WATCHES OF SWITZERLAND COMPANY LIMITED
Company number: 00146087
Reporting period:
29 April 2024 to 27 October 2024
Report filed on:
29 November 2024
Approved by:
Caroline Browne
Payment statistics
Average time taken to pay invoices: 24 days
Invoices paid:
- within 30 days: 78%
- in 31 to 60 days: 15%
- in 61 days or more: 7%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 8%
Payment terms
Shortest standard payment periods
0 days
Longest standard payment period
150 days
Standard payment terms
The company have negotiated payment terms between immediate and 150 days, with all product suppliers targeted at 60 days
Were there any changes to the standard payment terms in the reporting period?
A couple of key suppliers changed their payment terms from end of following month to 30 days net from date of invoice.
Were suppliers notified or consulted about these changes before they were made?
These changes were communicated by the supplier not driven from Watches of Switzerland Group.
Maximum contractual payment period agreed
150 days
Accounts that operate on a sale or return basis are the only type of accounts on 150 day terms. All other accounts are targeted to be at 60 day terms.
Any other information about payment terms
Our Business practice is to make payment on a weekly basis capturing invoices falling due up to the next scheduled payment date.
Dispute resolution process
The Watches of Switzerland Company Ltd.'s Accounts Payable team offer support for resolution to all suppliers as one central contact point. Also managing internal departments where appropriate to help resolve disputes quickly. Contact methods include face to face meetings, email, letter or 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 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