VACATION RENTALS (UK) LTD

Company number: 00965389

Reporting period:
1 January 2020 to 30 June 2020

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This report was filed on 27 July 2020

and approved by Garry Adam

Payment statistics

Average time taken to pay invoices: 50 days

Invoices paid:

• within 30 days: 20%
• in 31 to 60 days: 60%
• in 61 days or more: 20%

Invoices due but not paid within agreed terms: 40%

Payment terms

Shortest standard payment periods

7 days

Longest standard payment period

60 days

Standard payment terms

normal policy is 30 days after the date of the invoice, however sometimes there are exceptions.

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

Due to the COVID pandemic, the tourism industry that we operate in effectively closed down overnight. Therefore to preserve cashflow we delayed payments to suppliers.

Were suppliers notified or consulted about these changes before they were made?

We contacted them by email or telephone to explain the situation.

Maximum contractual payment period agreed

60 days

No further comment provided

Any other information about payment terms

N/A

Dispute resolution process

If we have any disputes then these are usually dealt with within a 14 day period. The first point is to acknowledge the dispute and then try to work through it as quickly and effectively as possible. Because of COVID and people on Furlough then we have tried to ensure everything is dealt within a 30 day window.

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