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TRAVEL COUNSELLORS LIMITED

Company number: 02133414

Reporting period:
1 November 2018 to 30 April 2019

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This information is as reported by the business, and responses are in their own words.

This report was filed on 16 October 2019

and approved by Simon Shaw

Payment statistics

Average time taken to pay invoices: 13 days

Invoices paid:

• within 30 days: 97%
• in 31 to 60 days: 1%
• in 61 days or more: 2%

Invoices due but not paid within agreed terms: 8 %

Payment terms

Shortest standard payment period

30 days

Longest standard payment period

90 days

Standard payment terms

The majority of suppliers work on a statement basis and require payment 15 days after we receive a statement from them (statements are usually received on the 1st of each month, so the rule is end of the month plus 15). Some suppliers require payment 30 days after receipt of a statement. Airline tickets (BSP/IATA) are paid on a payment run every week. Some suppliers require immediate payment at the point of booking; others require payment after travel/departure.

Were there any changes to the standard payment terms in the reporting period?

No

Maximum contractual payment period agreed

90 days

Any other information about payment terms

N/A

Dispute resolution process

Disputes are sent via email to suppliers and the accounts payable team work with them for a resolution. All disputed invoices aim to be resolved in the month.

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?

Yes

During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?

No