SECRET ESCAPES LIMITED

Company number: 07026107

Reporting period:
1 July 2018 to 31 December 2018

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This report was filed on 30 January 2019

and approved by Thomas Joseph Valentine

Payment statistics

Average time taken to pay invoices: 14 days

Invoices paid:

• within 30 days: 95%
• in 31 to 60 days: 4%
• in 61 days or more: 1%

Invoices due but not paid within agreed terms: 16%

Payment terms

Shortest standard payment periods

0 days

Longest standard payment period

30 days

Standard payment terms

Our standard payment terms are 28 days for hotel partners and 30 days for opex suppliers.

Were there any changes to the standard payment terms in the reporting period?

Answer not provided

Were suppliers notified or consulted about these changes before they were made?

N/A

Maximum contractual payment period agreed

30 days

30 days allows sufficient time to ensure due processing, approval and payment.

Any other information about payment terms

Late payments can occur when invoices are not passed for payment but are subsequently escalated for approval and payment.

Dispute resolution process

Overdue invoices are typically those not received into the payment queue. Copies are requested from suppliers and escalated for processing. Those in dispute are held in the queue awaiting approval or credit notes, with weekly reporting to managers as reminders of open items.

Other payment information

Has this business signed up to a code of conduct or standards on payment practices? If so, which?

For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.

No, this business has not signed up to a code of conduct or standards on payment practices.

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.

No

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.

No

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?

No

During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?

No