MARKS ELECTRICAL LIMITED
Company number: 04463433
Reporting period:
1 April 2024 to 31 March 2025
Report filed on:
1 May 2025
Approved by:
Joshua Egan
Payment statistics
Average time taken to pay invoices: 44 days
Invoices paid:
- within 30 days: 21%
- in 31 to 60 days: 70%
- in 61 days or more: 9%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 9%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
60 days
Standard payment terms
Our standard payment terms are 30 days end of month, giving a blended payment days of 45 days.
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
We have one supplier who offers 60 days terms.
Any other information about payment terms
Payment terms vary amongst suppliers, with local suppliers like gardeners and cleaners wishing to be paid within 7 days, which we adhere to. Most of our significant stock supplier operate on 30 days end for month giving a blended payment days of 45 days.
Dispute resolution process
Disputes typically arise due to discrepancies in either the quantity or pricing of purchased goods. If we receive an invoice that does not align with our purchase order or goods receipt, we follow one of two processes depending on the nature of the issue. For pricing discrepancies, the invoice is first referred to our buying team, who will either validate or challenge the pricing. If challenged, we compile supporting evidence for our expected price and send it to the supplier for review. The supplier may accept our position or escalate the matter for resolution between their sales team and our buying team. For quantity discrepancies, we contact the supplier directly to request a Proof of Delivery (POD). If their POD supports the invoice, we generally accept the quantity variance unless we have clear evidence that some or all of the items were not delivered.
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