ADM MILLING LIMITED
Company number: 02445197
Reporting period:
1 January 2018 to 30 June 2018
Report filed on:
24 July 2018
Approved by:
Tim Cook
Payment statistics
Average time taken to pay invoices: 38 days
Invoices paid:
- within 30 days: 41%
- in 31 to 60 days: 50%
- in 61 days or more: 9%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 61%
Payment terms
Shortest standard payment periods
1 days
Longest standard payment period
60 days
Standard payment terms
Default payment terms are 60 days unless specific agreements are reached with individual suppliers for alternative payment terms. UK wheat suppliers for example are self-billed and paid within 25 days on average.
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
60 days
No further comment provided
Any other information about payment terms
During the process of gathering data to complete this report, we identified a system error that resulted in many suppliers being paid between 1 and 4 days beyond terms. This has been rectified and we expect a significant reduction in average payment days in our next reporting period. Also, we relocated to a new head office in September 2017. Despite writing to all suppliers informing them of the change of address and encouraging them to send in their invoices via email to our AP team in Poland, many continue to use incorrect details, resulting in delayed payments.
Dispute resolution process
Invoices are matched to a PO on receipt with any disputed invoices notified to the supplier. Disputes are managed between our AP team and the supplier, and if necessary, local site staff. Once resolved disputed invoices are processed.
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