JOHNSON MATTHEY DAVY TECHNOLOGIES LIMITED
Company number: 00635311
Reporting period:
1 October 2023 to 31 March 2024
Report filed on:
29 April 2024
Approved by:
Julie Hedley
Payment statistics
Average time taken to pay invoices: 55 days
Invoices paid:
- within 30 days: 41%
- in 31 to 60 days: 32%
- in 61 days or more: 27%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 59%
Payment terms
Shortest standard payment periods
1 days
Longest standard payment period
60 days
Standard payment terms
At this time, we do not have standard payment terms across our business. There is a wide range of payment terms offered by, and negotiated with, our suppliers.
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
n/a
Any other information about payment terms
The date of receipt of supplier invoices is not recorded. Reported statistics are calculated from the date of invoice. For reporting purposes, receipts of payment dates are estimated as the date the BACS payment run takes place. Within our procurement programme, our intention is to introduce best practices and optimise to a suite of standard payment terms across the business. This will be supported by a roll-out of our new ERP system which will make our payment processes more efficient and effective.
Dispute resolution process
Payment disputes are typically initially referred to the finance function, who will try to resolve them by agreement through discussion with the supplier. If resolution cannot be reached within a reasonable period, the matter will typically be escalated to the procurement function, who will try to reach resolution by agreement through further discussion with the supplier. As necessary, appropriate further dispute resolution mechanisms provided for in the contract will be used (i.e. reference to mediation, arbitration or litigation).
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