MORSON PROJECTS LIMITED
Company number: 01457298
Reporting period:
1 January 2021 to 30 June 2021
Report filed on:
29 July 2021
Approved by:
Paul Gilmour
Payment statistics
Average time taken to pay invoices: 13 days
Invoices paid:
- within 30 days: 90%
- in 31 to 60 days: 10%
- in 61 days or more: 0%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 9%
Payment terms
Shortest standard payment periods
7 days
Longest standard payment period
Answer not provided
Standard payment terms
Payments to contractors are the most significant supplier payment type by volume and these are generally paid in 7 days on receipt of correctly approved timesheet or invoice. For other transactions we agree appropriate terms of payment with suppliers and on timely receipt of satisfactory invoices payments are made to terms. Typical terms are 30 days.
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
90 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
Morson Projects Payroll function undertakes and oversees the payments made to Contractors, the payroll team work closely in conjunction with Morson Projects Commercial team who ensure that all timesheets and invoices that are expected are received in a timely manner. Any payment queries are in the first instance directed to either the Commercial team or the Payroll team who will try to resolve the matter, if for any reason this can not be resolved then the queries are then escalated higher to a member of the Ops Board team. Other supplier disputes are dealt with by the Purchase ledger team, if these disputes can not be resolved they are then directed to the Management Accountant or Financial Director.
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