ACADEMY MUSIC GROUP LIMITED
Company number: 03463738
Reporting period:
1 July 2020 to 31 December 2020
Report filed on:
29 January 2021
Approved by:
James Hands
Payment statistics
Average time taken to pay invoices: 110 days
Invoices paid:
- within 30 days: 23%
- in 31 to 60 days: 17%
- in 61 days or more: 60%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 70%
Payment terms
Shortest standard payment periods
0 days
Longest standard payment period
30 days
Standard payment terms
Supplier standard payment terms are 30 days from the date of invoice. Certain supplier payment terms are agreed, on occasion, which may differ to the standard payment terms of 30 days.
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
30 days
No further comment provided
Any other information about payment terms
The business has been significantly impacted by the various and changing measures put in place by the Government in response to Covid-19 since March 2020. As a result, the business has been taking measures since March 2020, and throughout this reporting period, to delay non-essential payments. All measures have been taken with careful consideration and in conjunction wiht a continued monitoring of the cashflow position of the business.
We do not expect any long-term impact on our payment terms once the business is able to resume normal levels of operation.
Dispute resolution process
Disputes from suppliers should be directed to our purchase ledger team. The purchase ledger team will liaise with the supplier to resolve queries on a timely basis.
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 Fair 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