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MEYER TIMBER LIMITED

Company number: 03512598

Reporting period:
1 January 2018 to 30 June 2018

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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 July 2018

and approved by D Barnett

Payment statistics

Average time taken to pay invoices: 42 days

Invoices paid:

• within 30 days: 35%
• in 31 to 60 days: 42%
• in 61 days or more: 23%

Invoices due but not paid within agreed terms: 37 %

Payment terms

Standard payment period for qualifying contracts

14 days

Standard payment terms

Major (UK/Euro) suppliers invoices are settled on 14, 21 or 30 days
Overseas suppliers (Far East) range from 14 to 60 days
Most frequent used payment term for UK based suppliers is nett monthly/45 days (excl above)
Inter group 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

Inter group invoices - maximum 90 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 unable to be resolved they are then escalated to the purchasing department with the aim of the issue being resolved within 3 business 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.

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