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OUTDOOR AND CYCLE CONCEPTS LTD

Company number: 03382348

Reporting period:
1 January 2020 to 30 June 2020

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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 August 2022

and approved by Matthew Smith

Payment statistics

Average time taken to pay invoices: 90 days

Invoices paid:

• within 30 days: 39%
• in 31 to 60 days: 16%
• in 61 days or more: 46%

Invoices due but not paid within agreed terms: 67 %

Payment terms

Shortest standard payment period

7 days

Longest standard payment period

60 days

Standard payment terms

Our Standard terms are 60 days with agreement to take early settlement discount where possible

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

Yes – Due to Covid , payment terms were extended

Were suppliers notified or consulted about these changes before they were made?

Yes – Buyer Director confirmed with Suppliers via phone and email.

Maximum contractual payment period agreed

120 days

Any other information about payment terms

N/A

Dispute resolution process

Outdoor and Cycle Concepts aim to resolve queries in an efficient way resulting in an acceptable outcome for both parties.

Payment disputes should be initially raised by either emailing ap@oandcc.com or calling Accounts Payable team. If dispute not resolved it should be escalated in the following order -Accounts Payable Manager, Financial Controller, Financial Director

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