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MAGNA SPECIALIST CONFECTIONERS LIMITED

Company number: 01050340

Reporting period:
30 April 2017 to 28 October 2017

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This information is as reported by the business, and responses are in their own words.

This report was filed on 1 March 2018

and 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%

Invoices due but not paid within agreed terms: 12 %

Payment terms

Shortest standard payment period

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

Maximum contractual payment period agreed

120 days

Any other information about payment terms

N/A

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 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