GOV.UK
SUNSAIL WORLDWIDE SAILING LIMITED
Company number: 01658245
Reporting period:
1 October 2017
to 31 March 2018
This report was filed on 27 April 2018
and approved by Mr O Goodarzi - Finance Director
Payment statistics
Average time taken to pay invoices: 35 days
Invoices paid:
- within 30 days: 75%
- in 31 to 60 days: 16%
- in 61 days or more: 9%
Invoices due but not paid within agreed terms: 25 %
Payment terms
Shortest standard payment period
14 days
Longest standard payment period
60 days
Standard payment terms
Sunsail Worldwide Sailing Limited standard payment terms are 30 days from receipt of invoice on normal qualifying contracts unless specifically agreed. Some supplier accounts have net monthly payment terms so invoices from month 1 are paid by the end of month 2.
Our creditors are paid twice monthly. The payments are produced fortnightly and invoices with a predetermined due date +7 days will be included in the payment run. This results in suppliers being paid for invoices both before and after the 30 days or net monthly standard terms.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
60 days
Any other information about payment terms
The information provided covers 329 suppliers used in the reporting period, of which 20 were non UK based suppliers. 1,553 invoices were processed during this reporting period. UK based suppliers are paid by BACS with a few paid by bank transfer. Non UK suppliers are paid by bank transfer.
Creditors send invoices throughout the month, with most being received by email, post or in some cases hand delivered to our base operations office. There are 3 main offices for this business with a yachts base in Port Solent, Sales, Finance & Operations office in Surbiton and IT & Finance Processing office in Crawley. Supplier invoices are received in all locations and sent to the Accounts Payable Department in Crawley for processing and payment.
Dispute resolution process
The Company is committed to dealing with its suppliers in a fair, honest and professional manner and as close to contractual terms as we possibly can. We do our utmost to resolve queries quickly and to everyone’s satisfaction. It is important to us that there is no negative impact on our customers experience and our supplier relationships are essential in delivering the first class services our customers expect. A close working relationship and good payment performance is paramount in our business.
All our suppliers have a personal point of contact within the Accounts Payable Department and either email or telephone the team member to discuss payment concerns. The Accounts Payable Executives and Team Leaders will work closely with the suppliers and our departments to understand why an invoice is not approved or not yet paid. Every effort is made to ensure the invoice is included in the next payment run or if necessary a payment is requested.
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
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