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JVM CASTINGS (WORCESTER) LIMITED

Company number: 05816200

Reporting period:
2 April 2018 to 1 October 2018

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

This report was filed on 31 October 2018

and approved by Carl McCarthy

Payment statistics

Average time taken to pay invoices: 54 days

Invoices paid:

• within 30 days: 12%
• in 31 to 60 days: 54%
• in 61 days or more: 34%

Invoices due but not paid within agreed terms: 7 %

Payment terms

Shortest standard payment period

30 days

Longest standard payment period

60 days

Standard payment terms

We pay our suppliers in 18 different ways as some of them insist on their payment terms. Our Standard terms our 30 days net monthly of which 44.01% of invoices in this period were paid and 60 days net monthly which 28.21% of invoices in this period were paid.

Were there any changes to the standard payment terms in the reporting period?

No

Maximum contractual payment period agreed

60 days

This is 60 days net monthly

Any other information about payment terms

N/A

Dispute resolution process

Complaints are emailed to the generic accounts email address. These are dealt within the dep't culminating in the head of department making any decisions needed. Disputes are responded to within one week of receipt.

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