NEAL'S YARD (NATURAL REMEDIES) LIMITED

Company number: 01597194

Reporting period:
2 October 2018 to 31 March 2019

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This report was filed on 25 April 2019

and approved by Stephen Tobitt

Payment statistics

Average time taken to pay invoices: 31 days

Invoices paid:

• within 30 days: 44%
• in 31 to 60 days: 48%
• in 61 days or more: 8%

Invoices due but not paid within agreed terms: 69%

Payment terms

Shortest standard payment periods

30 days

Longest standard payment period

60 days

Standard payment terms

Standard terms and conditions of purchase which are sent out to suppliers with an order state payment within 60 days of receipt of the invoice. For certain suppliers the agreed period is 30 days from receipt of the invoice. The maximum contractual period agreed is 90 days from receipt of the invoice for a supplier of seasonal products. There have been no changes to standard terms during the 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

90 days

N/A

Any other information about payment terms

N/A

Dispute resolution process

Business process for resolving disputes relating to supplier payments. ·         Should Accounts Payable not be able to process a supplier invoice due to a price, quantity or other query, the Procurement team are notified with details of the query. ·         Procurement check all documentation and contact the supplier to notify them of the discrepancy on the invoice. They may request a credit note or further delivery of goods to be made. ·         Most queries relate to short deliveries or price discrepancies against the original order which the Procurement team are best suited to handle as they raise the P.O.’s and have an established vendor relationship. ·         Once a resolution is agreed, Procurement notify Accounts Payable and the invoice will then be processed and payment made. ·         Should the negotiation of the resolution to the query prove unsuccessful the Company will write a letter of complaint, including all details of the problem and enclosing copies of relevant documentation, giving the supplier a reasonable amount of time to respond. The letter is sent by registered delivery. ·         If necessary, the Company will contact the relevant Industry Associations, who may be able to recommend ways to resolve the problem. ·         If the dispute is still not resolved, the Company will contact a Dispute Resolution Body in preference to solicitors.

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