The average time taken for IMERYS MINERALS LIMITED to pay invoices has decreased over the past three periods, from 57 days in the first half of 2018 to 35 days in the first half of 2019. This shows an overall improvement in the company's efficiency in paying invoices.
The volatility in the company's payment patterns can be seen in the fluctuation of the percentage of invoices paid within 30 days. In the first half of 2018, only 10% of invoices were paid within 30 days, but this increased to 43% in the first half of 2019. This shows a significant improvement in the company's ability to pay invoices on time.
In the first half of 2018, IMERYS MINERALS LIMITED had an average time to pay of 57 days, with only 10% of invoices paid within 30 days and 43% of invoices paid later than 60 days. However, the company showed improvement in the second half of 2018, with an average time to pay of 46 days and 26% of invoices paid within 30 days. The most recent period, first half of 2019, saw further improvement with an average time to pay of 35 days and 43% of invoices paid within 30 days. The company's best performance was in the first half of 2019, with 43% of invoices paid within 30 days and only 24% paid later than 60 days.
| Reporting Period | Filing Date | Average Time to Pay (days) | Paid within 30 days | Paid 31-60 days | Paid after 60 days | Not Paid within Terms |
|---|---|---|---|---|---|---|
| 01 Jan 2019 - 30 Jun 2019 | 25 Jul 2019 | 35 | 43% | 33% | 24% | 27% |
| 01 Jul 2018 - 31 Dec 2018 | 29 Jan 2019 | 46 | 26% | 41% | 33% | 36% |
| 01 Jan 2018 - 30 Jun 2018 | 30 Jul 2018 | 57 | 10% | 47% | 43% | 51% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
The standard payment term for qualifying shipping/logistics contracts is "End of the month +1 on the 1st" following submission of a correctly rendered invoice. Invoices are paid between 30 and 60 days depending upon invoice date. For example, all invoices dated in February will be paid on 1st April. The standard payment term for qualifying contracts is "End of the month +2 on the 1st" following submission of a correctly rendered invoice. This means that invoices are paid between 60 and 90 days depending upon the invoice date. For example all invoices dated in February will be paid on 1st May.
Were there any changes to the standard payment terms in the reporting period?
No information available
Any other information about payment terms
N/A
Maximum contractual payment period agreed
90
We aim to proactively resolve disputes prior to the agreed payment due date. In the first instance contact is with the accounts payable team, and if required escalation is with the purchasing department. All suppliers are provided with the relevant contact details. There are no instances where litigation or legal proceedings have been required.
Has this business signed up to a code of conduct or standards on payment practices?
For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.
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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.
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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.
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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?
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During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No information available
Imerys Minerals Limited is a Cornwall-based company registered under company number 00269255, operating within the Imerys group. Its registered activities cover the operation of gravel and sand pits and the mining of clays and kaolin, alongside quarrying of ornamental and building stone, limestone, gypsum, chalk and slate, manufacture of other non-metallic mineral products, and cargo handling for water transport. The company was previously known as English Clays Lovering Pochin & Company Limited and later as ECC International Limited before adopting its current name. It remains an active private limited company registered in England, based at Par, Cornwall, engaged in the extraction and initial processing of mineral raw materials rather than in downstream manufacturing of finished consumer goods.
Generated from the company's website and Companies House records. Sources: find-and-update.company-information.service.gov.uk