NEWTON EUROPE LIMITED

Company number: 04279175

Reporting period:
1 September 2023 to 29 February 2024

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This report was filed on 15 May 2024

and approved by George King

Payment statistics

Average time taken to pay invoices: 24 days

Invoices paid:

• within 30 days: 91%
• in 31 to 60 days: 8%
• in 61 days or more: 1%

Invoices due but not paid within agreed terms: 12%

Payment terms

Shortest standard payment periods

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?

Answer not provided

Were suppliers notified or consulted about these changes before they were made?

N/A

Maximum contractual payment period agreed

30 days

N/A

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, this business has signed up to: 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