MCMULLEN & SONS, LIMITED
Company number: 00051456
Reporting period:
28 March 2021
to 25 September 2021
This report was filed on 15 October 2021
and approved by Alex McMullen
Payment statistics
Average time taken to pay invoices: 33 days
Invoices paid:
- within 30 days: 53%
- in 31 to 60 days: 44%
- in 61 days or more: 3%
Invoices due but not paid within agreed terms: 16 %
Payment terms
Standard payment period for qualifying contracts
30 days
Standard payment terms
30 days from date of invoice
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
56 days
Any other information about payment terms
N/A
Dispute resolution process
Where queries or disputes arise, these will be dealt with by the accounts payable team, who will work with the supplier to find a solution in a timely manner. The relevant department will be brought into the process if the dispute cannot be resolved at this stage. Where required it will be escalated to the Finance 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 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