GOV.UK
HARPERCOLLINS PUBLISHERS LIMITED
Company number: SC027389
Reporting period:
1 July 2017
to 31 December 2017
This report was filed on 29 January 2018
and approved by David Alford
Payment statistics
Average time taken to pay invoices: 37 days
Invoices paid:
- within 30 days: 53%
- in 31 to 60 days: 31%
- in 61 days or more: 16%
Invoices due but not paid within agreed terms: 4 %
Payment terms
Shortest standard payment period
0 days
Longest standard payment period
120 days
Standard payment terms
We generally pay author expenses on immediate terms, hence 0 days as shortest standard term. We may also pay immediately to secure goods or services for events etc. Longest payment terms are 12 weeks from end of month so I have used 120 days in this field since it requires a number to be entered. This term is mainly for one of our intercompany vendors.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
120 days
Maximum payment terms are 12 weeks from month end mainly for intercompany vendor, next longest terms are 8 weeks from month end. I have entered 120 days as the best estimate for this as I am required to enter a number in the field.
Any other information about payment terms
1) Most frequently used - 30 days from inv date
2) Exception for author expenses- generally processed as immediate terms.
3) Max payment terms –
a. POs quote 90 days but standard vendor creation is 30 days
b. We make payments on acct to some key suppliers.
c. We may pay immediately e.g. to secure goods, bookings or other items for author tours or events.
4) Some suppliers e.g. utilities are paid by Direct Debit. Corresponding invoices are marked as paid when funds are deducted from our bank, not when the invoice is received.
5) Max terms are 12 wks from month end (mainly interco vendor). Next are 8 wks from month end.
6) Creditor Days average of 9 over reporting period.
7) When calculating average No. days from receipt to payment we took from date logged on system to payment date plus 2 days, to account for 48 hour SLA to log all received invoices from date of receipt. For the purposes of calculating the metric we have assumed that the SLA was achieved in each case.
Dispute resolution process
Any invoice that is in dispute is referred to the relevant buyer/approver. AP may check in on progress of the dispute but this must be resolved between the supplier and their HarperCollins Publishers contact. AP does not have the appropriate knowledge of whether the goods or services have been delivered to the expected quality and therefore is not able to resolve disputes.
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