M.V. KELLY LIMITED

Company number: 03062853

Reporting period:
1 December 2023 to 31 May 2024


This information is as reported by the business, and responses are in their own words.

This report was filed on 20 June 2024

and approved by Kelly Linnett

Payment statistics

Average time taken to pay invoices: 58 days

Invoices paid:

  • within 30 days: 9%
  • in 31 to 60 days: 45%
  • in 61 days or more: 46%

Invoices due but not paid within agreed terms: 11%

Payment terms

Shortest standard payment periods

7 days

Longest standard payment period

60 days

Standard payment terms

Suppliers: M V Kelly Limited’s standard payment terms are 48 days from end of month of invoice. Small suppliers or companies reliant on trade from M.V. Kelly have reduced payment terms of 30 days from end of month of invoice. M.V. Kelly is committed to support small businesses to ensure better cashflow. Large corporations have contractually committed to longer payment terms at 60 days from end of month of invoice. Subcontractors: M.V. Kelly’s standard payment terms are 45 days from end of month of invoice. Longer payment terms at 60 days are agreed with large subcontractors. The terms for subcontractors with a high labour content or small companies are 7 to 14 days.

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

90 days

M.V. Kelly has a separate agreement with a large corporation with extended payment terms up to 90 days.

Any other information about payment terms

Payment terms are reviewed on the regular basis and adapted to support supplier’s circumstances. M.V Kelly is determined to ensure fair payment terms and that no supplier is disadvantaged.

Dispute resolution process

If a dispute arises between the parties, the parties will attempt, in good faith, to reach an agreement as soon as possible. Suppliers: Queries are raised by the Accounts Payable team with the Procurement team or directly with the supplier at the point the invoice is processed. A further reminder is sent to suppliers by the mid-month of the following month of invoice via email; detailing all transactions held along with reasoning. Subcontractors: Queries are raised by the Accounts Payable team with the Project Managers or directly with the subcontractor at the point the invoice is processed. Details of disputes and agreements are put in writing via email after discussions with the subcontractor.

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, 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