MON MOTORS LIMITED
Company number: 01281826
Reporting period:
1 January 2018 to 31 December 2018
Report filed on:
24 January 2019
Approved by:
Roger Moore
Payment statistics
Average time taken to pay invoices: 26 days
Invoices paid:
- within 30 days: 64%
- in 31 to 60 days: 30%
- in 61 days or more: 6%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 60%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
Answer not provided
Standard payment terms
As a standard process, we pay invoices end of the month following month of invoice (e.g. 30 days) on receipt of supplier statement.
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
30 days
No further comment provided
Any other information about payment terms
We do not have agreed terms in place with all suppliers. Additionally, a high volume of invoices are from vehicle manufacturers and we are only required to pay the manufacturer when a vehicle is sold. This inflates the % of invoices not paid within agreed terms because there are no fixed terms agreed with the manufacturer which means this specific data is not reflective of our standard practice.
Dispute resolution process
Any disputes are handled in the first instance by our Finance Manager, followed by Finance Controller and ultimately by the Finance Director.
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