MINSTER LAW LIMITED
Company Information
- Company Number
- 04659625
- Registered Address
- Kingfisher House, Peel Avenue, Wakefield, England, WF2 7UA
- Status
- Active
- Employee Count
- 498.0
- Turnover
- 31811000.0
- EBITDA
- -3732000.0
Additional Details
- Company Type
- Private limited Company
- Incorporated On
- 7 February 2003
- Nature of Business
- 69102 - Solicitors
- Industries
- Professional Services
- Region
- Yorkshire and The Humber
Company Location
Financial Metrics
Time to Pay
Payment Timeline
Payment Features
Payment Time Trends
Payment Distribution Trends
Performance Reports History
| 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 | 06 Feb 2024 | 29 | 69% | 23% | 8% | 31% |
| 01 Jan 2023 - 30 Jun 2023 | 31 Jul 2023 | 362 | 7% | 6% | 87% | 2% |
| 01 Jul 2022 - 31 Dec 2022 | 06 Feb 2023 | 356 | 10% | 5% | 85% | 1% |
| 01 Jan 2022 - 30 Jun 2022 | 21 Jul 2022 | 468 | 10% | 4% | 86% | 2% |
| 01 Jul 2021 - 31 Dec 2021 | 31 Jan 2022 | 469 | 8% | 6% | 86% | 1% |
| 01 Jan 2021 - 30 Jun 2021 | 23 Jul 2021 | 611 | 6% | 7% | 87% | 1% |
| 01 Jul 2020 - 31 Dec 2020 | 09 Feb 2021 | 566 | 7% | 6% | 87% | 1% |
| 01 Jan 2020 - 30 Jun 2020 | 07 Aug 2020 | 545 | 5% | 5% | 90% | 1% |
| 01 Jul 2019 - 31 Dec 2019 | 12 Feb 2020 | 473 | 8% | 5% | 87% | 2% |
| 01 Jan 2019 - 30 Jun 2019 | 04 Sept 2019 | 514 | 9% | 5% | 86% | 1% |
| 01 Jul 2018 - 31 Dec 2018 | 15 Apr 2019 | 473 | 11% | 6% | 83% | 2% |
| 01 Jan 2018 - 30 Jun 2018 | 21 Aug 2018 | 499 | 12% | 5% | 83% | 1% |
| 01 Jul 2017 - 31 Dec 2017 | 25 Apr 2018 | 526 | 13% | 4% | 83% | 1% |
Company Summary
Minster Law Limited is a UK-based law firm that specializes in personal injury claims
The company was founded in 2006 and has since grown to become one of the largest personal injury firms in the UK
The main focus of Minster Law Limited is seeking justice for individuals who have suffered injuries due to accidents, medical negligence, and workplace incidents
They offer a wide range of legal services, including free initial consultations, no win no fee agreements, and legal representation for complex cases
In addition to their legal services, Minster Law Limited is committed to sustainability and reducing their impact on the environment
They have implemented various initiatives, such as using electronic communication and reducing paper usage, to become a more environmentally friendly business
The company is led by a team of experienced and highly qualified individuals, including CEO Shirley Woolham and Managing Director Michael Warren
They are dedicated to providing high-quality legal services and ensuring the company's sustainability efforts
Minster Law Limited can be contacted through their website, which also contains helpful resources and information for individuals seeking legal advice
Their registered office address is Minster Law Limited, Kingfisher House, Kingsway North, Team Valley Trading Estate, Gateshead, NE11 0JQ
Overall, Minster Law Limited is a reputable and responsible law firm that strives to make a positive impact on society while providing excellent legal services
Company Review
Trend Analysis
The data shows a general trend of improvement in the time taken for MINSTER LAW LIMITED to pay invoices to suppliers, with the average time to pay decreasing from 526 days in 2017 to 29 days in 2023. This indicates that the company has been making efforts to pay invoices in a timely manner.
Volatility Analysis
There is some volatility in the data, with fluctuations in the percentages of invoices paid within 30 days, between 31 and 60 days, and later than 60 days. However, there is a consistent trend of improvement in these percentages over the years, indicating that the company has been working towards paying invoices on time.
Invoice Payment Practices
This information is as reported by the business, and responses are in their own words.
Payment Terms
Standard payment terms
The principle activity of Minster Law during the reporting period was as a solicitor, primarily in the personal injury sector. The reported data excludes supplier relationships that are in place for the provision of services such as medical and rehabilitation services (disbursements) for our clients, these are costs incurred on behalf of our clients rather than business expenses and are not due for payment until the case is settled and at fault insurer has paid the costs. The duration of the case will depend on the complexity and can range from 9 months (274 days) to more than 5 years (>1825 days). The reported data relates to a number of suppliers for standard business operating expenses such as rent, utilities, stationary and temporary staff. Standard terms are 14 days for temporary staff and 30 days for all other supplies. Payment terms to not differ based on the size of the supplier company.
Were there any changes to the standard payment terms in the reporting period?
No
Any other information about payment terms
Changes to standard payment terms will only take place as part of a formal contract negotiation with the supplier concerned. No changes have been made to standard payment terms in the reporting period.
Maximum contractual payment period agreed
30
Dispute Resolution Process
Any queries regarding payment should in first instance be emailed to Finance as below: Disbursement suppliers – statements@minsterlaw.co.uk Overhead suppliers – purchase.ledger@minsterlaw.co.uk Finance staff will consider the query and aim to respond within 7 days. Any requests for further information or copy invoices will be made at that time.
Other Payment Information
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