GOV.UK
MAGNA SPECIALIST CONFECTIONERS LIMITED
Company number: 01050340
Reporting period:
1 October 2017
to 31 October 2018
Warning
This information is as reported by the business, and responses are in their own words.
This report was filed on 1 July 2019
and approved by Mrs A Bould-Griffiths
Payment statistics
Average time taken to pay invoices: 44 days
Invoices paid:
- within 30 days: 15%
- in 31 to 60 days: 76%
- in 61 days or more: 9%
Invoices due but not paid within agreed terms: 6 %
Payment terms
Shortest standard payment period
30 days
Longest standard payment period
120 days
Standard payment terms
Self Billing in operation 94% of payment terms are End of month following the invoice date.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
120 days
Any other information about payment terms
N/A
Dispute resolution process
Web based Self Billing process.
Suppliers agree quantities and prices of GRN's on Magna's Self billing system.
Disputed GRN's are notified by the supplier to Magna via the Self Billing System. Magna reply withing 48 hours.
Cleared GRN's automatically pass for payment via the Self Billing system.
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.
Yes
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