STRAND PALACE HOTEL & RESTAURANTS LIMITED
Company number: 03165882
Reporting period:
1 October 2017 to 31 March 2018
Report filed on:
17 May 2018
Approved by:
Richard Luck
Payment statistics
Average time taken to pay invoices: 29 days
Invoices paid:
- within 30 days: 62%
- in 31 to 60 days: 33%
- in 61 days or more: 4%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 37%
Payment terms
Shortest standard payment periods
7 days
Longest standard payment period
30 days
Standard payment terms
Standard Payment terms are 30 days with shorter payment terms agreed with specific suppliers subject to an early settlement discount or supplier specific terms
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
51 days
N/a
Any other information about payment terms
N/a
Dispute resolution process
In the event of a disputed invoice, the staff member responsible for the relevant order will inform the supplier directly the reason(s) for the dispute. The order raiser will also notify the finance team, who will put the invoice on hold until the dispute has been resolved. If a supplier has a query about an unpaid invoice they should contact accounts payable directly with the relevant information e.g supplier details, invoice number, amount, Purchase Order number the person placing the order will then be contacted to resolve the dispute
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