MEADOW FOODS LIMITED
Company number: 02720823
Reporting period:
1 April 2020 to 30 September 2020
Report filed on:
23 October 2020
Approved by:
M Neeve
Payment statistics
Average time taken to pay invoices: 32 days
Invoices paid:
- within 30 days: 86%
- in 31 to 60 days: 14%
- in 61 days or more: 0%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 0%
Payment terms
Shortest standard payment periods
14 days
Longest standard payment period
60 days
Standard payment terms
Cream invoices are paid between 14 and 30 days.
Milk invoices are paid on the 15th of the month following, which is an effective 30 days. This is standard practice for the dairy industry.
All other products including overheads, transport, storage and capital expenditure are paid between 30 and 60 days depending on the specific supplier terms, which are negotiated individually with each supplier.
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
No further comment provided
Dispute resolution process
All invoice discrepancies are raised with supplier's finance teams and unresolved problems are referred to respective commercial teams. Most problems are objective and resolved quickly.
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