MACFARLANES LLP
Company number: OC334406
Reporting period:
1 May 2022
to 31 October 2022
This report was filed on 21 November 2022
and approved by Luke Powell
Payment statistics
Average time taken to pay invoices: 32 days
Invoices paid:
- within 30 days: 62%
- in 31 to 60 days: 28%
- in 61 days or more: 10%
Invoices due but not paid within agreed terms: 10 %
Payment terms
Shortest standard payment period
30 days
Longest standard payment period
90 days
Standard payment terms
Standard payment terms for the acquisition of goods and services for our own account are net monthly. If the standard payment terms of our suppliers vary from this then we will endeavour to adhere to them. In the course of our business we act as intermediary for our clients in obtaining goods and services. In all cases these will be paid within two working days of our being put in funds by our client. In practice many are paid in advance of client funds.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
90 days
Any other information about payment terms
N/A
Dispute resolution process
In case of disagreement concerning the quantity or quality of goods or services supplied, Macfarlanes and the supplier will negotiate a solution, equitable to both parties.
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.
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