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THE FIRST MILK CHEESE COMPANY LIMITED

Company number: 05893846

Reporting period:
1 April 2019 to 30 September 2019

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This information is as reported by the business, and responses are in their own words.

This report was filed on 31 October 2019

and approved by Greg Jardine

Payment statistics

Average time taken to pay invoices: 42 days

Invoices paid:

• within 30 days: 23%
• in 31 to 60 days: 64%
• in 61 days or more: 13%

Invoices due but not paid within agreed terms: 92 %

Payment terms

Standard payment period for qualifying contracts

75 days

Standard payment terms

The Purchaser shall pay each invoice submitted by the Supplier within 75 days of the date of the invoice unless the parties otherwise agree in writing.

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

No

Maximum contractual payment period agreed

75 days

N/A

Any other information about payment terms

N/A

Dispute resolution process

If any dispute arises out of the Contract the parties will attempt to settle it by negotiation within 90 days of the dispute arising, which failing the parties shall attempt to settle it by mediation in accordance with the Centre for Dispute Resolution Model Mediation procedure.

No party may commence any court proceedings in relation to any dispute arising from a Contract until they have attempted to settle it by mediation and that mediation has terminated.

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