GOV.UK
NORTON WAY MOTORS LIMITED
Company number: 00730865
Reporting period:
1 October 2021
to 31 March 2022
This report was filed on 11 May 2022
and approved by Neal Grainger
Payment statistics
Average time taken to pay invoices: 21 days
Invoices paid:
- within 30 days: 70%
- in 31 to 60 days: 26%
- in 61 days or more: 4%
Invoices due but not paid within agreed terms: 30 %
Payment terms
Shortest standard payment period
0 days
Longest standard payment period
60 days
Standard payment terms
The largest category of supply by value relates to vehicle stock, the terms of which are dictated by the manufacturer who typically require payment by direct debit within 2-3 working days of the invoice date. Other supplier invoices are paid at the end of the month following the invoice date, which results in a standard payment period of between 30 and 60 days. Ad hoc payments are also made throughout the month as required.
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
"On the rare occasions when there is a dispute, the issue is initially dealt with by the administration team at branch level to ensure it is settled as quickly as possible. Should the branch be unable to resolve the matter, the issue is referred to the head office management team in order to come to a resolution.
Each dispute is dealt with individually based on the specific circumstances."
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