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MAGNESIUM ELEKTRON LIMITED

Company number: 03141950

Reporting period:
1 January 2020 to 28 June 2020

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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 July 2020

and approved by Graham Wardlow

Payment statistics

Average time taken to pay invoices: 54 days

Invoices paid:

• within 30 days: 17%
• in 31 to 60 days: 64%
• in 61 days or more: 19%

Invoices due but not paid within agreed terms: 65 %

Payment terms

Shortest standard payment period

60 days

Longest standard payment period

90 days

Standard payment terms

Majority of our suppliers are now on 60 days end of month, we are in the process to extending this to 90 days however this is work in progress

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

Yes – In the process of extending standard payment terms to 90 days

Were suppliers notified or consulted about these changes before they were made?

Yes – Suppliers were notified either through a telephone call and / or a follow-up email.

Maximum contractual payment period agreed

90 days

n/a

Any other information about payment terms

n/a

Dispute resolution process

Invoice queries are dealt with in a timely manner, to ensure invoices are paid on time. Relevant departments are sent invoices when queries arise.

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