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NORTON WAY MOTORS LIMITED

Company number: 00730865

Reporting period:
1 October 2022 to 31 March 2023

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This information is as reported by the business, and responses are in their own words.

This report was filed on 3 May 2023

and approved by hannah musto

Payment statistics

Average time taken to pay invoices: 22 days

Invoices paid:

• within 30 days: 65%
• in 31 to 60 days: 31%
• in 61 days or more: 4%

Invoices due but not paid within agreed terms: 35 %

Payment terms

Shortest standard payment period

0 days

Longest standard payment period

60 days

Standard payment terms

The largest category of supply by value relates to vehicle stock, the terms of which are dictated by the manufacturer who typically require payment by direct debit within 2-3 working days of the invoice date. Other supplier invoices are paid at the end of the month following the invoice date, which results in a standard payment period of between 30 and 60 days. Ad hoc payments are also made throughout the month as required.

Were there any changes to the standard payment terms in the reporting period?

No

Maximum contractual payment period agreed

60 days

Any other information about payment terms

N/A

Dispute resolution process

In the event of an invoice dispute, the issue is initially investigated by the local administration team to ensure a resolution is reached as quickly as possible. If the issue fails to be resolved it is escalated to the head office management team.
Each dispute is dealt with individually based on the specific circumstances.

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