NEWTON EUROPE LIMITED
Company number: 04279175
Reporting period:
1 March 2023
to 31 August 2023
This report was filed on 22 January 2024
and approved by George King
Payment statistics
Average time taken to pay invoices: 25 days
Invoices paid:
- within 30 days: 92%
- in 31 to 60 days: 5%
- in 61 days or more: 3%
Invoices due but not paid within agreed terms: 12 %
Payment terms
Shortest standard payment period
7 days
Longest standard payment period
30 days
Standard payment terms
Our standard payment terms are 30 days.
To process payment quickly and in accordance with the PPC, it is important that invoices are submitted validly. This means that the invoice:
· is delivered on time in accordance with the contract
· is for the correct sum
· is in respect of goods or services supplied/delivered to the required quality
· includes the date, supplier name, contact details, bank details and Purchase Order number as applicable · is emailed to accounts@newtoneurope.com.
It is the supplier’s responsibility to provide the correct information to facilitate payment.
Once received, valid invoices will be entered into our accounts management system as soon as possible.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
30 days
Any other information about payment terms
N/A
Dispute resolution process
Dispute Resolution
If an invoice has been disputed by the approving manager they are asked to provide a reason for the dispute and are asked for a status update each week to ascertain if the invoice can be approved or if a new invoice will be issued. The approving manager is asked to contact the relevant supplier to resolve the dispute.
If you believe a dispute is not being resolved in a timely manner, please contact accounts@newtoneurope.com
Prompt notification of late payment
If the invoice is overdue for payment, Newton’s Finance team will e-mail the nominated contact at the supplier to explain the reason for the invoice not being paid and advise the approving manager who needs to approve before payment can be authorised.
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.Yes – Prompt Payment Code
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