MAGNA SPECIALIST CONFECTIONERS LIMITED
Company number: 01050340
Reporting period:
30 April 2017 to 28 October 2017
Report filed on:
1 March 2018
Approved by:
Mrs A Bould-Griffiths
Payment statistics
Average time taken to pay invoices: 45 days
Invoices paid:
- within 30 days: 9%
- in 31 to 60 days: 81%
- in 61 days or more: 10%
Late and disputed:
- total value of payments due in the reporting period which have not been paid within the agreed period: £0
- payments due in the reporting period which have not been paid within the agreed period: 12%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
120 days
Standard payment terms
End of month following; 60 day terms; 120 day terms;
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
120 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
Direct materials suppliers use our Self billing system. Suppliers agrees the quantity and price that has been delivered on our Self Billing Website. If there is a query it is automatically sent via the website to the company who target resolution within 24 hours. Once resolved the Self bill is automatically passed for payment. Indirect invoice queries are dealt with via the Indirect system. The item/service is booked in and if it does not agree to the Purchase order an email is sent for the order placer to query with supplier or amend price or quantity. Once agreed the invoice is automatically processed for payment.
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.
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