MJL CONTRACTORS LIMITED
Company number: 05689614
Reporting period:
1 April 2024 to 30 September 2024
Report filed on:
30 October 2024
Approved by:
Nick Jose
Payment statistics
Average time taken to pay invoices: 46 days
Invoices paid:
- within 30 days: 18%
- in 31 to 60 days: 68%
- in 61 days or more: 14%
Late and disputed:
- total value of payments due in the reporting period which have not been paid within the agreed period: £0
- payments due in the reporting period which have not been paid within the agreed period: 3%
Payment terms
Shortest standard payment periods
5 days
Longest standard payment period
89 days
Standard payment terms
MJL has varying agreements and each depends on the company and or agreement for cleared invoices, starting at 5 days for some agencies to 60 days from the 1st of the month following invoice. the latter means an invoice dated the first of the month could not be paid until 89 days later but still falls within the agreed payment due date
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
89 days
60 days from the 1st of the month following invoice. the latter means an invoice dated the first of the month could not be paid until 89 days later but still falls within the agreed payment due date.
Any other information about payment terms
No further comment provided
Dispute resolution process
queries are raised with the supplier, at the latest within 5 days following month end after internal checking against PO , delivery notes etc. This is then communicated to the supplier. This is then resolved through discussion with credit notes , proof of delivery etc. once cleared the payment is then put into the next available pay run or if agreed caught within the next scheduled payment to the supplier.
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