GOV.UK
MINSTER LAW LIMITED
Company number: 04659625
Reporting period:
1 July 2023
to 31 December 2023
This report was filed on 6 February 2024
and approved by Martin Hume
Payment statistics
Average time taken to pay invoices: 29 days
Invoices paid:
- within 30 days: 69%
- in 31 to 60 days: 23%
- in 61 days or more: 8%
Invoices due but not paid within agreed terms: 31 %
Payment terms
Shortest standard payment period
14 days
Longest standard payment period
30 days
Standard payment terms
The principle activity of Minster Law during the reporting period was as a solicitor, primarily in the personal injury sector.
The reported data excludes supplier relationships that are in place for the provision of services such as medical and rehabilitation services (disbursements) for our clients, these are costs incurred on behalf of our clients rather than business expenses and are not due for payment until the case is settled and at fault insurer has paid the costs. The duration of the case will depend on the complexity and can range from 9 months (274 days) to more than 5 years (>1825 days).
The reported data relates to a number of suppliers for standard business operating expenses such as rent, utilities, stationary and temporary staff. Standard terms are 14 days for temporary staff and 30 days for all other supplies.
Payment terms to not differ based on the size of the supplier company.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
30 days
The company has not entered into any contracts with specific payment periods in the reporting period. All payment periods conform to the standard described above.
Any other information about payment terms
Changes to standard payment terms will only take place as part of a formal contract negotiation with the supplier concerned. No changes have been made to standard payment terms in the reporting period.
Dispute resolution process
Any queries regarding payment should in first instance be emailed to Finance as below:
Disbursement suppliers – statements@minsterlaw.co.uk
Overhead suppliers – purchase.ledger@minsterlaw.co.uk
Finance staff will consider the query and aim to respond within 7 days. Any requests for further information or copy invoices will be made at that time.
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.
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