GOV.UK
NORTH MIDLAND CONSTRUCTION PUBLIC LIMITED COMPANY
Company number: 00425188
Reporting period:
1 January 2018
to 30 June 2018
This report was filed on 31 July 2018
and approved by Daniel Taylor
Payment statistics
Average time taken to pay invoices: 55 days
Invoices paid:
- within 30 days: 17%
- in 31 to 60 days: 44%
- in 61 days or more: 39%
Invoices due but not paid within agreed terms: 24 %
Payment terms
Shortest standard payment period
14 days
Longest standard payment period
60 days
Standard payment terms
North Midland Construction plc's supply chain consists of two categories of supplier, for which the qualifying contract is either a subcontract or a purchase order. For the purposes of this report, suppliers engaged under a subcontract are termed "subcontractors" and suppliers engaged under a purchase order are termed "other suppliers". There are no standard payment terms for subcontractors and terms are negotiated on a contract-by-contract basis. Standard payment terms for other suppliers are 60 days.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
60 days
The maximum contractual payment period agreed reflects the number of days from the month end after invoice date or invoice receipt.
Any other information about payment terms
North Midland Construction plc is committed to paying its suppliers in line with the due dates for payment. Payment terms for subcontractors are governed by the terms specified in the associated subcontract, and payment due dates are calculated by reference to the date that an application for payment is submitted by the subcontractor under the subcontract. Payment terms for other suppliers are stated on the relevant purchase order and payment due dates are calculated by reference to the invoice date.
Dispute resolution process
North Midland Construction plc seeks to deal with its supply chain in an open, fair and transparent manner. Where disputes do arise, the matters are discussed with the relevant supplier. Such discussions will usually involve the accounts payable and procurement departments in the first instance, but may be escalated to the commercial teams or senior management where necessary. In rare cases where agreement cannot be reached, disputes may be resolved via more formal routes such as mediation, adjudication, arbitration or litigation.
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