FEDERAL-MOGUL FRICTION PRODUCTS LIMITED
Company number: 00447826
Reporting period:
1 January 2023 to 30 June 2023
Report filed on:
24 July 2023
Approved by:
Michael Howard Lindley
Payment statistics
Average time taken to pay invoices: 69 days
Invoices paid:
- within 30 days: 7%
- in 31 to 60 days: 19%
- in 61 days or more: 74%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 84%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
Answer not provided
Standard payment terms
Payment 2nd working day of Month (can be 1mth, 2mth, 3mth, 4mth, 5mth) still a lot of suppliers have not agreed to the new terms.
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
122 days
Maximum payment period currently 2nd working day of 5th mth. (No set maximum but this is the longest currently)
Any other information about payment terms
No further comment provided
Dispute resolution process
Contact from suppliers chasing are directed to the relevant person in order to resolve disputes. Missing invoices etc quickly turned around – payments initiated as soon as possible.
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.
Yes
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