LOUNGERS LIMITED
Company number: 04595806
Reporting period:
20 October 2017 to 22 April 2018
Report filed on:
23 May 2018
Approved by:
Nick Collins
Payment statistics
Average time taken to pay invoices: 54 days
Invoices paid:
- within 30 days: 6%
- in 31 to 60 days: 61%
- in 61 days or more: 33%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 7%
Payment terms
Shortest standard payment periods
0 days
Longest standard payment period
90 days
Standard payment terms
Loungers Limited standard payment terms are next payment run following 30 days from the end of month in which an invoice is received. This will mean that invoices will be paid between 31 and 61 days.
Unless otherwise agreed in writing, we assume that are standard payment terms are applicable for all suppliers. As of 4th December 2017 we have implemented a system where new suppliers will need to complete a form and agree payment terms.
For more detailed information please visit our company websites:
https://thelounges.co.uk/
http://cosyclub.co.uk/
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
90 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
Details of our dispute resolution process are included on our company website.
http://thelounges.co.uk/
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