GOV.UK
NGF EUROPE LIMITED
Company number: 02586467
Reporting period:
1 October 2020
to 31 March 2021
This report was filed on 29 April 2021
and approved by David Farmer
Payment statistics
Average time taken to pay invoices: 45 days
Invoices paid:
- within 30 days: 28%
- in 31 to 60 days: 51%
- in 61 days or more: 21%
Invoices due but not paid within agreed terms: 56 %
Payment terms
Standard payment period for qualifying contracts
60 days
Standard payment terms
Under the NSG Group’s Standard payment term, payment is due within the first 5 days of the agreed month following the month after the invoice has been received from the supplier.
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
The company performs weekly payment runs and selects the invoices that are approved and due for payment before the following payment run. To determine the date that payments have been received when calculating the above payment statistics, we have added 2 working days to the date of the payment run to allow for clearing through the banking system. Approximately 92% of the overall invoices are paid on time, or are paid within 7 working days of their due date.
Dispute resolution process
In the first instance, the suppliers are requested to refer to the telephone and email contact details on the purchase order.
In the event of a dispute or difference arising between the parties, the dispute resolution process is outlined in section 20 of the NSG Group Conditions of Purchase (PCP2) available online at http://www.nsg.com/en/about-nsg/governance/esourcing-contracts-with-suppliers.
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.
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