HOBBYCRAFT TRADING LIMITED
Company number: 00806269
Reporting period:
17 August 2020 to 21 February 2021
Report filed on:
24 May 2021
Approved by:
Russell Harrison
Payment statistics
Average time taken to pay invoices: 75 days
Invoices paid:
- within 30 days: 11%
- in 31 to 60 days: 25%
- in 61 days or more: 64%
Late and disputed:
- total value of payments due in the reporting period which have not been paid within the agreed period: £0
- payments due in the reporting period which have not been paid within the agreed period: 19%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
120 days
Standard payment terms
Hobbycraft’s standard contractual payment terms range from End of Month (EOM) + 30 days to EOM + 120 days dependent on agreement with each supplier. It is Hobbycraft’s policy to always pay invoices by their due date. This is sometimes not possible, for example, where the invoice is submitted late or there is a query over the quality or quantity of the goods or services provided.
Were there any changes to the standard payment terms in the reporting period?
During the Lockdown period due to the Coronavirus pandemic, which resulted in the closure of all stores, Hobbycraft actively managed its cashflow. This included agreeing payment extensions with suppliers. This resulted in invoices being paid up to one month late. Post-Lockdown, all supplier payments have reverted back to their standard terms.
Were suppliers notified or consulted about these changes before they were made?
Via email, telephone and video call communications, led by our Trading Director.
Maximum contractual payment period agreed
120 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
In the event of a dispute relating to payment of an invoice the supplier should telephone or e-mail the Accounts Payable team with full details of their query. Queries are dealt with by a member of the Accounts Payable team, who will address the issues raised and respond with an e-mail or phone call. The Accounts Payable team aims to resolve a dispute within 5 working days. This may involve correction of bank, VAT registration or purchase order details as required. If the query has not been resolved satisfactorily, it can be escalated to the Purchase & Sales Ledger Manager, the Head of Finance or ultimately the CFO, if required.
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.
Yes
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