MORNINGSIDE PHARMACEUTICALS LIMITED
Company number: 02672877
Reporting period:
1 July 2018 to 31 December 2018
Report filed on:
29 January 2019
Approved by:
Monica Huang
Payment statistics
Average time taken to pay invoices: 59 days
Invoices paid:
- within 30 days: 37%
- in 31 to 60 days: 43%
- in 61 days or more: 20%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 55%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
90 days
Standard payment terms
Standard payment terms with UK suppliers are 30 days from month end. With foreign suppliers, payment terms range from the above to 90 days which can be from invoice date or shipment date.
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
90 days
Dependent on the supplier, this could be from shipment date rather than invoice date. Particularly where it involves receiving goods from overseas.
Any other information about payment terms
All of the submitted figures do not take into account invoices that been put in query. Also, whilst the invoices may state a certain payment period, we have agreements in writing with a number of suppliers that allow us to vary from these. We continue to reach out to suppliers to amend this.
Dispute resolution process
We aim to resolve queries where possible within payment periods where possible. This is done by the finance team alongside the budget holder.
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