MDU SERVICES LIMITED
Company number: 03957086
Reporting period:
1 January 2024 to 30 June 2024
Report filed on:
9 July 2024
Approved by:
Anthony Wright
Payment statistics
Average time taken to pay invoices: 28 days
Invoices paid:
- within 30 days: 83%
- in 31 to 60 days: 10%
- in 61 days or more: 7%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 18%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
Answer not provided
Standard payment terms
MDU Services adopts its suppliers’ payment terms where explicitly stated on their invoices. New suppliers are set up in the accounting system by the finance team, and the supplier payment terms are included on the supplier record. All invoices registered against a given supplier will automatically have the payment terms on that supplier’s record applied to them. Where no payment terms have been explicitly communicated by the supplier, the new supplier records will be set to ‘pay immediately’. In practice this means that the invoice will be paid, once approved, on the next weekly payment run.
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
No further comment provided
Any other information about payment terms
N/A
Dispute resolution process
With respect to contracts with suppliers, the general position is that the appropriate department managers for each supplier first attempt to resolve the dispute (the MDU point of contact varies from contract to contract). The contact would aim to deal with the dispute promptly, and in accordance with the terms of the contract. Additionally, suppliers can contact MDU’s accounts team: accounts@themdu.com
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