GOV.UK
MEYER TIMBER LIMITED
Company number: 03512598
Reporting period:
1 July 2021
to 31 December 2021
This report was filed on 31 January 2022
and approved by Darren Barnett
Payment statistics
Average time taken to pay invoices: 37 days
Invoices paid:
- within 30 days: 47%
- in 31 to 60 days: 34%
- in 61 days or more: 19%
Invoices due but not paid within agreed terms: 33 %
Payment terms
Shortest standard payment period
14 days
Longest standard payment period
60 days
Standard payment terms
Main (Uk/Euro) supplier invoices are settled in 14,21 or 30 days. Our standard settlement payment terms for UK suppliers is 45 days, Intergroup invoices are settled between 60 and 90 days.
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 Accounts payable department are the first point of contact for our suppliers regarding payment issues; if the issue is unable to be resolved they are then escalated to the purchasing department or relevant site management with the aim of the issue being resolved within 3 to 5 working days.
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