MARWOOD ELECTRICAL COMPANY LIMITED
Company number: 01343397
Reporting period:
1 July 2019 to 31 December 2019
Report filed on:
27 January 2020
Approved by:
R A Woodcock
Payment statistics
Average time taken to pay invoices: 43 days
Invoices paid:
- within 30 days: 13%
- in 31 to 60 days: 82%
- in 61 days or more: 5%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 3%
Payment terms
Shortest standard payment periods
31 days
Longest standard payment period
90 days
Standard payment terms
We pay our suppliers in line with their payment terms. The majority of suppliers’ terms are monthly account (i.e. invoices are due for payment at the end of the month which follows the month in which they are dated). Therefore, depending on when the invoice is raised in any particular month, the standard payment period can vary from 31 to 60 days.
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
90 days
N/A
Any other information about payment terms
N/A
Dispute resolution process
We have an internal KPI that there should be no more than 5 price invoice queries unresolved at the end of every month. Once a price query has been identified, the supplier is notified immediately and then chased regularly during the month to ensure that the invoice can be cleared for payment in line with the agreed terms. Where a price query is resolved after the payment run has been made, then the resolved invoice (and any associated credit note) is paid on the next payment run.
Invoice queries relating to the shortage or damage of goods are also notified to the supplier immediately. The invoice will then be processed for payment in line with the standard payment terms once the shortfall has been received or the faulty goods have been replaced.
Where goods are received in a subsequent month to the date on the supplier invoice, then the invoice will be processed for payment as if the invoice was dated in the subsequent month.
However, for the purposes of this reporting, invoice queries unresolved at month end and late deliveries are deemed to fall outside of the agreed payment terms.
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 Fair 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