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GLOBAL MEDIA & ENTERTAINMENT LIMITED

Company number: 06251684

Reporting period:
1 October 2020 to 31 March 2021

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

This report was filed on 9 July 2021

and approved by Darren Singer

Payment statistics

Average time taken to pay invoices: 40 days

Invoices paid:

• within 30 days: 60%
• in 31 to 60 days: 30%
• in 61 days or more: 10%

Invoices due but not paid within agreed terms: 40 %

Payment terms

Shortest standard payment period

30 days

Longest standard payment period

60 days

Standard payment terms

It is the Company’s policy to agree appropriate terms of payment with suppliers for each transaction or series of transactions, and to abide by those terms based on the timely submission of satisfactory invoices. The Company normally settles trade payables on 30 day terms however variations to these terms do exist based on agreements with certain suppliers.

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

No

Maximum contractual payment period agreed

90 days

This is related to some franchise contracts that have a 90 days in arrears terms.

Any other information about payment terms

As standard, we run 2x main payment runs per month, one clearing mid-month (on or around the 15th) and the other clearing final working day.

Dispute resolution process

The Company is committed to dealing with its suppliers in a fair, honest and professional manner.

Any dispute would be communicated to the Purchase Ledger Team and documented within the finance system. Depending on the nature of the dispute, the resolution of the query would either be picked up by either the budget holder or a Purchase Ledger Team member. In either case, the Finance System will be kept up to date with a commentary of all communications and update connected to any ongoing dispute.

In exceptional circumstances, the Purchase Ledger team will escalate the query to the Accounts Payable Manager for resolution.

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