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MULTIMATIC LTD.

Company number: 03201056

Reporting period:
31 December 2017 to 29 December 2018

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This information is as reported by the business, and responses are in their own words.

This report was filed on 29 January 2019

and approved by Michael Spence

Payment statistics

Average time taken to pay invoices: 45 days

Invoices paid:

• within 30 days: 20%
• in 31 to 60 days: 80%
• in 61 days or more: 0%

Invoices due but not paid within agreed terms: 0 %

Payment terms

Shortest standard payment period

14 days

Longest standard payment period

60 days

Standard payment terms

60 days net. Weekly payment runs captture to terms

Were there any changes to the standard payment terms in the reporting period?

No

Maximum contractual payment period agreed

365 days

For production and non production the blanket orders are revised annually. Sometimes reviews happen throughout the year which can change contract prices but this is always agreed between both parties.

Any other information about payment terms

N/A

Dispute resolution process

Capital payments relate to progress against milestones - if these are not reached and understood between both parties then this will hold up payment. Forced price changes (occasional) can hold up payment or we pay to the old price to terms and deduct values against new price to realign to old agreed price. Failure to receive and therefore process invoices can lead to none payment and court proceeding happen occasionally if unnoticed when then prompt resolution without court dates happening.

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.

No

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