NORTON WAY MOTORS LIMITED
Company number: 00730865
Reporting period:
1 April 2018 to 30 September 2018
Report filed on:
13 November 2018
Approved by:
Neal Grainger
Payment statistics
Average time taken to pay invoices: 22 days
Invoices paid:
- within 30 days: 64%
- in 31 to 60 days: 29%
- in 61 days or more: 7%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 34%
Payment terms
Shortest standard payment periods
2 days
Longest standard payment period
60 days
Standard payment terms
Standard payment terms are paid at the end of the month following the invoice date, which results in a standard payment period between 30-60 days. Each of our vehicle manufacturers have different payment terms where the payment for vehicles is generally taking 3-4 working days after vehicle registration and invoice.
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
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
If there is a dispute it is dealt with by the Purchase ledger team at Head office and settled as quickly as possible. If they cannot resolve the matter it will be referred to the Purchase ledger Manager at Head Office and if they cannot resolve Senior Management will be advised and held accountable to resolve in a timely manner. Each dispute is dealt with individually on a case by case basis.
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