REISS LIMITED
Company number: 02655347
Reporting period:
1 February 2024 to
31 July 2024
This report was filed on 10 March 2025
and approved by Malcolm William Macdonald
Payment statistics
Average time taken to pay invoices: 43 days
Invoices paid:
- within 30 days: 42%
- in 31 to 60 days: 39%
- in 61 days or more: 19%
Invoices due but not paid within agreed terms: 44%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
60 days
Standard payment terms
We pay 30 days as standard for non-stock suppliers and stock suppliers are on 60 days as standard. Payments are issued once a supplier statement has been reconciled and payments are made on Tuesdays and Thursdays. For stock suppliers, payments are issued once goods have been receipted and QC passed in the warehouse. Due to longer transit times from the Far East and the resulting delays in goods passing QC, payments may fall outside of the payment terms on the face of the invoice and this is actively managed with suppliers. During the second half of 2024, the business adopted a greenlight list of stock suppliers, for which payments are made in line with payment terms, even if the goods have not yet been received. This applies to suppliers where we have not experienced QC failures or short shipments and will be actively managed. As a result, the business' payment performance will improve in the next reporting period.
Were there any changes to the standard payment terms in the reporting period?
Answer not provided
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
60 days
from goods clearing QC in our warehouse
Any other information about payment terms
n/a
Dispute resolution process
Complaints and disputes should be raised initially with the Accounts Payable department in our head office via email or telephone. A complaint will be picked up by a specific member of staff, depending on the type of supplier, on receipt and where it cannot be resolved the complaint will be escalated in the first instance to the Purchase Ledger Manager and then to the Head of Financial Operations if required.
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, 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