GOV.UK
FMG SUPPORT (FIM) LTD
Company number: 02658067
Reporting period:
1 May 2021
to 31 October 2021
This report was filed on 30 November 2021
and approved by Claire Owens
Payment statistics
Average time taken to pay invoices: 40 days
Invoices paid:
- within 30 days: 30%
- in 31 to 60 days: 65%
- in 61 days or more: 5%
Invoices due but not paid within agreed terms: 10 %
Payment terms
Shortest standard payment period
14 days
Longest standard payment period
60 days
Standard payment terms
Our standard payment terms are 60 days from the end of the month in which the invoice is processed. There are variations on this dependant on the location of the supplier and the type of work undertaken and are agreed with the supplier when their contract is signed.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
60 days
Any other information about payment terms
N/A
Dispute resolution process
The Company is committed to dealing with its suppliers in a fair, honest and professional manner while seeking best value for the business. We seek to resolve queries as quickly as possible to everyone’s satisfaction prior to payment being made. Specific supplier network managers are responsible for the relationship between FMG Support (FIM) limited and the respective supplier. Any disputes relating to payment terms or payments would be raised either directly with the Finance Department or via the Relationship Manager and resolved through the Relationship Manager.
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.
Yes
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