MIDASPLAYER.COM LTD.
Company number: 04534247
Reporting period:
1 January 2018 to 30 June 2018
Report filed on:
30 July 2018
Approved by:
Humam Sakhnini
Payment statistics
Average time taken to pay invoices: 39 days
Invoices paid:
- within 30 days: 65%
- in 31 to 60 days: 25%
- in 61 days or more: 10%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 55%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
Answer not provided
Standard payment terms
King shall pay each undisputed valid invoice within thirty (30) days of receipt.
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
60 days
No further comment provided
Any other information about payment terms
The Supplier's details are verified by the Purchasing Team and registered in the financial system used by King. Invoice documents supplied must generally provide: (i) the point of contact or cost centre; (ii) the purchase order number (if applicable); (iii) the period to which the invoice relates; (iv) the Supplier’s bank account for payment; (v) all charges and applicable taxes; and (vi) description of goods or services delivered.
Dispute resolution process
If any undisputed sum due to Supplier under an agreement is not paid by its due date, Supplier shall be entitled, but not obliged, to charge interest on the overdue amount from the due date up to the date of actual payment at the rate of 2% per cent per annum above the base rate for the time being of Bank of America, N.A. Supplier acknowledges and agrees that this clause provides Supplier with a substantial remedy for late payment of sums due under an agreement. For clarity, in relation to disputed charges, interest shall only be payable after the dispute is resolved on sums found or agreed to be due from the date on which the dispute is resolved until payment. King has a dedicated Finance Helpdesk which can be reached by email at financehelp@king.com should a Supplier have an invoice or payment enquiry. The Finance Helpdesk team will respond to the query within a two working day service level agreement. If the issue cannot be resolved by the Finance Helpdesk team, the issue will be escalated to the Finance Director of the King Shared Service Centre and the appropriate team or department within King.
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.
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