "immediate" which creates a technical non-compliance.
Any other information about payment terms
No further comment provided
Dispute resolution process
Any dispute is resolved locally between the company and the supplier on an individual basis with the primary aim that disputes are settled quickly
and contractual payment terms are met. The company has a strong discipline of reconciling supplier statements where available to the weekly payment run.
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