GOV.UK
MAGNESIUM ELEKTRON LIMITED
Company number: 03141950
Reporting period:
1 January 2019
to 30 June 2019
Warning
This information is as reported by the business, and responses are in their own words.
This report was filed on 30 July 2019
and approved by Stephen Webster
Payment statistics
Average time taken to pay invoices: 55 days
Invoices paid:
- within 30 days: 21%
- in 31 to 60 days: 51%
- in 61 days or more: 27%
Invoices due but not paid within agreed terms: 61 %
Payment terms
Shortest standard payment period
60 days
Longest standard payment period
90 days
Standard payment terms
60 days E.O.M.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
90 days
Any other information about payment terms
N/A
Dispute resolution process
Normally procurement, technical and quality are involved should there be issues with quality of product upon inspection. This will be performed when the material is received and processed through our testing machines.
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