LYRECO UK LIMITED
Company number: 00442696
Reporting period:
1 January 2024 to 30 June 2024
Report filed on:
30 July 2024
Approved by:
duane fullwood
Payment statistics
Average time taken to pay invoices: 35 days
Invoices paid:
- within 30 days: 35%
- in 31 to 60 days: 52%
- in 61 days or more: 13%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 1%
Payment terms
Shortest standard payment periods
0 days
Longest standard payment period
130 days
Standard payment terms
Our standard terms for suppliers is L030 (this averages out at 55 days), this is the invoice date, add 30 days, then the date is taken to the month end and paid on the following 10th eg an invoice dated 15 May add 30 days - 14 June take date to end of month - 30 June paid on the following 10th - invoice paid on the 10th July
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
130 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
Supplier invoices are checked via statement and also GRNI (Goods received not invoiced) reports to identify any missing invoices. Invoice queries (where Price or Values do not match) are dealt with by the invoice entry team and the Product Managers.
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