Industry ranking
The average time taken for MIKI TRAVEL LIMITED to pay invoices to suppliers has fluctuated over the past three periods, with a slight overall increase from 2017-2018 to 2018-2021. The percentage of invoices paid within 30 days has also fluctuated, with a decrease in the most recent period. The percentage of invoices paid later than 60 days has increased significantly in the most recent period, while the percentage of invoices not paid within agreed terms has also increased.
The data for MIKI TRAVEL LIMITED shows volatility in the average time taken to pay invoices, with fluctuations in each period. The percentage of invoices paid within 30 days has also varied, with an overall decrease over the past three periods. The percentage of invoices paid later than 60 days has shown the most volatility, with a significant increase in the most recent period. The percentage of invoices not paid within agreed terms has also fluctuated, with an overall increase over the past three periods.
From 2017-2018 to 2018-2021, MIKI TRAVEL LIMITED has seen a slight increase in the average time taken to pay invoices, with a decrease in the percentage of invoices paid within 30 days. The most significant change has been an increase in the percentage of invoices paid later than 60 days, with the most recent period showing a significant increase. The percentage of invoices not paid within agreed terms has also increased over the past three periods.
| 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 Feb 2021 - 31 Jul 2021 | 04 Aug 2021 | 70 | 63% | 20% | 17% | 21% |
| 01 Aug 2020 - 31 Jan 2021 | 10 Feb 2021 | 73 | 40% | 35% | 25% | 35% |
| 01 Feb 2020 - 31 Jul 2020 | 07 Sept 2020 | 40 | 50% | 45% | 5% | 9% |
| 01 Aug 2019 - 31 Jan 2020 | 05 Feb 2020 | 36 | 58% | 39% | 3% | 4% |
| 01 Feb 2019 - 31 Jul 2019 | 16 Sept 2019 | 36 | 59% | 39% | 2% | 3% |
| 01 Aug 2018 - 31 Jan 2019 | 28 Feb 2019 | 37 | 57% | 39% | 2% | 4% |
| 01 Feb 2018 - 31 Jul 2018 | 22 Aug 2018 | 40 | 61% | 36% | 3% | 5% |
| 01 Aug 2017 - 31 Jan 2018 | 28 Feb 2018 | 39 | 66% | 29% | 5% | 6% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
Creditors send invoices throughout the month. For the following payment types, Automatic Clearing House USD and Automatic Clearing House CAD - the standard payment period is 30 days. Invoices arriving between the 1st and the 15th get paid at the end of the current month. Invoices arriving between the 16th and the last day of the month get paid on the 15th of the following month. For the other payments our terms are to pay by the 15th of the following month, regardless of what day of the month the invoice is received. This results in a maximum standard payment period of 45 days. Our average payment days are less than 45 days because the majority of creditors invoice us close the month end and get paid by the 15th of the following month.
Were there any changes to the standard payment terms in the reporting period?
No information available
Any other information about payment terms
No additional information
Maximum contractual payment period agreed
45
We have an accounts payable team which go through email queries (a dedicated email address is set up for queries). They will check if invoices are on the system and liaise directly with suppliers to obtain missing invoices so that these can be processed for payment and these will be paid within days of receiving the missing invoice. Where we dispute a charge, we will process both the invoice and then a debit note for the disputed amount. We will then reduce our liability on the vendor account and pay the vendor the reduced amount.
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.
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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.
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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.
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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?
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During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No information available
MIKI Travel Limited is registered as a tour operator, providing travel agency, tour operator and reservation services. Company evidence describes it as a wholesale travel provider with more than 36 offices worldwide, offering travel products to trade customers. The company has been trading since 1980, having previously operated as Traveltime London Limited and Dikappa (Number 184) Limited. It is part of the MIKI Holdings Limited group, which has controlled it since 2016, and its modern slavery statement is filed jointly with the wider H.I.S. Co., Ltd. group. The company is based in London and remains active, filing accounts and confirmation statements with Companies House.
Generated from the company's website and Companies House records. Sources: find-and-update.company-information.service.gov.uk · companiesintheuk.co.uk