CME OPERATIONS LIMITED
Company number: 07306335
Reporting period:
1 July 2022 to 31 December 2022
Report filed on:
30 January 2023
Approved by:
Adrienne Seaman
Payment statistics
Average time taken to pay invoices: 28 days
Invoices paid:
- within 30 days: 76%
- in 31 to 60 days: 18%
- in 61 days or more: 6%
Late and disputed:
- total value of payments due in the reporting period which have not been paid within the agreed period: £0
- payments due in the reporting period which have not been paid within the agreed period: 2%
Payment terms
Shortest standard payment periods
0 days
Longest standard payment period
60 days
Standard payment terms
45 days
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
45 days
No
Any other information about payment terms
No
Dispute resolution process
When AP receive a query from a vendor regarding a payment for an invoice, a check would be done to see if the invoice has been processed for payment. AP would then provide the vendor with the details and breakdown of the payment. AP would also confirm that the remittances are being sent to the correct email address and update if needed. If the invoices had not been paid AP would provide an update of the status of the invoice and work with the business in order to get the invoices paid and to try to prevent late payment going forwards. Once the invoices are paid AP would contact the vendor again to confirm they had received the funds. If there are any discrepancies on the invoice (Eg pricing or delivery), AP would notify the vendor and internal contact at point of input in the AP system in order to get it resolved and paid in a timely manner. AP would also advise of any changes needed to be made to any future invoices to prevent any further delays.
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 Fair 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