WATCHES OF SWITZERLAND COMPANY LIMITED
Company number: 00146087
Reporting period:
1 November 2018 to 30 April 2019
Report filed on:
28 May 2019
Approved by:
Caroline Browne
Payment statistics
Average time taken to pay invoices: 39 days
Invoices paid:
- within 30 days: 40%
- in 31 to 60 days: 42%
- in 61 days or more: 19%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 28%
Payment terms
Shortest standard payment periods
7 days
Longest standard payment period
120 days
Standard payment terms
The company have negotiated payment terms between 7 and 120 days, with all product suppliers targeted at 60 days.
Were there any changes to the standard payment terms in the reporting period?
Our none stock supplier payment terms have been changed from 30 to 60 days.
Were suppliers notified or consulted about these changes before they were made?
Our suppliers were contacted by Letter.
Maximum contractual payment period agreed
90 days
No further comment provided
Any other information about payment terms
72% of all overdue invoices are paid within 7 days of due date. This reflects our business practice of making payments on a weekly basis.
Dispute resolution process
The watches of Switzerland Company Ltd's Accounts Payable team offer support through to query resolution to all suppliers. They can be contacted by mail, letter or telephone and each supplier has a dedicated representative for their account.
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 Fair 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