NICHOLAS ASSOCIATES GROUP LIMITED
Company number: 03606174
Reporting period:
1 January 2022 to
30 June 2022
This report was filed on 1 August 2022
and approved by Bruce Allen
Payment statistics
Average time taken to pay invoices: 34 days
Invoices paid:
- within 30 days: 65%
- in 31 to 60 days: 23%
- in 61 days or more: 12%
Invoices due but not paid within agreed terms: 7%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
Answer not provided
Standard payment terms
It is the Company's policy to agree appropriate terms of payment with suppliers for each transaction or series of transactions, and to abide by those terms based on the timely submission of satisfactory invoices. The majority of suppliers are paid on 30 days terms.
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
118 days
We have a specific agreement with a single supplier to pay the VAT element of their invoices 28 days after the quarter end to which the invoices relate.
Any other information about payment terms
N/A
Dispute resolution process
We seek to resolve queries as quickly as possible to everyone’s satisfaction prior to payment being made. In the event that a dispute cannot be resolved by our Accounts team, it would escalated in the first instance to the relevant Manager to seek a timely resolution
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