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KITE PACKAGING LIMITED

Company number: 04680835

Reporting period:
1 July 2023 to 31 December 2023

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This information is as reported by the business, and responses are in their own words.

This report was filed on 31 January 2024

and approved by Marie-Bernadette Ashe

Payment statistics

Average time taken to pay invoices: 55 days

Invoices paid:

• within 30 days: 24%
• in 31 to 60 days: 28%
• in 61 days or more: 48%

Invoices due but not paid within agreed terms: 74 %

Payment terms

Standard payment period for qualifying contracts

60 days

Standard payment terms

60 Days from end of invoicing month

Were there any changes to the standard payment terms in the reporting period?

No

Maximum contractual payment period agreed

90 days

For certain product groups

Any other information about payment terms

Kite Packaging enjoys long-term relationships with many international, national and local suppliers from sole traders to Plc’s. Our standard terms are E60 or E90 but we accommodate many different terms, especially small businesses and service providers, whose needs we can understand and accommodate. By prior agreement, we also pay some suppliers early, attracting an early settlement discount.
We endeavor to process invoices and resolve problems quickly and efficiently, a fact which is perhaps at odds with the statistics shown i.e. 74% of invoices being paid late. This is due to the timing of our payment runs which are generated just before each month end with funds arriving with suppliers 3 days later. The majority of these invoices, whilst late, are paid within 5 days of the due date.

Dispute resolution process

https://www.kitepackaging.co.uk/scp/help-and-guides/supplier-payment-and-dispute-resolution-guide/

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.

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