NEXUS VEHICLE MANAGEMENT LTD.
Company number: 03833617
Reporting period:
1 October 2023 to 31 March 2024
Report filed on:
30 April 2024
Approved by:
Mr Alex Cook
Payment statistics
Average time taken to pay invoices: 50 days
Invoices paid:
- within 30 days: 10%
- in 31 to 60 days: 67%
- in 61 days or more: 23%
Late and disputed:
- total value of payments due in the reporting period which have not been paid within the agreed period: £0
- payments due in the reporting period which have not been paid within the agreed period: 2%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
45 days
Standard payment terms
Our standard payment terms are either 45 days or 30 days from the end of the month in which the invoice is raised. The most frequent terms are 45 days from the end of the month in which the invoice is raised.
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
60 days
Our maximum contractual payment period is 45 days from the end of the month in which the invoice is raised. This is on average 60 days from invoice date
Any other information about payment terms
No further comment provided
Dispute resolution process
We have agreed service level agreements with all suppliers. Included within those agreements are details of the escalation points in the business depending on the type of query / complaint, and also senior escalation points if needed. The escalation point information also directs suppliers to our supplier dashboard to deal with invoice queries and gives Finance contact details for any payment related queries.
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.
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