MAGNESIUM ELEKTRON LIMITED
Company number: 03141950
Reporting period:
1 January 2023
to 2 July 2023
This report was filed on 25 July 2023
and approved by Stephen Webster
Payment statistics
Average time taken to pay invoices: 50 days
Invoices paid:
- within 30 days: 43%
- in 31 to 60 days: 36%
- in 61 days or more: 21%
Invoices due but not paid within agreed terms: 36 %
Payment terms
Shortest standard payment period
30 days
Longest standard payment period
120 days
Standard payment terms
Majority of our suppliers are now on 60 days end of month, we are in the process to extending this to 120 days however this is work in progress
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
120 days
Any other information about payment terms
N/A
Dispute resolution process
AP Specialist reaches out to supplier upon delayed receipt of the vendor invoice. It is typical that there is a delay in receiving the invoices, which allows for extended due dates. Purchasing department will also discuss any issues directly with the vendors regarding errors within the order upon receipt of the incorrect goods or upon receipt of the erroneous invoice.
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.
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