GOV.UK
TURTLE BAY RESTAURANTS LIMITED
Company number: 07127647
Reporting period:
25 February 2018
to 24 August 2018
This report was filed on 21 September 2018
and approved by Jon Temple
Payment statistics
Average time taken to pay invoices: 33 days
Invoices paid:
- within 30 days: 62%
- in 31 to 60 days: 33%
- in 61 days or more: 5%
Invoices due but not paid within agreed terms: 17 %
Payment terms
Shortest standard payment period
30 days
Longest standard payment period
60 days
Standard payment terms
Standard contractual terms for goods and services vary between 30 and 60 days, with some exceptions in very limited circumstances. Turtle Bay Restaurants operates weekly mid-week payment cycles for the majority of suppliers. The operation of these payment cycles means that some suppliers may receive payment after the due date; 13% of the 17% of invoices not paid within terms were paid within one week of the due date.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
76 days
Any other information about payment terms
N/A
Dispute resolution process
The accounts payable team are responsible for processing supplier invoices, matching to purchase orders, and handling dispute resolution. The team can be contacted by email, telephone or letter, and aim to proactively manage any query from suppliers. Where this query results in dispute, this is escalated within the finance team and within the business contact managing the supplier relationship. Timescales can vary greatly depending upon the nature of the issue.
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