MILLBROOK PROVING GROUND LIMITED
Company number: 02230262
Reporting period:
1 January 2022 to
30 June 2022
This report was filed on 29 July 2022
and approved by Syed Shah
Payment statistics
Average time taken to pay invoices: 55 days
Invoices paid:
- within 30 days: 22%
- in 31 to 60 days: 70%
- in 61 days or more: 8%
Invoices due but not paid within agreed terms: 24%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
65 days
Standard payment terms
The standard contractual length of time for payment of invoices is 30 days, 60 days and MNS2 (2nd working day of the 2nd month).
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
65 days
65 days calculated as received on 1st of July and paid on 2nd business day of September (including 2 days for Saturday and Sunday)
Any other information about payment terms
N/A
Dispute resolution process
Where disputes related to payments arise, the business will liaise with the supplier to firstly identify the invoices in dispute. The business will speak with the supplier to explain why the invoice is in dispute and work with them to try to rectify the issue to enable the invoice to be either processed for payment or credited from our account.
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