F-M MOTORPARTS LIMITED
Company number: 01073619
Reporting period:
1 January 2019 to 30 June 2019
Report filed on:
23 July 2019
Approved by:
Elaine Milner
Payment statistics
Average time taken to pay invoices: 50 days
Invoices paid:
- within 30 days: 25%
- in 31 to 60 days: 40%
- in 61 days or more: 35%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 57%
Payment terms
Shortest standard payment periods
20 days
Longest standard payment period
120 days
Standard payment terms
The standard payment terms are either 60 days or 2nd working day of 1st,2nd,3rd or 4th month following invoice, depending on particular site
Were there any changes to the standard payment terms in the reporting period?
Some terms changed from 60 days net to 2nd working day of 1st,2nd,3rd or 4th month following invoice.
Were suppliers notified or consulted about these changes before they were made?
Communication was by email from the purchasing department
Maximum contractual payment period agreed
120 days
None
Any other information about payment terms
None
Dispute resolution process
The primary contact for a supplier whose invoice is subject to dispute is the Buyer/Purchasing Team for issues over price and performance. For other issues such as missing invoices it is the A/P clerk or another member of the finance team.
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