GOV.UK
MANN + HUMMEL (UK) LIMITED
Company number: 03152081
Reporting period:
1 July 2023
to 31 December 2023
This report was filed on 31 January 2024
and approved by Nigel Cannon
Payment statistics
Average time taken to pay invoices: 38 days
Invoices paid:
- within 30 days: 36%
- in 31 to 60 days: 45%
- in 61 days or more: 19%
Invoices due but not paid within agreed terms: 91 %
Payment terms
Shortest standard payment period
30 days
Longest standard payment period
90 days
Standard payment terms
For non-production parts, standard payment terms are 30 days net receipt of invoice
For production parts, standard payment terms can vary from 30 days to 90 days, net receipt of invoice
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
90 days
Any other information about payment terms
It is important to note that MHUK run a payment run every Wednesday. This payment run will capture all invoices due that week and will clear on the following Monday (latest). The invoices must have cleared through our approval process to enable payment.
Dispute resolution process
Mann + Hummel (UK) Ltd have an accounts payable helpdesk that is dedicated to processing of invoices, supplier engagement and dealing with disputes. When a supplier has a query or an issue regarding an invoice, they can make contact with the accounts payable helpdesk via phone or the dedicated mailbox which is closely monitored by all of the team - they are contactable from Monday to Friday. Once a supplier has submitted their query, the team will then look in to the query and aim to respond or to initiate the action leading to resolution. This should happen within 24 hours after receipt of query because an action can be considered with someone from the Purchasing, Finance team or other individuals within Mann + Hummel who have a relationship with the supplier to get it addressed and closed out as quickly as possible.
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.
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.
Yes
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