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M&J SEAFOOD LIMITED

Company number: 09301346

Reporting period:
1 July 2019 to 31 December 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 29 January 2020

and approved by Raj Tugnait

Payment statistics

Average time taken to pay invoices: 37 days

Invoices paid:

• within 30 days: 25%
• in 31 to 60 days: 69%
• in 61 days or more: 7%

Invoices due but not paid within agreed terms: 32 %

Payment terms

Shortest standard payment period

0 days

Longest standard payment period

56 days

Standard payment terms

The standard payment terms are weekly, no earlier than 56 days after the date of delivery.

However there are non-standard supplier payment terms which can be shorter and longer than the standard terms. In certain circumstances a supplier may seek to impose its own payment terms, and in other circumstances, a bespoke contract may be agreed.

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

No

Maximum contractual payment period agreed

56 days

Any other information about payment terms

N/A

Dispute resolution process

The Accounts Payable team work closely with our buying team and our suppliers to keep disputes to a minimum. The Accounts Payable team will investigate the query and advise the supplier of the resolution needed. If necessary, we have an escalation procedure via our Accounts Payable Manager, Head of Accounts Payable or our Finance Director.

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?

Yes

During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?

No