GOV.UK
SWITCHSHOP LIMITED
Company number: 03771032
Reporting period:
1 June 2023
to 30 November 2023
This report was filed on 20 February 2024
and approved by Thomas GLinka
Payment statistics
Average time taken to pay invoices: 35 days
Invoices paid:
- within 30 days: 50%
- in 31 to 60 days: 46%
- in 61 days or more: 4%
Invoices due but not paid within agreed terms: 0 %
Payment terms
Standard payment period for qualifying contracts
30 days
Standard payment terms
The business’s standard payment terms are 3O days.
Larger suppliers have agreed terms of 30 days from Month End.
Switchshop supports smaller suppliers and may offer smaller suppliers payment terms of 30 days or less.
Any changes to the standard payment terms in the reporting period would be notified to the suppliers in writing, by email.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
67 days
Suppliers are paid via a weekly payment run which is pulled over to cover the week in advance, thus ensuring suppliers should not be paid late
Any other information about payment terms
N/A
Dispute resolution process
Reasons for not being able to pay based on terms include receiving late or non-compliant invoices or invoices that are in dispute. In the event of a dispute, the Finance Team will notify the vendor in writing (via email) as to the existence and nature of the dispute and endeavour to reach a resolution in a timely manner to ensure payments are made at the earliest opportunity.
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