NEWLAND HOMES LIMITED

Company number: 02582221

Reporting period:
1 July 2020 to 31 December 2020

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This report was filed on 25 January 2021

and approved by David Foreman

Payment statistics

Average time taken to pay invoices: 42 days

Invoices paid:

• within 30 days: 44%
• in 31 to 60 days: 54%
• in 61 days or more: 2%

Invoices due but not paid within agreed terms: 20%

Payment terms

Shortest standard payment periods

14 days

Longest standard payment period

61 days

Standard payment terms

Suppliers – Unless otherwise agreed in writing monthly invoices which are received by the Company by the 5th of the month, following the month in which delivery was made, will be payable by the Company by the end of the month plus 1 working day, following the month of delivery. Invoices received after the 5th of the month following the month of delivery will not be payable until the end of the month following the month in which the invoice has been received. If agreed in writing, suppliers are paid fortnightly or 30 days as per their invoice terms. This is generally for smaller companies. Contractors - Application for Monthly payment shall be submitted by the 6th day of the calendar month following the month to which the application relates. The payment date shall be 5 days after the last day of the month in which the application is received. Application for Fortnightly payment shall be submitted by the Monday of the week following the fortnightly account period, commencing with the second Monday after the date on which the works have been commenced. The payment shall be 5 working days after the last working day of the week in which the application is received.

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

Answer not provided

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

N/A

Maximum contractual payment period agreed

61 days

No further comment provided

Any other information about payment terms

N/A

Dispute resolution process

Suppliers – The Purchasing Department will send an email or fax to the appropriate person/department explaining the reason why their invoice is being held for payment, providing details of the required credit note or copy of Goods Received Sheets. Thereafter, the Purchasing Department or Accounts Department contacts the Supplier on a monthly basis until the query is resolved. Contractors – The Surveying Department send an email or fax to the appropriate person/department explaining the reason why their payment is being held, providing details of the required credit note or copy signed off works sheet. The Surveying Department contacts the Contractor regularly until the query is resolved.

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, 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.

Yes

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