TAYLOR MADE GOLF LIMITED

Company number: 01424575

Reporting period:
1 January 2020 to 30 June 2020

This information is as reported by the business, and responses are in their own words.

This report was filed on 30 July 2020

and approved by CHARLOTTE DURMAN

Payment statistics

Average time taken to pay invoices: 41 days

Invoices paid:

within 30 days: 60%
in 31 to 60 days: 23%
in 61 days or more: 17%

Invoices due but not paid within agreed terms: 49%

Payment terms

Shortest standard payment periods

0 days

Longest standard payment period

90 days

Standard payment terms

It is the Company policy to agree appropriate terms of payment with each supplier. Payment runs for each currency occur on a weekly basis, although this had temporarily been extended to one every 2 weeks from late March until the end of June due to the initial impact of the Coronavirus outbreak. 58% of our supplier’s invoices during the period are on payment terms of 30 days, 30% of terms are lower than 30 days and apply mainly to recruitment agencies and delivery service suppliers. Intercompany invoices are applied on 45-day terms but settled on an informal ad hoc basis through an internal netting agreement, usually exceeding the agreed payment terms.

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

Temporary changes were made in agreement with certain suppliers to extend agreed terms by 60 days. Where we have paid beyond regular terms but within agreement with the supplier, the reporting has still reflected this as paid past due. Standard supplier payment terms remain at 30 days.

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

Contacted suppliers on an individual basis to request an extension of terms

Maximum contractual payment period agreed

90 days

No further comment provided

Any other information about payment terms

49% of invoices due in the period were not paid within the contractual terms. Of this amount, 12% of invoices were intercompany related. 7% of invoices paid in the period were related to intercompany invoices.

Dispute resolution process

The Company is committed to dealing with its suppliers in a fair, honest and professional manner. We seek to resolve queries as quickly as possible to both party’s satisfaction prior to payment being made. Disputes are resolved by discussion and agreement with a supplier and are typically managed by the dedicated accounts payable team via email and phone.

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.

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.

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?