GOV.UK
MIDASPLAYER.COM LTD.
Company number: 04534247
Reporting period:
1 July 2019
to 31 December 2019
This report was filed on 29 January 2020
and approved by Humam Sakhnini
Payment statistics
Average time taken to pay invoices: 24 days
Invoices paid:
- within 30 days: 92%
- in 31 to 60 days: 6%
- in 61 days or more: 2%
Invoices due but not paid within agreed terms: 18 %
Payment terms
Standard payment period for qualifying contracts
30 days
Standard payment terms
The standard payment terms are 30 days from invoice issue date of correctly and undisputed VAT invoice
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
45 days
Maximum terms of 45 days from invoice issue date if set out in the agreement between parties.
Any other information about payment terms
The Supplier is required to be registered in the financial system used by King. Verification of Supplier’s details is done in accordance with Sarbanes–Oxley Act of 2002 (Pub.L. 107–204, 116 Stat. 745, enacted July 30, 2002). Invoice documents supplied must generally provide; the point of contact or cost centre; the purchase order number (if applicable); the period to which the invoice relates; the Supplier’s bank account for payment; all charges and applicable taxes, and description of goods or services delivered. King reserves the right to refuse payment of part or all of any invoice which is not submitted in accordance with these conditions.
Dispute resolution process
If any undisputed sum due to Supplier under this Agreement is not paid by its due date, Supplier shall be entitled but not obliged to charge interest on the overdue amount, from the due date up to the date of actual payment, at the rate of 2% per cent per annum above the base rate for the time being of Bank of America, N.A. Supplier acknowledges and agrees that this clause provides Supplier with a substantial remedy for late payment of sums due under this Agreement. For clarity, in relation to disputed charges, interest shall only be payable after the dispute is resolved, on sums found or agreed to be due from the date on which the dispute is resolved until payment. King has a dedicated Finance Helpdesk which can be reached by email at financehelp@king.com should a Supplier have an invoice or payment enquiry. The Finance Helpdesk team will respond to the query within two working day SLA. If the issue cannot be resolved by the Helpdesk team, the issue will be escalated to relevant team or department within King.
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