RATIONAL UK LIMITED
Company number: 02576032
Reporting period:
1 July 2023 to 31 December 2023
Report filed on:
11 January 2024
Approved by:
Michael Keeley
Payment statistics
Average time taken to pay invoices: 17 days
Invoices paid:
- within 30 days: 92%
- in 31 to 60 days: 3%
- in 61 days or more: 5%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 12%
Payment terms
Shortest standard payment periods
1 days
Longest standard payment period
81 days
Standard payment terms
1 day presents payment terms stated as "immediately payable". These are technically not possible for us to approve and pay on the same day as receipt of the invoice.
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
81 days
We had 5,684 invoices in the reporting period. 690 were technically outside of the payment term. 169 of these were payment due "immediately" which are not possible to pay on the same day. 322 were due to a technical accounting issue due to a software upgrade - these were paid in the next payment run 7 days later.
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 settle 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