THE FIRST MILK CHEESE COMPANY LIMITED
Company number: 05893846
Reporting period:
1 October 2023 to 31 March 2024
Report filed on:
24 April 2024
Approved by:
Greg Jardine
Payment statistics
Average time taken to pay invoices: 46 days
Invoices paid:
- within 30 days: 20%
- in 31 to 60 days: 60%
- in 61 days or more: 20%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 2%
Payment terms
Shortest standard payment periods
14 days
Longest standard payment period
75 days
Standard payment terms
Standard payment terms are either 30 days EOM, 45 EOM, 60 EOM
Were there any changes to the standard payment terms in the reporting period?
From 75 days to various (either 30 days EOM, 45 EOM, 60 EOM) dependant on the type on business and purchases
Were suppliers notified or consulted about these changes before they were made?
Via e-mail discussions
Maximum contractual payment period agreed
75 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
If any dispute arises out of the Contract the parties will attempt to settle it by negotiation within 90 days of the dispute arising, which failing the parties shall attempt to settle it by mediation in accordance with the Centre for Dispute Resolution Model Mediation procedure. No party may commence any court proceedings in relation to any dispute arising from a Contract until they have attempted to settle it by mediation and that mediation has terminated.
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.
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