DRUCK LIMITED
Company number: 01590333
Reporting period:
1 January 2023
to 30 June 2023
This report was filed on 31 July 2023
and approved by Olu Okunola
Payment statistics
Average time taken to pay invoices: 109 days
Invoices paid:
- within 30 days: 25%
- in 31 to 60 days: 15%
- in 61 days or more: 60%
Invoices due but not paid within agreed terms: 36 %
Payment terms
Shortest standard payment period
10 days
Longest standard payment period
150 days
Standard payment terms
Standard payment terms used by Druck Limited are 120 days. calculated from the date of receipt of the invoice.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
150 days
Any other information about payment terms
The 36% reported as invoices due not paid within agreed terms includes 83% in respect of invoices that have been set up in the ledger with zero days payment terms to allow these invoices to be paid on the next available payment run. These invoices therefore distort the reported figure as they are included as not being paid within agreed terms. The terms are set at zero following management’s decision to pay these invoices on the next available payment run. Of the 83% set up with zero days payment terms more than 99% are Intercompany invoices. Removing Intercompany, the external invoices due but not paid within agreed terms is 9%
Dispute resolution process
Disputes are referred to sourcing by staff and Accounts payable. Sourcing engage with the supplier to agree payment terms.
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
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.
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