ICELAND FOODS LIMITED
Company number: 01107406
Reporting period:
1 April 2018 to 30 September 2018
Report filed on:
23 October 2018
Approved by:
Tarsem Dhaliwal
Payment statistics
Average time taken to pay invoices: 53 days
Invoices paid:
- within 30 days: 20%
- in 31 to 60 days: 38%
- in 61 days or more: 42%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 4%
Payment terms
Shortest standard payment periods
14 days
Longest standard payment period
90 days
Standard payment terms
Iceland's standard contractual payment terms state that Iceland will pay each correct invoice on its next weekly payment run following agreed terms. Terms do vary in accordance with individual agreements with suppliers. Iceland makes a supply chain finance solution available to some suppliers which allows suppliers to receive payments earlier than their standard terms.
Were there any changes to the standard payment terms in the reporting period?
Answer not provided
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
90 days
No further comment provided
Any other information about payment terms
N/A
Dispute resolution process
Our accounts payable team work closely with suppliers and with our buying team to ensure timely resolution of price/quantity issues. In September 2017, we set up and communicated a dedicated point of contact to all suppliers to give an additional way of making speedy contacts with the key people in our finance team to resolve any invoice and payment queries. Iceland payments/invoice helpline 01244 842975 or payments.support@iceland.co.uk. We stated that we would endeavour to deliver a solution to queries within 3 working days.
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.
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.
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