GOV.UK
NEEROCK LIMITED
Company number: 02572702
Reporting period:
1 November 2021
to 1 May 2022
This report was filed on 11 July 2022
and approved by Joanna Goff
Payment statistics
Average time taken to pay invoices: 10 days
Invoices paid:
- within 30 days: 94%
- in 31 to 60 days: 4%
- in 61 days or more: 2%
Invoices due but not paid within agreed terms: 1 %
Payment terms
Shortest standard payment period
14 days
Longest standard payment period
60 days
Standard payment terms
Neerock Limited has standard payment terms of 14 days for small suppliers (defined as having sales to Morrisons of less than £100k and submitting invoices electronically), and for all other suppliers standard payment terms are 30 or 60 days.
During the period, in light of the impact of Covid-19 and to support small suppliers, Morrisons temporarily increased the qualifying turnover to be considered as a small supplier from £100k to £1,000,000 and reduced the term from 14 days to immediate payment. This support continued through to April 2021, at which point the qualifying turnover returned to £100K however we have committed to continue to apply the term reduction to immediate payment indefinitely.
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
Average days to pay have been calculated on the basis of when cleared funds are received by the supplier in accordance with guidance from the Department for Business, Energy & Industry Strategy . Under our standard terms payment date is when the payment is processed.
Morrisons makes a Supply Chain Finance solution available to its suppliers which allows them to receive payments ahead of their standard payment terms.
In the period we reminded our Goods Not For Resale (GNFR) suppliers of their obligation for timely invoicing. The basis of the calculation of the payment date is now based on invoice received date. This is in line with our standard terms and conditions.
Dispute resolution process
If a supplier has a query regarding an invoice or payment it will be handled by our dedicated Accounts Payable help desk through both telephone and email. Details of which are available on our website. Once it is logged, there is a formal resolution and escalation process in place. We have upgraded our telephone system to ensure this is now a freephone service.
Suppliers are also able to contact the relevant site Accounts Payable teams directly for assistance or queries regarding invoices and payments.
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.
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