MONEYBARN NO.1 LIMITED
Company number: 04496573
Reporting period:
1 January 2023 to 30 June 2023
Report filed on:
28 July 2023
Approved by:
Chris Anderson
Payment statistics
Average time taken to pay invoices: 30 days
Invoices paid:
- within 30 days: 98%
- in 31 to 60 days: 2%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 2%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
Answer not provided
Standard payment terms
Moneybarn does not impose a standard contract on its suppliers. Moneybarn standard practice is to sign the supplier contract and terms. Moneybarn work to 30 day payment terms for supplier payment, which is discussed with the supplier at the time of signing their contract to align the payment terms expectations of both parties. Moneybarn make best efforts to meet the payment terms in the contract where possible, and almost all payments are made within 30 days, aside from genuinely disputed invoices.
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
Moneybarn communicate promptly and effectively if there is a dispute on payment and act fairly towards suppliers in this regard.
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.
Yes, this business has signed up to: The Prompt Payment Code
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