MTCE LIMITED
Company number: 02714436
Reporting period:
30 December 2018 to 29 June 2019
Report filed on:
29 July 2019
Approved by:
Michael Spence
Payment statistics
Average time taken to pay invoices: 58 days
Invoices paid:
- within 30 days: 10%
- in 31 to 60 days: 82%
- in 61 days or more: 8%
Late and disputed:
- total value of payments due in the reporting period which have not been paid within the agreed period: £0
- payments due in the reporting period which have not been paid within the agreed period: 10%
Payment terms
Shortest standard payment periods
14 days
Longest standard payment period
60 days
Standard payment terms
30 days end of month are the terms we strive to gain agreement on with our supplier base.
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
365 days
Blanket orders have been created for some of our production programs but these are typically either quarterly or annually based at which points the terms are renegotiated and new PO's are issued
Any other information about payment terms
We make one main payment run at the end of each calendar month but also process a mid-month emergency run to pick up any regular payments i.e. contractors, cleaning, consumables; as well as any payments not on 30 days EOM terms that fall under £5,000 in value. We are also having to make some sizable ad-hoc payments during the month to cover pro-forma payments due on some of our larger programs
Dispute resolution process
Main issues for payment hold-ups are related to Defective material notices (DMN's) that we issue for parts not fit for purpose. We will hold payment until supplier agrees to the notice and either issues new parts or a credit for the faulty parts. The is a negotiation process to which both the MTCE Quality Assurance team and the supplier have access to a DMN portal that manages all the communication.
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