GOV.UK
TRAVEL COUNSELLORS LIMITED
Company number: 02133414
Reporting period:
1 May 2018
to 31 October 2018
This report was filed on 28 November 2018
and approved by Simon Shaw
Payment statistics
Average time taken to pay invoices: 13 days
Invoices paid:
- within 30 days: 82%
- in 31 to 60 days: 11%
- in 61 days or more: 7%
Invoices due but not paid within agreed terms: 7 %
Payment terms
Shortest standard payment period
30 days
Longest standard payment period
90 days
Standard payment terms
The majority of suppliers work on a statement basis and require payment 15 days after we receive a statement from them (statements are usually received on the 1st of each month, so the rule is end of the month plus 15). Some suppliers require payment 30 days after receipt of a statement. Airline tickets (BSP/IATA) are paid on a payment run every week. Some suppliers require immediate payment at the point of booking; others require payment after travel/departure.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
90 days
The business specialises in tailor-made holidays and corporate travel which results in use of a vast range of suppliers with differing terms - it isn't practical to group standard payment terms, however the majority of suppliers are on account and are paid 15 days after the receipt of a statement:
- BSP/IATA ticketing: 1 week
- Suppliers on account: majority are 15 days after the end of the month (15 days after statement received). Some are 30 days after receipt of statement, a minority are 90 days. Days taken to make payment fluctuate depending on the timeliness of receipt of statement from suppliers.
- Some suppliers are paid via direct debit
- Some products require immediate payment at the time of booking (e.g. low cost carriers)
- Some products are paid for after travel/departure/return.
Any other information about payment terms
N/A
Dispute resolution process
Disputes are sent via email to all suppliers then the accounts payable team work with them for a resolution. All disputed invoices aim to be resolved in the month.
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?
Yes
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No