MEYER TIMBER LIMITED
Company number: 03512598
Reporting period:
1 January 2018 to 30 June 2018
Report filed on:
31 July 2018
Approved by:
D Barnett
Payment statistics
Average time taken to pay invoices: 42 days
Invoices paid:
- within 30 days: 35%
- in 31 to 60 days: 42%
- in 61 days or more: 23%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 37%
Payment terms
Shortest standard payment periods
14 days
Longest standard payment period
Answer not provided
Standard payment terms
Major (UK/Euro) suppliers invoices are settled on 14, 21 or 30 days Overseas suppliers (Far East) range from 14 to 60 days Most frequent used payment term for UK based suppliers is nett monthly/45 days (excl above) Inter group invoices are settled between 60 and 90 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
Inter group invoices - maximum 90 days
Any other information about payment terms
No further comment provided
Dispute resolution process
The Accounts payable department are the first point of contact for our suppliers regarding payment issues, if unable to be resolved they are then escalated to the purchasing department with the aim of the issue being resolved within 3 business working days.
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.
Yes
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