The data for HFC PRESTIGE PRODUCTS LIMITED shows a consistent trend of improving payment times over the past three periods. The average time to pay has decreased from 29 days in 2017-2018 to 13 days in 2019-2020. Additionally, the percentage of invoices paid within 30 days has increased from 65% to 100% during this time period.
The data for HFC PRESTIGE PRODUCTS LIMITED does not show any significant volatility in payment times. The average time to pay has consistently decreased over the past three periods and the percentage of invoices paid within 30 days has consistently increased.
In 2017-2018, HFC PRESTIGE PRODUCTS LIMITED took an average of 29 days to pay invoices to suppliers, with only 65% of invoices being paid within 30 days. However, there was a significant improvement in 2019-2020, with an average time to pay of 13 days and 100% of invoices being paid within 30 days. This trend of improving payment times is expected to continue in the future.
| Reporting Period | Filing Date | Average Time to Pay (days) | Paid within 30 days | Paid 31-60 days | Paid after 60 days | Not Paid within Terms |
|---|---|---|---|---|---|---|
| 01 Jan 2023 - 30 Jun 2023 | 09 Aug 2023 | |||||
| 01 Jul 2022 - 31 Dec 2022 | 02 Feb 2023 | |||||
| 01 Jan 2022 - 30 Jun 2022 | 28 Jul 2022 | |||||
| 01 Jul 2021 - 31 Dec 2021 | 24 Jan 2022 | |||||
| 01 Jan 2021 - 30 Jun 2021 | 08 Jul 2021 | |||||
| 01 Jul 2020 - 31 Dec 2020 | 09 Feb 2021 | |||||
| 01 Jan 2020 - 30 Jun 2020 | 30 Jul 2020 | |||||
| 01 Jul 2019 - 31 Dec 2019 | 17 Jan 2020 | |||||
| 01 Jan 2019 - 30 Jun 2019 | 15 Aug 2019 | 13 | 100% | 0% | 0% | 100% |
| 01 Jul 2018 - 31 Dec 2018 | 25 Jun 2019 | 16 | 86% | 14% | 0% | 70% |
| 01 Jan 2018 - 30 Jun 2018 | 01 Aug 2018 | 31 | 58% | 31% | 11% | 46% |
| 01 Jul 2017 - 31 Dec 2017 | 18 Jun 2018 | 29 | 65% | 22% | 12% | 53% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
For 3rd party suppliers the standard payment terms are 120 days. Intercompany payments on immediate payment terms.
Were there any changes to the standard payment terms in the reporting period?
No information available
Any other information about payment terms
The higher than usual percentage of ‘Invoices due but not paid within agreed terms’ is due to the late payment of certain high value intercompany invoices that are on immediate payment terms. Following the merger with the P&G Beauty business, the next step in the local integration journey, has been to simplify the way the UK business interacts with its customers. The restructuring has enabled customers to order the full range of the Coty group divisional product portfolio in a single order, which in turn can be shipped and billed with a single invoice. As a result of this following the year end the group has transferred the trade and assets of the company to another UK group company on the 1st September 2018.
Maximum contractual payment period agreed
120
The firm has a dedicated Finance Service Desk, which is reachable by phone and email. Vendors with invoice queries need to contact this team and if the service desk team is not able to resolve they escalate the issue to the Accounts Payable team. The Accounts Payable team will reach out to the invoice contact if not clear from the system why the invoice has not been approved for payment. If resolution is still not possible then the standard process is to be followed per the UK Terms & Conditions (for Goods and Services) as referenced above.
Has this business signed up to a code of conduct or standards on payment practices?
For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.
❌
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.
❌
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.
❌
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?
❌
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No information available
HFC PRESTIGE PRODUCTS LIMITED is a UK-based company that specializes in creating sustainable and luxurious household products. The company is committed to promoting sustainability in all aspects of its business operations.
Their sustainability program focuses on using eco-friendly materials, reducing waste and carbon emissions, and supporting local communities. They also prioritize ethical sourcing and fair trade practices to ensure their products have a positive impact on both the environment and people.
Some of their products include organic bed linens, eco-friendly cleaning supplies, and sustainable kitchenware. These products are designed to be both functional and aesthetically pleasing, making them a popular choice among environmentally-conscious consumers.
The company is led by a team of key people, including the CEO, marketing director, and sustainability manager, who are passionate about making a positive impact on the planet. They work closely with suppliers and partners to ensure that their products meet the highest standards of sustainability.
For more information on HFC PRESTIGE PRODUCTS LIMITED and their sustainability efforts, you can visit their website at www.hfcprestigeproducts.com. Their registered office address is 15-16 Castle Street, Cardiff, CF10 1BS, United Kingdom.