JVM CASTINGS (WORCESTER) LIMITED
Company number: 05816200
Reporting period:
2 April 2018 to 1 October 2018
Report filed on:
31 October 2018
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%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 7%
Payment terms
Shortest standard payment periods
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
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
60 days
This is 60 days net monthly
Any other information about payment terms
No further comment provided
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 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