RAINHAM STEEL COMPANY LIMITED
Company number: 01093531
Reporting period:
1 April 2024 to 31 October 2024
Report filed on:
1 November 2024
Approved by:
Alison Chapman
Payment statistics
Average time taken to pay invoices: 63 days
Invoices paid:
- within 30 days: 6%
- in 31 to 60 days: 38%
- in 61 days or more: 56%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 58%
Payment terms
Shortest standard payment periods
1 days
Longest standard payment period
90 days
Standard payment terms
Stock Purchases – 60 days after the end of month of invoice date, payment being effected on the payment run following the invoice due date Non-Stock Purchases – typically either 30 days from invoice date or 30 days after the end of month of invoice date, payment being effected on the payment run following the invoice due date Payments made to our key suppliers, of which we have established arrangements with, are sometimes made outside of the contractual period.
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
90 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
Stock purchases – Invoices in dispute are placed on hold and an entry in our complaints log is made by our Quality Assurance department. This department then liaises with the supplier to resolve the issue. Once resolved, accounts payable are informed and the invoice is processed on the next scheduled payment run. Non-Stock purchases – Invoices in dispute are placed on hold and the individual who placed the order raises the issue with the supplier. If a resolution cannot be reached, then the matter is referred back to accounts payable who refer the issue to the most appropriate managerial position to resolve. Once resolved, accounts payable are informed and the invoice is processed on the next scheduled 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 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