LRC PRODUCTS LIMITED
Company number: 00698371
Reporting period:
1 July 2023
to 31 December 2023
This report was filed on 25 January 2024
and approved by Charlie Everitt
Payment statistics
Average time taken to pay invoices: 102 days
Invoices paid:
- within 30 days: 14%
- in 31 to 60 days: 3%
- in 61 days or more: 83%
Invoices due but not paid within agreed terms: 40 %
Payment terms
Shortest standard payment period
30 days
Longest standard payment period
180 days
Standard payment terms
Reckitt’s standard payment terms are that payment is made on the first working day after the end of the month in which falls the ninetieth (90) day after the date of the relevant invoice. We do have suppliers on payment terms which are different to the standard.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
180 days
Payment is made on the first working day after the end of the month in which falls the one hundred and eightieth (180) day after the date of the relevant invoice.
Any other information about payment terms
The company has a policy to ensure that small suppliers are able to opt for a 30-day payment period. https://www.reckitt.com/sustainability/policies-and-reports/
Dispute resolution process
Reckitt aims to resolve queries or disputes regarding invoices and payment as quickly as possible. In the first instance, suppliers should speak with their Reckitt contact who can liaise with the Accounts Payable team. Alternatively, suppliers can contact the Accounts Payable team directly. When resolved, the invoice will be available for payment on the next standard 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 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.
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