DIRECT WINES LIMITED
Company number: 01095091
Reporting period:
1 July 2017 to 31 December 2017
Report filed on:
29 January 2018
Approved by:
J W H Weir
Payment statistics
Average time taken to pay invoices: 33 days
Invoices paid:
- within 30 days: 54%
- in 31 to 60 days: 40%
- in 61 days or more: 6%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 40%
Payment terms
Shortest standard payment periods
0 days
Longest standard payment period
120 days
Standard payment terms
Direct Wines Limited does not have standard payment terms. Payment terms are agreed on an individual basis with all suppliers as part of contractual negotiations. The statistic for "Percentage of invoices not paid within agreed terms" has been calculated strictly on the basis that payment is made later than the due date printed on the invoice. For reasons of operational efficiency, we process payments once a week rather than daily - our internal policy is that payment will be made in the same financial week as the specified payment period expires. Had we applied this policy to the calculation of this statistic, our result would improve from 40% to 24%.
Were there any changes to the standard payment terms in the reporting period?
Answer not provided
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
120 days
No further comment provided
Any other information about payment terms
N/A
Dispute resolution process
Disputes with suppliers are resolved through agreement between the relevant member of staff at the supplier and his/her primary contact at Direct Wines Limited.
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.
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