PLAYNATION LIMITED

Company number: 08258418

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 31 July 2020

and approved by Stewart Baker

Payment statistics

Average time taken to pay invoices: 49 days

Invoices paid:

within 30 days: 20%
in 31 to 60 days: 43%
in 61 days or more: 37%

Invoices due but not paid within agreed terms: 64%

Payment terms

Shortest standard payment periods

60 days

Longest standard payment period

Answer not provided

Standard payment terms

60 days from date of invoice, unless specific terms between the Company and the Supplier are agreed. It is normal for agreed terms to be set. We do BACS payment runs every week.

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

In light of the global Covid pandemic, the company had almost all it's revenue streams ceased overnight on 22nd March. Following this, payment plans were renegotiated and agreed with a number of suppliers which the Company has adhered to fully. These amounts though, in line with the reporting guidelines and following advice from the Payment Practice Reporting Group were still showed as paid late, hence the increase in the % of invoices paid late.

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

All payment plans were fully agreed with suppliers that we were unable to pay in line with terms due to the Covid outbreak and countries going into lockdown, meaning that the Company lost almost all its revenue streams overnight on 22 March.

Maximum contractual payment period agreed

90 days

No further comment provided

Any other information about payment terms

N/A

Dispute resolution process

Disputes are directed to the Accounts Payable Manager who would check any existing supplier terms/contracts. If the Company have set terms incorrectly, a Supplier amendment form is prepared and reviewed and signed off by the Financial Controller. If no contract or paperwork exists or if it's ambiguous, the Financial Controller will escalate it to the appropriate Director responsible for the supply and seek a satisfactory resolution that way.

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?