MIDWICH LIMITED
Company number: 01436289
Reporting period:
1 January 2018 to 30 June 2018
Report filed on:
20 July 2018
Approved by:
Stephen Fenby
Payment statistics
Average time taken to pay invoices: 41 days
Invoices paid:
- within 30 days: 30%
- in 31 to 60 days: 50%
- in 61 days or more: 20%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 25%
Payment terms
Shortest standard payment periods
0 days
Longest standard payment period
90 days
Standard payment terms
Midwich work with our suppliers to agree contractual terms. The Company has current standard payment terms of 60 days.
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
183 days
87% of overdue invoices are settled within one month of due date.
Any other information about payment terms
No further comment provided
Dispute resolution process
Midwich’s accounts payable team work closely with the procurement team and the supplier to resolve queries in a timely manner. We operate an escalation process whereby if resolution is not resolved within 30 days, the queries are escalated internally. All queries are logged on a central database to enable the accounts payable and procurement teams to manage queries efficiently.
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