GOV.UK
SELFRIDGES RETAIL LIMITED
Company number: 00097117
Reporting period:
4 February 2018
to 3 August 2018
This report was filed on 31 August 2018
and approved by Katrina Nurse
Payment statistics
Average time taken to pay invoices: 32 days
Invoices paid:
- within 30 days: 56%
- in 31 to 60 days: 30%
- in 61 days or more: 14%
Invoices due but not paid within agreed terms: 33 %
Payment terms
Shortest standard payment period
7 days
Longest standard payment period
100 days
Standard payment terms
Goods not for resale - 30 Days
Goods for resale 21 Days - 60 Days
Concession Partners - Up to 42 Days
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
100 days
We generally adopt suppliers payment terms other than where agreed alternative terms are reached relating to settlement discounts We also operate a system of settling net balances. Supplier accounts can be in credit in the event that a credit note for an agreed return of goods is larger than other invoices/payments due. These invoices remain “outstanding” until the next payment is made and the invoices are cleared, but they are NOT late payments as the supplier is in debt to us
Any other information about payment terms
Standard payment terms vary dependent on the nature of the contract, as described above.
Dispute resolution process
• We operate a strict no PO, No pay ( with a small managed exception list) policy which our suppliers are aware of
• Invoices received into the business with no PO number or an invalid PO number applied will be returned to the supplier stipulating that payment will not be made until this has been supplied. We maintain a log of all returned invoices for reference
• Invoices displaying a different cost price to the agreed purchase order will be queried with the relevant buyer, if price on the invoice is correct then the invoice will be fully paid, however, if our buyer confirms Selfridges’ price is correct a debit note will be raised and deducted from the invoice at point of payment. Any queries on the related debit will initially be directed back to the relevant buyer and then dispute follows line management escalation within finance team to resolve
• Invoices received with a quantity discrepancy to items received/not received on system, a POD is requested from the relevant company to prove goods have been delivered. The POD is then sent to our warehouse for validation and dependant on outcome from warehouse: a) Warehouse can confirm goods have not be received using their paperwork, AP will go back to supplier confirming goods haven’t been received and raise the relevant debit and deduct at point of payment b) Warehouse cannot identify a shortage in the delivery, AP to further investigate with stock audit / buying dept, if confirmed goods have been received pay invoice in full. Any queries on the related debit will follow line management escalation within finance team to resolve
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.
Yes
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