ACCOLADE WINES LIMITED
Company number: 00137407
Reporting period:
1 January 2019 to
30 June 2019
This report was filed on 30 July 2019
and approved by Andy P Smith
Payment statistics
Average time taken to pay invoices: 45 days
Invoices paid:
- within 30 days: 17%
- in 31 to 60 days: 48%
- in 61 days or more: 34%
Invoices due but not paid within agreed terms: 45%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
105 days
Standard payment terms
The standard payment terms of Accolade Wines Limited are 75 days from date of invoice. Payment terms are however negotiated as appropriate for specific sectors or suppliers. The longest agreed payment term of the company is 105 days. Any changes to suppliers terms and conditions are discussed and agreed with the suppliers. Terms and conditions are reviewed through any tender or contract renegotiation process on an individual supplier basis.
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
105 days
No further comment provided
Any other information about payment terms
N/A
Dispute resolution process
Invoices must be made out with the correct company name and address and sent via email or post to the Accounts Payable department. The Accounts Payable department can be contacted either via email or telephone weekdays. Invoices queries are sent to the relevant person within the business via a workflow. Price queries are sent to Procurement for checking and quantity queries to the person who ordered the goods. The Accounts Payable team will notify the supplier of any discrepancies and request a credit note. Supplier balances are reviewed monthly as part of the month end process. Supplier statement reconciliations are performed on a monthly basis, ensuring that all invoices have been received from the supplier and any overdue invoices are chased on a regular basis.
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