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STUDIO RETAIL LIMITED

Company number: 00718151

Reporting period:
27 March 2021 to 24 September 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 26 October 2021

and approved by Stuart Caldwell

Payment statistics

Average time taken to pay invoices: 47 days

Invoices paid:

• within 30 days: 31%
• in 31 to 60 days: 56%
• in 61 days or more: 13%

Invoices due but not paid within agreed terms: 31 %

Payment terms

Standard payment period for qualifying contracts

60 days

Standard payment terms

The company has a range of payment terms with the majority being on 60 days. It is the company policy to pay all undisputed invoices in a timely manner, the majority are paid as close to the due date as possible. We are currently reviewing our payment processes with a view to improving the percentage of payments within the agreed payment terms.

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

No

Maximum contractual payment period agreed

120 days

Any other information about payment terms

N/A

Dispute resolution process

We seek to resolve all queries as quickly as possible. Any payment disputes are dealt with by the Finance Department in the first instance. If the matter remains unresolved, it will be escalated to the relevant Head of Department to seek 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