BETA This is a new service – your feedback will help us to improve it.


Company number: 01589961

Reporting period:
1 May 2023 to 31 October 2023

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

This report was filed on 16 May 2024

and approved by Lucy Whitford

Payment statistics

Average time taken to pay invoices: 38 days

Invoices paid:

Invoices due but not paid within agreed terms: 28 %

Payment terms

Standard payment period for qualifying contracts

30 days

Standard payment terms

Renewable Energy Systems Ltd (“RES”) has standard payment terms of 30 days. If a supplier requests that RES complies with their standard terms and conditions and these contain payment terms which are different to 30 days, then, subject to Director approval, RES will adopt the supplier’s terms. There is no maximum contractual payment period within RES’s General Terms & Conditions of Purchase.

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


Maximum contractual payment period agreed

90 days

Any other information about payment terms

RES operates two payment runs each month and this can result in some invoices being paid later than the agreed payment period. Many of the 28% not paid within the agreed payment period is due to invoices that stated they were due for payment on presentation and as this is not practical, we do not believe it is a helpful statistic. If we were only to include those that were not paid within 20 days of receipt, this statistic would fall to 11%.

Dispute resolution process

If at any time a dispute or difference arises between RES and the supplier in relation to or in connection with an accepted Purchase Order, both parties will aim to resolve the dispute through negotiation. If such dispute or difference cannot be resolved through negotiation, then either party may require the other party to give them notice in writing of the existence of such dispute or difference and at the request of either party, the same shall be referred to an Alternative Dispute Resolution (ADR) procedure as recommended to the parties.

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.


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.


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.


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?


During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?