PRO-DIRECT SPORT LIMITED
Company number: 04245687
Reporting period:
1 January 2024 to 30 June 2024
Report filed on:
24 July 2024
Approved by:
Peter J Hammond
Payment statistics
Average time taken to pay invoices: 56 days
Invoices paid:
- within 30 days: 15%
- in 31 to 60 days: 27%
- in 61 days or more: 58%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 19%
Payment terms
Shortest standard payment periods
1 days
Longest standard payment period
120 days
Standard payment terms
Standard terms are 30-60 days following receipt of invoice
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
120 days
In many instances, the contractual length of payment time and the maximum contractual payment period can vary from 30 – 120 days depending on the terms of the contract we have in place with any single supplier. Contractual terms are discussed and agreed upon between our business unit teams and the individual suppliers prior to engaging in the business relationship.
In the first half of 2024 we agreed longer payment terms with some of our key suppliers
Any other information about payment terms
Pro-Direct Sport Limited transacts with many goods and non-goods suppliers across and outside of the UK. We collaborate with each supplier individually to facilitate mutually beneficial payment schedules that takes into account the value, quantity and frequency of orders as well as the specific requirements of the supplier we are working with.
Our philosophy in terms of our payment schedules, as with all other areas of our business, is to develop and nurture close and strong working relationships with our suppliers to ensure mutual success in the competitive markets in which we operate.
We also adopt a flexible approach to methods of payment in which we facilitate both direct debit and BACS arrangements by prior agreement and dependent upon circumstances. Again, these are aspects that are negotiated between the Finance department and the supplier in the drawing up of the initial contract or in the event of change from time to time.
We have had a focus in the first half of 2024 on renegotiating payment terms with our key suppliers with the objective of realigning our processes in a way which benefits all parties. The current challenging economic conditions requires flexibility and a dynamic approach to business which we have taken steps to adopt to the benefit of both ourselves and our supplier partners
Dispute resolution process
As part of our dispute resolution process, we seek to identify and raise an invoice query with the supplier within a short, agreed time limit from the receipt of the invoice. Following this we have a dedicated multi-disciplinary query resolution team that works with the supplier to resolve queries to the satisfaction of both parties. It is our policy to withhold payment from suppliers until any query or dispute is resolved but once a resolution has been attained, we make prompt payment a priority.
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 Fair 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