GEAR4MUSIC LIMITED
Company number: 03113256
Reporting period:
1 April 2021
to 30 September 2021
This report was filed on 26 July 2022
and approved by CHRISTOPHER SCOTT
Payment statistics
Average time taken to pay invoices: 16 days
Invoices paid:
- within 30 days: 90%
- in 31 to 60 days: 7%
- in 61 days or more: 3%
Invoices due but not paid within agreed terms: 24 %
Payment terms
Shortest standard payment period
0 days
Longest standard payment period
90 days
Standard payment terms
The Group does not operate a standard code in relation to payments to suppliers. The Group agrees terms of payment with suppliers at the start of business and then makes payments in accordance with contractual and other legal obligations. For stock payment terms vary from proforma to 90 days from receipt of goods; for non-stock 30-60 days from date the invoice was received.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
90 days
Any other information about payment terms
N/A
Dispute resolution process
All disputes are dealt with by the Finance and Purchasing teams who will contact the relevant supplier to resolve the query. On resolution, the supplier will be paid either in accordance with their payment terms or on the next payment run if payment is allready due.
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