MAGELLAN AEROSPACE (UK) LIMITED
Company number: 04909329
Reporting period:
1 January 2020 to 30 June 2020
Report filed on:
4 August 2020
Approved by:
EWA ANSON
Payment statistics
Average time taken to pay invoices: 50 days
Invoices paid:
- within 30 days: 33%
- in 31 to 60 days: 32%
- in 61 days or more: 35%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 45%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
120 days
Standard payment terms
The business enters into various agreements with suppliers but the most frequent payment terms are 30 days end of month. The maximum payment terms are 120 days End of Month. Any changes to contractual terms will be part of the negotiated agreements.
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
120 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
Disputes will be passed by divisional purchase ledger teams back to the originator of the purchase order within Magellan to resolve with their contact at the supplying company. The supplying company finance team will be advised that there is a dispute with the invoice which is being resolved between the appropriate personnel within the two companies.
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