The average time taken for MALTHURST PETROLEUM LIMITED to pay invoices to their suppliers has increased over the past three periods, going from 23 days in Oct 2017 to 29 days in Apr 2019. This indicates a negative trend, as the company is taking longer to pay their invoices.
The company's volatility in paying invoices has remained relatively stable, with the percentage of invoices paid within 30 days ranging from 90-96%, and the percentage paid later than 60 days ranging from 2-5% over the three periods.
| 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 |
|---|---|---|---|---|---|---|
| 02 Oct 2017 - 01 Apr 2018 | 30 Apr 2018 | 23 | 96% | 2% | 2% | 13% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
Standard suppliers - last day of the month following the month of the date of the invoice. Fuel supply contracts (most frequently used fuel terms) - 14 days Other retail products (Lubricants, Ad Blu etc.) - 30 days from the date of invoice. Standard construction contracts - as per JCT 2011 standard terms, save that for interim payments the terms are 28 days from receipt by the company of the appropriate Valuation in respect of the interim payment properly signed off by the Quantity Surveyor. Local authority rates - paid in 10-12 month instalments. Other contracts - 30 days from the date of the invoice.
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
30
For all types of contract, the Accounts Payable department will look into any complaint immediately and will respond to confirm why payment has not been made and when payment can be expected. Disputes are usually resolved within 30 days.
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
MALTHURST PETROLEUM LIMITED is an active private limited company, incorporated on 28 May 1963, based in the East of England region. Registered business activity: Retail sale of automotive fuel in specialised stores.
From Companies House records.