MEMORY LANE CAKES LIMITED
Company number: 03359828
Reporting period:
1 July 2019 to
31 December 2019
!
This information is as reported by the business, and responses are in their own words.
This report was filed on 30 January 2020
and approved by Kathryn Jones
Payment statistics
Average time taken to pay invoices:
70 days
Invoices paid:
- within 30 days: 8%
- in 31 to 60 days: 17%
- in 61 days or more: 75%
Invoices due but not paid within agreed terms:
49%
Payment terms
Shortest standard payment periods
60 days
Longest standard payment period
Answer not provided
Standard payment terms
Standard terms are 60 days
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
90 days
Maximum payment terms are 90 days. These terms have been agreed with our larger suppliers.
Any other information about payment terms
N/A
Dispute resolution process
Disputes should be raised with the Accounts Payable team in the first instance as they have regular contact with suppliers. This is escalated to the Procurement team and Group legal if it cannot be resolved.
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.
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