Ranked in 3 industries
This company is listed under more than one industry, so we show its position in each rather than picking one.
The average time taken for KANES FOODS LIMITED to pay invoices to suppliers has decreased over the past three periods, from 72 days in the period of Apr 2018 - Sep 2018 to 53 days in the period of Sep 2021 - Apr 2022. This indicates that the company has improved their payment process and is paying invoices more efficiently.
The volatility of the % Invoices paid within 30 days has been relatively consistent over the past three periods, with a slight decrease in the latest period. However, the volatility of % Invoices paid between 31 and 60 days and % Invoices paid later than 60 days has decreased significantly, indicating a more stable and consistent payment process.
Looking at the past three periods, KANES FOODS LIMITED has shown a consistent improvement in their payment process. The average time taken to pay invoices has decreased by 26% and the % Invoices paid within 30 days has increased by 12%. However, there is still room for improvement as the % Invoices paid later than 60 days remains high at 46% in the latest period.
| Reporting Period | Filing Date | Average Time to Pay (days) | Paid within 30 days | Paid 31-60 days | Paid after 60 days | Not Paid within Terms |
|---|---|---|---|---|---|---|
| 26 Sept 2021 - 02 Apr 2022 | 30 May 2022 | 53 | 17% | 37% | 46% | 84% |
| 28 Mar 2021 - 25 Sept 2021 | 30 May 2022 | 51 | 19% | 33% | 48% | 81% |
| 27 Sept 2020 - 27 Mar 2021 | 30 May 2022 | 46 | 22% | 51% | 27% | 85% |
| 29 Mar 2020 - 26 Sept 2020 | 30 May 2022 | 57 | 17% | 35% | 48% | 83% |
| 29 Sept 2019 - 28 Mar 2020 | 30 May 2022 | 57 | 15% | 38% | 47% | 87% |
| 31 Mar 2019 - 28 Sept 2019 | 30 May 2022 | 58 | 16% | 37% | 47% | 88% |
| 30 Sept 2018 - 30 Mar 2019 | 30 May 2022 | 65 | 10% | 35% | 55% | 89% |
| 01 Apr 2018 - 29 Sept 2018 | 30 May 2022 | 72 | 10% | 56% | 34% | 93% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
30 days
Were there any changes to the standard payment terms in the reporting period?
No
Any other information about payment terms
N/A
Maximum contractual payment period agreed
60
The frequency of dispute queries is low, however, when they do arise, they are dealt with promptly by the Finance Team. Each query is tracked individually through to resolution and payment.
Has this business signed up to a code of conduct or standards on payment practices?
For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.
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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.
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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.
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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?
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During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No information available
Kanes Foods Limited manufactures prepared and fresh convenience foods at its Worcestershire factory. Its products include stir-fry vegetable mixes, egg noodles and speciality noodles made and cooked on site, salad bowls combining vegetables, proteins and pasta, plus stir-fry sauces, marinades and salad dressings developed in-house. The company sources ingredients from British and global suppliers and supplies leading UK supermarkets, also offering own-brand product development through a dedicated development kitchen. It describes itself as one of the larger privately owned employers in Worcestershire. The business was founded in 1990 and remains focused on producing ready-to-eat and ready-to-cook fresh food ranges for retail customers.
Generated from the company's website and Companies House records. Sources: kanesfoods.co.uk