GOV.UK
CROWN TRAVEL LIMITED
Company number: 02095375
Reporting period:
1 April 2019
to 30 September 2019
This report was filed on 4 November 2019
and approved by TREVOR FAHY
Payment statistics
Average time taken to pay invoices: 45 days
Invoices paid:
- within 30 days: 32%
- in 31 to 60 days: 56%
- in 61 days or more: 12%
Invoices due but not paid within agreed terms: 44 %
Payment terms
Shortest standard payment period
30 days
Longest standard payment period
60 days
Standard payment terms
30 days and net monthly (average 45 days for invoices from month 1 paid by end of month 2)
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
60 days
Crown Travel Limited standard payment terms are 30 days from receipt of invoice on normal qualifying contracts unless specifically agreed although many suppliers offer net monthly payment terms. The creditors are paid twice monthly with payment runs being produced every two weeks. This results in suppliers being paid for invoices both before and after the 30 days standard terms. As suppliers offer net monthly payment terms these invoices tend to be paid at 45 days after the invoice date and the shortest standard terms do not apply to these accounts. For net monthly accounts, invoices received in month one are paid in month two.
Any other information about payment terms
The information provided covers 45 active suppliers in the reporting period. As a travel company some of our suppliers are not UK organisations and we also pay in multiple currencies. UK based suppliers are mostly paid by BACS with a few paid by bank transfer. Our non UK suppliers are paid either by bank transfer or SEPA depending on country.
Dispute resolution process
The Company is committed to dealing with its suppliers in a fair, honest and professional manner and as close to contractual terms as we possibly can. We do our utmost to resolve queries quickly and to everyone’s satisfaction. It is important to us that there is no negative impact on our customers experience and our supplier relationships are essential in delivering the first class services our customers expect. A close working relationship and good payment performance is paramount in our business.
All our suppliers have a personal point of contact with the Accounts Payable Department and either email or telephone the team member to discuss payment concerns. The Accounts Payable Executives and Team Leaders will work closely with the supplier and our departments to understand why an invoice is not approved or not yet paid. Every effort is made to ensure the invoice is included in the next payment run or if necessary an additional payment is requested.
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?
No
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No