NORTHERN COMMERCIALS (MIRFIELD) LIMITED
Company number: 01005915
Reporting period:
1 May 2023 to 31 October 2023
Report filed on:
20 November 2023
Approved by:
Roger Peel
Payment statistics
Average time taken to pay invoices: 40 days
Invoices paid:
- within 30 days: 40%
- in 31 to 60 days: 48%
- in 61 days or more: 12%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 43%
Payment terms
Shortest standard payment periods
0 days
Longest standard payment period
90 days
Standard payment terms
Agreed supplier terms range from immediate settlement to end of month plus 60 days. However the standard term for majority of our suppliers is end of month plus 30 days.
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
270 days
The maximum contractual payment period relates only to one specific supplier.
Any other information about payment terms
We process three BACS payment runs every month. The credits will reach the supplier bank accounts on or near the 10th, 20th and 30th of every month. Authorised supplier invoices will be paid on the earliest BACS run which fulfils the payment criteria.
Dispute resolution process
A purchase order number is required for all invoices. Department Manager will authorise which are pertinent to their responsibility area. When an invoice is disputed the Department Manager will contact the supplier to discuss the query and resolve the matter.
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 Fair 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