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MEMORY LANE CAKES LIMITED

Company number: 03359828

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 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

Standard payment period for qualifying contracts

60 days

Standard payment terms

Standard terms are 60 days

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

No

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

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