MCCORMICK (UK) LIMITED
Company number: SC015262
Reporting period:
1 December 2017 to
31 May 2018
This report was filed on 28 June 2018
and approved by Laird Creighton
Payment statistics
Average time taken to pay invoices: 62 days
Invoices paid:
- within 30 days: 18%
- in 31 to 60 days: 40%
- in 61 days or more: 42%
Invoices due but not paid within agreed terms: 75%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
Answer not provided
Standard payment terms
McCormick UK Ltd has over 60 payment codes currently being used. Net 30 days is the most common (34% of all invoices in reporting period)
Were there any changes to the standard payment terms in the reporting period?
Answer not provided
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
120 days
The longest term was "Net 90 days from Invoice date, Pay Following 30th" Only one invoice paid in reporting period to this term
Any other information about payment terms
Payments are made on an established payment run cycle. Approved invoices falling due within a payment cycle are paid at the next payment date.
Dispute resolution process
McCormick UK Ltd has a dedicated Accounts Payable Shared Service Centre to address business inquiries relating to invoice and payment processing. The service centre can be contacted via email or phone. The centre will investigate any delays or issues in payment in order to resolve any queries as soon as possible.
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.
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.
Yes
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