FAIRFAX MEADOW EUROPE LIMITED

Company number: 04770072

Reporting period:
1 July 2019 to 29 December 2019

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This report was filed on 15 January 2020

and approved by Kevin Taylor

Payment statistics

Average time taken to pay invoices: 28 days

Invoices paid:

• within 30 days: 50%
• in 31 to 60 days: 49%
• in 61 days or more: 1%

Invoices due but not paid within agreed terms: 6%

Payment terms

Shortest standard payment periods

7 days

Longest standard payment period

45 days

Standard payment terms

The most frequent payment terms for qualifying contracts is 40 days.

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

45 days

N/A

Any other information about payment terms

N/A

Dispute resolution process

Purchase invoices are received and matched to the GRN/Purchase order on business management system. Price queries are referred to relevant buyer for approval and countersignature. Weight discrepancies are queried with factory intake. If invoices are approved and countersigned they are then processed and paid. If not approved, further support (POD/price agreement) is requested from the supplier, and if this cannot be provided, a credit note is requested for the discrepancy, before the agreed balance is paid.

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