NATIONAL EXHIBITION CENTRE LIMITED (THE)
Company number: 00979395
Reporting period:
1 April 2020 to 30 September 2020
Report filed on:
28 October 2020
Approved by:
Richard Ashton
Payment statistics
Average time taken to pay invoices: 98 days
Invoices paid:
- within 30 days: 10%
- in 31 to 60 days: 37%
- in 61 days or more: 53%
Late and disputed:
- total value of payments due in the reporting period which have not been paid within the agreed period: £0
- payments due in the reporting period which have not been paid within the agreed period: 0%
Payment terms
Shortest standard payment periods
7 days
Longest standard payment period
120 days
Standard payment terms
Suppliers are paid by the first working day of the third month following the month in which the correctly rendered invoice is dated. Minimum payment term based on contracts that fall into a seven day period and utility bills.
Were there any changes to the standard payment terms in the reporting period?
Standard payment terms 60 - 90 days. However, due to Covid - 19 extended payment terms were agreed with a number of suppliers, which has resulted in an increase in average payment days to 98.
Were suppliers notified or consulted about these changes before they were made?
The business contacted suppliers to discuss revenue situation and agreed payment plans.
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 and complaints are considered/resolved by a member of the AP department. Escalated where appropriate to the requisitioning department/manager, by telephone and/or email. Notes are held on the suppliers' accounts concerning the dispute, and/or copy email correspondence saved in Outlook folders, or our electronic filing system. Minor disputes are usually resolved within 24 hours, but may take longer if the dispute is of a more complicated nature.
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