NORBROOK LABORATORIES LIMITED

Company number: NI007665

Reporting period:
29 July 2017 to 26 January 2018

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This report was filed on 28 February 2018

and approved by JP McGrath

Payment statistics

Average time taken to pay invoices: 41 days

Invoices paid:

• within 30 days: 51%
• in 31 to 60 days: 31%
• in 61 days or more: 18%

Invoices due but not paid within agreed terms: 38%

Payment terms

Shortest standard payment periods

37 days

Longest standard payment period

Answer not provided

Standard payment terms

The most frequent payment terms would be 30 days and 60 days from date of invoice

Were there any changes to the standard payment terms in the reporting period?

Answer not provided

Were suppliers notified or consulted about these changes before they were made?

N/A

Maximum contractual payment period agreed

90 days

No further comment provided

Any other information about payment terms

N/A

Dispute resolution process

Queries which prevent the payment of invoices are directed to the Procurement/Requisitioning Dept who will contact the supplier and try to resolve the dispute. Weekly and monthly reviews are conducted on the aged creditors listing to identify aged invoices and prompt the relevant department to resolve any disputes. It is endeavoured to resolve disputes in a timely manner.

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 Prompt 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