MAKITA MANUFACTURING EUROPE LIMITED
Company number: 02427964
Reporting period:
1 April 2018 to 30 September 2018
Report filed on:
30 October 2018
Approved by:
SHINICHI KURACHI
Payment statistics
Average time taken to pay invoices: 41 days
Invoices paid:
- within 30 days: 37%
- in 31 to 60 days: 50%
- in 61 days or more: 13%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 8%
Payment terms
Shortest standard payment periods
14 days
Longest standard payment period
90 days
Standard payment terms
(1) 30 Days end of month (2) 60 Days from B/L Date
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
UK and European suppliers are usually 30 days or 30 days end of month. Suppliers from the Far east are usually 60 days from Bill of Lading date (B/L).
Any other information about payment terms
No further comment provided
Dispute resolution process
We have an internal procedure for Invoice Queries. All invoice queries are issued to the relevant department manager. The manager will return the invoice query within 10 working days to the Finance Department. If the manager is unable to resolve the invoice query then the escalation process is followed. The escalation will be from Department manager > General Manager > Director (The Finance Manager will also be involved in all dispute resolutions)
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