MUTUAL CLOTHING & SUPPLY COMPANY LIMITED
Company number: 00181701
Reporting period:
1 January 2020 to 30 June 2020
Report filed on:
8 July 2020
Approved by:
Adrian Keene
Payment statistics
Average time taken to pay invoices: 26 days
Invoices paid:
- within 30 days: 65%
- in 31 to 60 days: 32%
- in 61 days or more: 3%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 33%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
Answer not provided
Standard payment terms
We do not have any standard business terms with our suppliers. These are agreed on a case by case basis. The most common terms for our suppliers of goods for retail sale are either 30 days or payment at the end of the month following invoice date. We normally require suppliers to forward a monthly statement of amounts due. For other suppliers we pay within thirty days of invoice date. Where early settlement discounts are offered by a supplier our policy is to pay within the time required to obtain the discount. A number of our suppliers directly debit our bank account with the payments they require. It is therefore their responsibility to obtain payment within their payment terms.
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
30 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
Any dispute about our payment process should be addressed to the Directors and sent to the registered office at 39 Bedford Street South Leicester LE1 3JN. Alternatively, a complaint can be sent via our website mutual.uk.com Any dispute will be considered by a director who was not involved with the purchasing process.
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