NICHOLS PLC
Company number: 00238303
Reporting period:
1 January 2024 to
30 June 2024
!
This information is as reported by the business, and responses are in their own words.
This report was filed on 25 July 2024
and approved by Richard Newman
Payment statistics
Average time taken to pay invoices:
33 days
Invoices paid:
- within 30 days: 83%
- in 31 to 60 days: 17%
Invoices due but not paid within agreed terms:
0%
Payment terms
Shortest standard payment periods
14 days
Longest standard payment period
90 days
Standard payment terms
30 days from date of invoice
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
N/A
Any other information about payment terms
N/A
Dispute resolution process
Purchase order system in place to ensure all purchases within the business are authorised before order is placed. Any disputed invoices are initially discussed internally and picked up with the relevant supplier as necessary until resolved. Invoices can be placed on hold and payment held as necessary until disputes are resolved.
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