MIDWICH LIMITED

Company number: 01436289

Reporting period:
1 July 2019 to 31 December 2019

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This report was filed on 30 January 2020

and approved by Stephen Lamb

Payment statistics

Average time taken to pay invoices: 44 days

Invoices paid:

• within 30 days: 26%
• in 31 to 60 days: 50%
• in 61 days or more: 24%

Invoices due but not paid within agreed terms: 14%

Payment terms

Shortest standard payment periods

0 days

Longest standard payment period

90 days

Standard payment terms

Midwich work with our suppliers to agree contractual terms. The Company has current standard payment terms of 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

183 days

No further comment provided

Any other information about payment terms

82% of overdue invoices are settled within one month of due date.

Dispute resolution process

Midwich's accounts payable team work closely with the procurement team and the supplier to resolve queries in a timely manner. We operate an escalation process whereby if resolution is not received within 30 days, the queries are escalated internally. All queries are logged on a central database to enable the accounts payable and procurement teams to manage queries efficiently.

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