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RICHARD WELLOCK & SONS LIMITED
Company number: 04296795
Reporting period:
1 May 2018
to 31 October 2018
Warning
This information is as reported by the business, and responses are in their own words.
This report was filed on 26 November 2018
and approved by Michael Beech
Payment statistics
Average time taken to pay invoices: 31 days
Invoices paid:
- within 30 days: 54%
- in 31 to 60 days: 45%
- in 61 days or more: 1%
Invoices due but not paid within agreed terms: 46 %
Payment terms
Standard payment period for qualifying contracts
30 days
Standard payment terms
We pay all suppliers on 30 days on a weekly payment run. Since July 2018 we have moved to pick up all invoices between 24 and 30 days to ensure all cleared invoices are paid before they hit 30 days.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
30 days
Any other information about payment terms
N/A
Dispute resolution process
Any suppliers with invoices in query are contacted by email and/or telephone in order to resolve.
Proof of deliveries are requested in most cases if purchase orders do not match to purchase invoices.
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