F-M MOTORPARTS LIMITED

Company number: 01073619

Reporting period:
1 January 2019 to 30 June 2019

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This report was filed on 23 July 2019

and approved by Elaine Milner

Payment statistics

Average time taken to pay invoices: 50 days

Invoices paid:

• within 30 days: 25%
• in 31 to 60 days: 40%
• in 61 days or more: 35%

Invoices due but not paid within agreed terms: 57%

Payment terms

Shortest standard payment periods

20 days

Longest standard payment period

120 days

Standard payment terms

The standard payment terms are either 60 days or 2nd working day of 1st,2nd,3rd or 4th month following invoice, depending on particular site

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

Some terms changed from 60 days net to 2nd working day of 1st,2nd,3rd or 4th month following invoice.

Were suppliers notified or consulted about these changes before they were made?

Communication was by email from the purchasing department

Maximum contractual payment period agreed

120 days

None

Any other information about payment terms

None

Dispute resolution process

The primary contact for a supplier whose invoice is subject to dispute is the Buyer/Purchasing Team for issues over price and performance. For other issues such as missing invoices it is the A/P clerk or another member of the finance team.

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, 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