The data shows a general downward trend in the average time taken for FEDERAL-MOGUL FRICTION PRODUCTS LIMITED to pay invoices to suppliers. From 2021 to 2023, there has been a consistent decrease in the average time to pay, indicating an improvement in payment efficiency.
The data also shows a decreasing volatility in the company's payment patterns. While there have been fluctuations in the percentage of invoices paid within 30 days and between 31 and 60 days, the overall trend is towards a more consistent and timely payment process.
| 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 Jul 2023 - 31 Dec 2023 | 23 Jan 2024 | 72 | 12% | 22% | 66% | 78% |
| 01 Jan 2023 - 30 Jun 2023 | 24 Jul 2023 | 69 | 7% | 19% | 74% | 84% |
| 01 Jul 2022 - 31 Dec 2022 | 23 Jan 2023 | 82 | 10% | 17% | 73% | 82% |
| 01 Jan 2022 - 30 Jun 2022 | 20 Jul 2022 | 81 | 9% | 18% | 73% | 84% |
| 01 Jul 2021 - 31 Dec 2021 | 26 Jan 2022 | 84 | 9% | 16% | 75% | 89% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
Payment 2nd working day of Month (can be 1mth, 2mth, 3mth, 4mth, 5mth) still a lot of suppliers have not agreed to the new terms.
Were there any changes to the standard payment terms in the reporting period?
No information available
Any other information about payment terms
No additional information
Maximum contractual payment period agreed
122
Contact from suppliers chasing are directed to the relevant person in order to resolve disputes. Missing invoices etc quickly turned around – payments initiated as soon as possible.
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
Federal-Mogul Friction Products Limited is a Cardiff-registered company operating under the Ferodo brand, manufacturing braking products for the automotive aftermarket. Its output includes brake pads, discs, drums, shoes, linings, calipers, hydraulics, brake fluids, cables and related accessories for light and commercial vehicles, as well as ranges for racing cars, motorcycles and bicycles. The company describes over 100 years of heritage in braking technology and supplies distributors, retailers and garages, with products designed to assist installers in fitting replacement brake parts. It positions itself as a specialist braking parts manufacturer rather than a vehicle operator, focusing on product design, technical support and part identification for the automotive repair and racing markets.
Generated from the company's website and Companies House records. Sources: ferodo.com