MIDAS CONSTRUCTION LIMITED
Company number: 01240442
Reporting period:
1 November 2017 to
30 April 2018
This report was filed on 31 May 2018
and approved by Duncan Rogerson
Payment statistics
Average time taken to pay invoices: 45 days
Invoices paid:
- within 30 days: 24%
- in 31 to 60 days: 61%
- in 61 days or more: 15%
Invoices due but not paid within agreed terms: 14%
Payment terms
Shortest standard payment periods
28 days
Longest standard payment period
63 days
Standard payment terms
Purchase ledger (supplier payments) – Our standard payment terms are ‘net monthly’, being payment to the supplier by the end of month following the month of invoice. Practically this can result in a payment period between 28 days and 61 days. There were no changes to the standard payment terms in the reporting period. Sub-contract ledger – Our standard payment terms are variable and between 35-63 days, being payment to the sub-contractor variously within 35 - 63 days of the due date. There were no changes to the standard payment terms in 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
63 days
No further comment provided
Any other information about payment terms
N/A
Dispute resolution process
Purchase ledger (supplier payments) – Complaints or concerns relating to disputes about payments should be directed in writing to the Purchase Ledger team at Midas Buildings, Silverhills Road, Decoy Industrial Estate, Newton Abbot, TQ12 5ND. These will be considered and responded to within 10 working days. In the event that a response is not forthcoming, the dispute can be escalated to the Finance Director. Sub-contract ledger – Complaints or concerns relating to disputes about payments should be directed in writing to the Purchase Ledger team at Midas Buildings, Silverhills Road, Decoy Industrial Estate, Newton Abbot, TQ12 5ND. These will be considered and responded to within 10 working days. In the event that a response is not forthcoming, the dispute can be escalated to the Commercial Director for the division responsible for delivery of the project.
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.
Yes, this business has signed up to: Prompt Payment Code
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