GOV.UK
M & G LIMITED
Company number: 01048359
Reporting period:
1 January 2018
to 30 June 2018
This report was filed on 30 July 2018
and approved by Nick McMorran
Payment statistics
Average time taken to pay invoices: 52 days
Invoices paid:
- within 30 days: 46%
- in 31 to 60 days: 30%
- in 61 days or more: 25%
Invoices due but not paid within agreed terms: 57 %
Payment terms
Shortest standard payment period
7 days
Longest standard payment period
30 days
Standard payment terms
M&G Limited acts as the central service company for the M&G Group and pays the majority of the M&G Group of companies qualifying contracts.
The M&G Group does not maintain a standard payment period for qualifying contracts, the most frequently used payment period for qualifying contracts is 30 days. Terms are counted from the date invoices are received into the central mailbox ap.invoices@mandg.co.uk
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
30 days
Any other information about payment terms
To prevent a delay in invoice processing, invoices must be clearly legible, comply with HMRC regulations and suppliers should include: the PO number (where relevant), M&G relevant contact, department code, bank details and payment instructions.
Invoices issued without the above details may not be accepted and may be returned for amendment before being processed.
Dispute resolution process
Suppliers that wish to dispute a payment received from M&G should contact the Accounts Payable team, accounts.payable@mandg.co.uk. The Accounts Payable team will consider the complaint and respond accordingly.
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