GOV.UK
MADE.COM DESIGN LTD
Company number: 07101408
Reporting period:
1 January 2020
to 30 January 2020
This report was filed on 22 July 2020
and approved by Adrian Evans
Payment statistics
Average time taken to pay invoices: 34 days
Invoices paid:
- within 30 days: 57%
- in 31 to 60 days: 32%
- in 61 days or more: 11%
Invoices due but not paid within agreed terms: 34 %
Payment terms
Shortest standard payment period
0 days
Longest standard payment period
120 days
Standard payment terms
The average standard payment terms for Made.com Design Ltd depends on the type of supplier: - for overhead suppliers it is 30 days from date of invoice which makes up of 52% of invoices - for stock suppliers the standard payment terms vary from 0 days (immediate payments) up to 90 days
Were there any changes to the standard payment terms in the reporting period?
Yes – As a short term liquidity measure during the Coronavirus (Covid-19 )pandemic, Made.com approached a very limited number of suppliers with a request to temporarily extend contracted payment terms for the period of March 2020 - June 2020 ( for Overheads and Stock suppliers) and for temporary rent holiday for offices and showrooms for FY20 Q2 and Q3.
Were suppliers notified or consulted about these changes before they were made?
Yes –
Suppliers have been approached with a request to temporarily grant Made.com an extended payment terms or rent holidays.
Majority of these suppliers returned to us with a written confirmation of agreement.
Made.com did not extend any payment terms without consent from the suppliers.
Maximum contractual payment period agreed
120 days
no
Any other information about payment terms
no
Dispute resolution process
Suppliers are contacted and advised there is an issue with the invoice. The person responsible for
dispute resolution is usually the business representative who has a direct relationship with the
supplier and ordered the goods/services from them directly. If it cannot be resolved in a timely
manner, then the dispute would be taken over by the director/head of department.
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