The average time for NOON PRODUCTS LIMITED to pay invoices has increased steadily over the past three periods, from 52 days in 2018-2019 to 55 days in 2020-2021. This is likely due to the increase in the percentage of invoices paid later than 60 days, which has also increased over the same time period, from 34% in 2018-2019 to 35% in 2020-2021. This trend suggests that the company may be struggling with cash flow or other financial issues.
The volatility of NOON PRODUCTS LIMITED's payment patterns has remained relatively consistent over the past three periods. While there have been some fluctuations in the percentages of invoices paid within 30 days and those paid later than 60 days, the overall trend has been fairly stable.
In the most recent period of 2021, NOON PRODUCTS LIMITED had an average time to pay of 55 days, with 50% of invoices paid within 30 days, 15% paid between 31 and 60 days, and 35% paid later than 60 days. This is a slight improvement from the previous period of 2020, where the company had an average time to pay of 54 days with 34% of invoices paid within 30 days, 33% paid between 31 and 60 days, and 33% paid later than 60 days. However, this is still a significant decline from the first period of 2018-2019, where NOON PRODUCTS LIMITED had an average time to pay of 52 days with 42% of invoices paid within 30 days, 24% paid between 31 and 60 days, and 34% 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 Jul 2021 - 31 Dec 2021 | 29 Jan 2022 | 55 | 48% | 17% | 35% | 14% |
| 01 Jan 2021 - 30 Jun 2021 | 30 Jul 2021 | 55 | 50% | 15% | 35% | 10% |
| 01 Jul 2020 - 31 Dec 2020 | 08 Feb 2021 | 54 | 34% | 33% | 33% | 10% |
| 01 Jan 2020 - 30 Jun 2020 | 30 Jul 2020 | 57 | 47% | 15% | 38% | 13% |
| 01 Jul 2019 - 31 Dec 2019 | 27 Jan 2020 | 56 | 52% | 13% | 35% | 10% |
| 01 Jan 2019 - 30 Jun 2019 | 30 Jul 2019 | 55 | 49% | 15% | 36% | 12% |
| 01 Jul 2018 - 31 Dec 2018 | 30 Jan 2019 | 52 | 51% | 18% | 31% | 14% |
| 01 Jan 2018 - 30 Jun 2018 | 30 Jul 2018 | 52 | 42% | 24% | 34% | 23% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
Noon has over 20 terms in use with suppliers, the most common being equivalent to 90 days from date of invoice. Shorter terms may be granted to small businesses, charities, business organisations and government entities. Negotiations with suppliers happen on a continuous basis and payment terms may change as a result of agreements reached.
Were there any changes to the standard payment terms in the reporting period?
Yes – Changes were made based on the outcome of supplier negotiations. During this reporting period there were no unilateral changes to payment terms.
Any other information about payment terms
Payment Terms are negotiated with each supplier and a wide range of terms are available for use. The terms used have been agreed to by suppliers and there is strong commitment to meet these terms.
Maximum contractual payment period agreed
120
Invoices are processed in a structured, rule based process. Invoices which do not contain key information will be returned to the vendor with an accompanying note. Invoices which are accepted and are submitted for processing may encounter a discrepancy. In the first instance, a designated receiver of goods or a designated buyer of the goods will receive an automated request to confirm the quantity received and/or the price on the Purchase Order. If it is determined that the invoice does not match the quantity received or the price agreed, Accounts Payable will hold the invoice while a Credit Note is requested. When the correct Credit Note is received, it is processed with the original invoice to enable payment. A supplier Invoicing guide is made available to suppliers. In addition to invoicing instructions, this guide also provides addresses, telephone numbers and e-mail addresses which can be used to resolve a dispute.
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.
✅
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
NOON PRODUCTS LIMITED is a British food and beverage company that was founded in 1989. The company is committed to sustainability and has implemented various initiatives to reduce its environmental impact.
The company's sustainability program includes reducing packaging waste, sourcing ingredients from sustainable and ethical suppliers, and implementing energy-efficient practices in their production facilities. They also have a recycling program in place for their packaging materials.
NOON PRODUCTS LIMITED offers a wide range of food and beverage products, including Indian-inspired chutneys, pickles, and snacks. They also have a line of organic and gluten-free products. All of their products are made with natural ingredients and are free from artificial preservatives, colors, and flavors.
The company is led by its Managing Director, Mr. Raj Gupta, who has over 30 years of experience in the food and beverage industry. He is supported by a team of experienced professionals who are dedicated to providing high-quality and sustainable products to their customers.
For more information on NOON PRODUCTS LIMITED and their products, customers can visit their website at www.noonproducts.com. Their registered office address is Unit 4, 16-18 Finch Drive, Springwood Industrial Estate, Braintree, Essex, CM7 2SF. The company can also be contacted via email at info@noonproducts.com or by phone at +44 (0)1376 556 786.