M.V. KELLY LIMITED
Company number: 03062853
Reporting period:
1 December 2022 to
31 May 2023
This report was filed on 30 June 2023
and approved by Kelly Linnett
Payment statistics
Average time taken to pay invoices: 59 days
Invoices paid:
- within 30 days: 8%
- in 31 to 60 days: 43%
- in 61 days or more: 49%
Invoices due but not paid within agreed terms: 11%
Payment terms
Shortest standard payment periods
7 days
Longest standard payment period
60 days
Standard payment terms
M V Kelly Limited’s standard payment terms are 48 days from end of month of invoice. If on review, a supplier is determined to be small or reliant on trade from M V Kelly Limited, they are moved to 30 days from end of month of invoice. Large suppliers of materials are agreed on longer payment terms at 60 days from end of month of invoice. Invoices must be received by the 7th working day following month of invoice to be paid as that month’s terms. Invoices not received by this date will be processed and paid on terms based on the month the invoice was received. Subcontractors: M V Kelly Limited’s standard payment terms are 45 days from end of month of invoice. Longer payment terms at 60 days are agreed with large subcontractors. The terms for subcontractors with a high labour content are 7 to 14 days. Invoices must be received by the 1st working day following month of invoice to be paid as that month’s terms. Invoices not received by this date will be processed and paid on terms based on the month the invoice was received.
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
90 days
M.V. Kelly Limited has a separate agreement with one of their largest suppliers via a commercial product card with extended payment terms up to 90 days.
Any other information about payment terms
M.V. Kelly Ltd reviews supplier payment terms on a regular basis and reduce payment days if necessary. The business is determined to ensure fair payment terms and no supplier is disadvantaged.
Dispute resolution process
If a dispute arises between the parties, the parties will attempt, in good faith, to reach an agreement as soon as possible. Suppliers: Queries are raised by the Accounts Payable team with the Procurement team or directly with the supplier at the point the invoice is processed. A further reminder is sent to suppliers by the 19th of the following month of invoice via email; detailing all transactions held along with reasoning. Subcontractors: Queries are raised by the Accounts Payable team with the Project Managers or directly with the subcontractor at the point the invoice is processed. Details of disputes and agreements are put in writing via email after discussions with the subcontractor.
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