TAYLOR MADE GOLF LIMITED

Company number: 01424575

Reporting period:
1 July 2022 to 31 December 2022

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This report was filed on 23 February 2023

and approved by Charlotte Durman

Payment statistics

Average time taken to pay invoices: 97 days

Invoices paid:

• within 30 days: 46%
• in 31 to 60 days: 14%
• in 61 days or more: 40%

Invoices due but not paid within agreed terms: 54%

Payment terms

Shortest standard payment periods

0 days

Longest standard payment period

Answer not provided

Standard payment terms

It is the Company policy to agree appropriate terms of payment with each supplier. Payment runs for each currency occur on a weekly basis. 40% of our supplier’s invoices during the period are on payment terms of 30 days, 23% of terms are lower than 30 days and apply mainly to recruitment agencies and delivery service suppliers. Intercompany invoices are applied on 45-day terms but settled on an informal ad hoc basis through an internal netting agreement, usually exceeding the agreed payment terms.

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

Answer not provided

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

N/A

Maximum contractual payment period agreed

90 days

No further comment provided

Any other information about payment terms

54% of total invoices due in the period were not paid within the contractual terms. Of this amount, 57% of invoices were intercompany related. 34% of invoices paid in the period were related to intercompany invoices. Excluding intercompany invoices, 35% of invoices were not paid within agreed terms. Excluding intercompany invoices, the average time taken to pay invoices was 37 days.

Dispute resolution process

The Company is committed to dealing with its suppliers in a fair, honest and professional manner. We seek to resolve queries as quickly as possible to both party’s satisfaction prior to payment being made. Disputes are resolved by discussion and agreement with a supplier and are typically managed by the dedicated accounts payable team via email and phone.

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, 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