GYMSHARK LTD
Company number: 08130873
Reporting period:
1 February 2024 to 31 July 2024
Report filed on:
13 December 2024
Approved by:
Ben Francis
Payment statistics
Average time taken to pay invoices: 59 days
Invoices paid:
- within 30 days: 27%
- in 31 to 60 days: 32%
- in 61 days or more: 41%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 61%
Payment terms
Shortest standard payment periods
0 days
Longest standard payment period
90 days
Standard payment terms
Gymshark’s standard payment terms are: for stock, 60 days from date of hand over unless agreed otherwise; for non-stock, 30 days paid on the 5th working day of each month unless agreed otherwise.
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
90 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
All disputes are initially dealt with by Accounts Payable. We have a designated Accounts Payable contact for each business segment to ensure queries are dealt with in a timely manner. If bank details are in dispute, invoices are placed on hold in the system until resolution. Any invoices that are resolved would go through for payment on the next available pay run which is done once a month on the 5th working day of 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 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