MOTONOVO FINANCE LIMITED
Company number: 11556144
Reporting period:
1 January 2022 to 30 June 2022
Report filed on:
29 July 2022
Approved by:
Ralph Coates
Payment statistics
Average time taken to pay invoices: 36 days
Invoices paid:
- within 30 days: 60%
- in 31 to 60 days: 24%
- in 61 days or more: 16%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 38%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
Answer not provided
Standard payment terms
MotoNovo Finance Limited agrees appropriate terms of payment with suppliers for each transaction or series of transactions and abides by those terms based on the timely submission of valid invoices. In the absence of agreed terms with a supplier, the Bank’s policy is to pay within 30 days of receipt of a valid invoice. The most frequently agreed term with suppliers is 30 days from receipt of a valid invoice.
Were there any changes to the standard payment terms in the reporting period?
Answer not provided
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
30 days
No further comment provided
Any other information about payment terms
N/A
Dispute resolution process
Any complaints or concern will be considered by the Accounts Payable department, if the invoice is with another member of staff Accounts Payable will ask the person to approve the invoice promptly so that it can be paid without delay. If any invoices are missing or have not been received, they will be uploaded for approval and payment and any queries will be taken up with the relevant department. Once an invoice is identified as in dispute it is not paid until an authorised representative of the relevant business area confirms that the dispute is resolved. Where an invoice is disputed the 30 days payment obligation is cancelled as appropriate.
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, this business has not signed up to a code of conduct or standards on payment practices.
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