GAP GROUP LIMITED

Company number: 00198823

Reporting period:
1 October 2018 to 31 March 2019

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This report was filed on 30 April 2019

and approved by Chris A G Parr

Payment statistics

Average time taken to pay invoices: 70 days

Invoices paid:

• within 30 days: 5%
• in 31 to 60 days: 35%
• in 61 days or more: 60%

Invoices due but not paid within agreed terms: 60%

Payment terms

Shortest standard payment periods

30 days

Longest standard payment period

90 days

Standard payment terms

Payment terms are agreed in advance with suppliers by the Procurement team. The most common payment terms in place is 30 days (end of month), however terms range from immediate payment to 90 days (end of month)

Were there any changes to the standard payment terms in the reporting period?

Answer not provided

Were suppliers notified or consulted about these changes before they were made?

N/A

Maximum contractual payment period agreed

90 days

N/A

Any other information about payment terms

N/A

Dispute resolution process

Supplier invoices and payments are controlled by the Accounts Payable Team at the company's head office in Glasgow. Disputed invoices are notified to the supplier by a member of that team as soon as a discrepancy is noted, and will not be paid until the dispute has been resolved. All invoices must display a valid Purchase Order Number issued by the company.

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, 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