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MACFARLANES LLP

Company number: OC334406

Reporting period:
1 May 2020 to 31 October 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 30 November 2020

and approved by Julian Francis Howard

Payment statistics

Average time taken to pay invoices: 45 days

Invoices paid:

• within 30 days: 50%
• in 31 to 60 days: 31%
• in 61 days or more: 19%

Invoices due but not paid within agreed terms: 33 %

Payment terms

Shortest standard payment period

30 days

Longest standard payment period

90 days

Standard payment terms

Standard payment terms for the acquisition of goods and services for our own account are net monthly. If the standard payment terms of our suppliers vary from this we will endeavour to adhere to them. In the course of our business we act as intermediary for our clients in obtaining goods and services. In all cases these will be paid within 2 working days of our being put in funds by our client. In practice many are paid in advance of client funds.

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

No

Maximum contractual payment period agreed

90 days

Any other information about payment terms

N/A

Dispute resolution process

In case of disagreement concerning the quality or quantity of goods and services supplied, Macfarlanes and the supplier will negotiate a solution equitable to all parties.

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