ADAMS-MOREY LIMITED
Company number: 00506189
Reporting period:
1 January 2018 to 30 June 2018
Report filed on:
26 July 2018
Approved by:
Michael Fennell
Payment statistics
Average time taken to pay invoices: 34 days
Invoices paid:
- within 30 days: 42%
- in 31 to 60 days: 54%
- in 61 days or more: 4%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 19%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
61 days
Standard payment terms
The most frequently used terms are end of the month following date of invoice, this would most frequently be payment terms of between 30 days and a maximum of 61 days from date of invoice. Example, an invoice dated 31/05 would be paid 30/06 (30 days) whereas an invoice dated 01/07 would be paid 31/08 (61days). The number of payment days depends on the number of days in the month of invoice, and month of payment. Example, an invoice dated 31/01 would be paid 28/02 (28 days if non leap year), whereas an invoice dated 28/02 would be paid 31/03 (31 days if non leap year).
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
180 days
As a motor dealer, we have contracts with vehicle suppliers which can include payment terms of up to 180days.
Any other information about payment terms
No further comment provided
Dispute resolution process
A dispute will be referred to the Financial Controller for review, if possible, we will align our payment terms to that of the contract. If not possible, we will discuss further with the supplier to resolve the dispute, agree payment terms and align our payment terms as agreed. Disputes are acted upon promptly and usually resolved within 10days.
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