MICHELDEVER TYRE SERVICES LIMITED
Company number: 01817398
Reporting period:
1 January 2023
to 30 June 2023
This report was filed on 31 July 2023
and approved by Mr W Goring
Payment statistics
Average time taken to pay invoices: 68 days
Invoices paid:
- within 30 days: 8%
- in 31 to 60 days: 20%
- in 61 days or more: 72%
Invoices due but not paid within agreed terms: 27 %
Payment terms
Shortest standard payment period
1 days
Longest standard payment period
120 days
Standard payment terms
Payment terms vary depending on the nature of the goods and services supplied. Terms for stock purchases range from 60 to 120 days, whilst terms for non-stock purchases and services are typically 30 days.
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
The Head Office Finance department for the Group handle all invoice processing, disputes or complaints, liaising with depots, warehouses and other departments to ensure timely payment/resolution
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