MIDAS CONSTRUCTION LIMITED

Company number: 01240442

Reporting period:
1 November 2018 to 30 April 2019

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This report was filed on 19 September 2019

and approved by Duncan Rogerson

Payment statistics

Average time taken to pay invoices: 50 days

Invoices paid:

• within 30 days: 22%
• in 31 to 60 days: 59%
• in 61 days or more: 19%

Invoices due but not paid within agreed terms: 2%

Payment terms

Shortest standard payment periods

28 days

Longest standard payment period

63 days

Standard payment terms

Purchase ledger (supplier payments) – Our standard payment terms are ‘net monthly’, being payment to the supplier by the end of month following the month of invoice. Practically this can result in a payment period between 28 days and 61 days. Sub-contract ledger – Our standard payment terms are variable and between 35 – 63 days, being payment to the sub-contractor variously within 35 – 63 days of the due date.

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

63 days

No further comment provided

Any other information about payment terms

N/A

Dispute resolution process

Purchase ledger (supplier payments) – Complaints or concerns relating to disputes about payments should be directed in writing to the Purchase Ledger team at Midas Buildings, Silverhills Road, Decoy Industrial Estate, Newton Abbot, TQ12 5ND. These will be considered and responded to within 10 working days. In the event that a response is not forthcoming, the dispute can be escalated to the Finance Director. Sub-contract ledger – Complaints or concerns relating to disputes about payments should be directed in writing to the surveyor responsible for the relevant project. These will be considered and responded to within 10 working days. In the event that a response is not forthcoming, the dispute can be escalated to the Commercial Director for the division responsible for delivery of the project.

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.

Yes, this business has signed up to: Prompt Payment Code

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