GOV.UK
PRADA RETAIL UK LIMITED
Company number: 03299599
Reporting period:
1 January 2020
to 30 June 2020
This report was filed on 27 July 2020
and approved by Francesca Bertoncini
Payment statistics
Average time taken to pay invoices: 170 days
Invoices paid:
- within 30 days: 3%
- in 31 to 60 days: 4%
- in 61 days or more: 93%
Invoices due but not paid within agreed terms: 66 %
Payment terms
Shortest standard payment period
30 days
Longest standard payment period
180 days
Standard payment terms
Standard payment terms are 30 days following the end of the month of the invoice date.
Were there any changes to the standard payment terms in the reporting period?
Yes – Due to stores being closed as a result of COVID-19, our business did not have any income in the period, so a new approach of delaying payments to suppliers was introduced to mitigate the lack of income. Payments were delayed and usual payment terms were not respected.
Were suppliers notified or consulted about these changes before they were made?
No
Maximum contractual payment period agreed
180 days
Prada Retail UK Ltd has dedicated accounts payable staff and contact points for suppliers.
In case of disputes suppliers can liaise with accounts payable staff or directly with buyers to resolve any issues.
Any other information about payment terms
N/A
Dispute resolution process
Prada Retail UK Ltd has dedicated accounts payable staff and contact points for suppliers.
In case of disputes suppliers can liaise with accounts payable staff or directly with buyers to resolve any issues.
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