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IAN MOSEY LIMITED

Company number: 01441284

Reporting period:
1 September 2021 to 28 February 2022

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This information is as reported by the business, and responses are in their own words.

This report was filed on 31 March 2022

and approved by Basil Ian Mosey

Payment statistics

Average time taken to pay invoices: 16 days

Invoices paid:

• within 30 days: 86%
• in 31 to 60 days: 13%
• in 61 days or more: 1%

Invoices due but not paid within agreed terms: 49 %

Payment terms

Standard payment period for qualifying contracts

23 days

Standard payment terms

IML makes payments to suppliers on a weekly basis each Friday to pay invoices due from the previous Thursday up to the following Wednesday. On this basis, the IML standard payment terms are a resulting average of the combination of the suppliers IML has contracted with and paid in the reporting period. This number of days currently average 22.52 days

Were there any changes to the standard payment terms in the reporting period?

No

Maximum contractual payment period agreed

90 days

Any other information about payment terms

N/A

Dispute resolution process

Invoice anomalies are notified to the supplier as promptly as possible advising that payment will be on hold until the dispute is resolved. IML aims to resolve disputes efficiently working with the supplier to address any queries.

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.

Yes

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