GOV.UK
MUSTANG ENGINEERING LIMITED
Company number: SC273548
Reporting period:
1 July 2018
to 31 December 2018
This report was filed on 31 January 2019
and approved by Simon Wade
Payment statistics
Average time taken to pay invoices: 16 days
Invoices paid:
- within 30 days: 89%
- in 31 to 60 days: 9%
- in 61 days or more: 2%
Invoices due but not paid within agreed terms: 11 %
Payment terms
Shortest standard payment period
0 days
Longest standard payment period
60 days
Standard payment terms
Our standard payment terms are 60 days.
Were there any changes to the standard payment terms in the reporting period?
Yes – We are in the process of updating our standard terms. Following the recent acquisition by Wood Group of Amec Foster Wheeler we are in the process of standardizing terms across the new business. This will enable greater transparency across our supply chain and support a robust payment process.
Were suppliers notified or consulted about these changes before they were made?
Yes – Engagement with suppliers will vary depending the extent and reach of any change (e.g. enterprise wide or local variations). Engagement method will be selected that is most appropriate and may include formal letters, meetings and contractual variations. Some informal discussions may take place at local levels throughout the organisation.
Maximum contractual payment period agreed
60 days
Any other information about payment terms
N/A
Dispute resolution process
Mustang Engineering Limited are committed to being financially responsible and acting with integrity. We endeavor to resolve all disputes in a fair and timely manner. Disputes are typically resolved by discussion between the supplier and the business focal point and in case escalation is required to the business grouping SVP and VP F & A.
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