MIDLANDS TRUCK & VAN LIMITED
Company number: 07492514
Reporting period:
1 October 2017
to 31 March 2018
This report was filed on 2 May 2018
and approved by Alan Thomson
Payment statistics
Average time taken to pay invoices: 39 days
Invoices paid:
- within 30 days: 29%
- in 31 to 60 days: 54%
- in 61 days or more: 17%
Invoices due but not paid within agreed terms: 44 %
Payment terms
Shortest standard payment period
0 days
Longest standard payment period
67 days
Standard payment terms
Generally around 35 days from month of invoice, some suppliers are vehicle bodybuilders and paid once the end user confirms all is OK with the work by completing payment for the vehicle
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
60 days
Any other information about payment terms
N/A
Dispute resolution process
Queried invoices are copied and held in a file with notes made on them and details of the query are emailed or phoned through to the supplier to resolve
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