MENZIES DISTRIBUTION LIMITED
Company number: 01430241
Reporting period:
4 July 2021 to 1 January 2022
Report filed on:
31 January 2022
Approved by:
Paul McCourt
Payment statistics
Average time taken to pay invoices: 31 days
Invoices paid:
- within 30 days: 59%
- in 31 to 60 days: 33%
- in 61 days or more: 8%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 14%
Payment terms
Shortest standard payment periods
3 days
Longest standard payment period
60 days
Standard payment terms
Varies from 3 to 60 days per supplier type below: Vendors terms are normally contractually agreed as 60 days. The standard Publisher terms are payment at the end of the month following supply, plus 3 banking days. Unique payment terms are agreed for specific Publishers. Self-billed contractors are paid one week in arrears of the working week, standard payment terms are 3 days from self bill invoice. Self-billed Trunking contractors are paid one month in arrears of the working month, standard payment terms are 3 days from self bill 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
90 days
The maximum payment period was extended to 90 days for a small number of suppliers, mostly IT spend related, where paying in advance for the services. This was based on individual agreement with those specific suppliers and does not apply to all IT or vendor spend.
Any other information about payment terms
No further comment provided
Dispute resolution process
Accounts Payable team operate shared email addresses for Vendors, Contractors and Publishers, which is advised with remittance advice. This email address is the initial point of contact for disputes and complaints. Queries regarding acceptability of payment terms are referred to Group Financial Controller for resolution.
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.
Yes
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