FEDERAL-MOGUL FRICTION PRODUCTS LIMITED

Company number: 00447826

Reporting period:
1 January 2023 to 30 June 2023

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This report was filed on 24 July 2023

and approved by Michael Howard Lindley

Payment statistics

Average time taken to pay invoices: 69 days

Invoices paid:

• within 30 days: 7%
• in 31 to 60 days: 19%
• in 61 days or more: 74%

Invoices due but not paid within agreed terms: 84%

Payment terms

Shortest standard payment periods

30 days

Longest standard payment period

Answer not provided

Standard payment terms

Payment 2nd working day of Month (can be 1mth, 2mth, 3mth, 4mth, 5mth) still a lot of suppliers have not agreed to the new 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

122 days

Maximum payment period currently 2nd working day of 5th mth. (No set maximum but this is the longest currently)

Any other information about payment terms

N/A

Dispute resolution process

Contact from suppliers chasing are directed to the relevant person in order to resolve disputes. Missing invoices etc quickly turned around – payments initiated as soon as possible.

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.

Yes

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