RANK DIGITAL LIMITED
Company Information
- Company Number
- 03796653
- Employee Count
- 75
- Turnover
- £8,514,000
- EBITDA
- £936,000
Additional Details
- Website
- https://bluesq.com
- Industries
- Lifestyle And Entertainment
- Region
- South East
Time to Pay
Payment Timeline
Payment Features
Payment Score History
Company Review
Trend Analysis
The trend for RANK DIGITAL LIMITED's average time to pay invoices has fluctuated over the past three periods. In 2017-2018, the average time to pay was 16 days, which increased to 55 days in 2018-2019 before decreasing to 32 days in 2020-2021. The company's fastest average time to pay was in 2018-2019 at 12 days, while its slowest was in 2021-2022 at 145 days.
Volatility Analysis
RANK DIGITAL LIMITED's volatility in paying invoices has also fluctuated over the past three periods. In 2017-2018, 88% of invoices were paid within 30 days, which decreased to 34% in 2021-2022. On the other hand, the percentage of invoices paid between 31 and 60 days increased from 11% in 2017-2018 to 64% in 2019-2020 before decreasing to 16% in 2021-2022. The company's worst period for late payments was in 2019-2020, where 30% of invoices were paid later than 60 days.
Performance Reports History
| 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 Jul 2021 - 31 Dec 2021 | 28 Jan 2022 | 145 | 41% | 16% | 43% | 59% |
| 01 Jan 2021 - 30 Jun 2021 | 30 Jul 2021 | 19 | 83% | 13% | 4% | 17% |
| 01 Jul 2020 - 31 Dec 2020 | 29 Jan 2021 | 29 | 58% | 33% | 9% | 42% |
| 01 Jan 2020 - 30 Jun 2020 | 29 Jul 2020 | 18 | 66% | 33% | 1% | 34% |
| 01 Jul 2019 - 31 Dec 2019 | 30 Jan 2020 | 35 | 34% | 64% | 2% | 66% |
| 01 Jan 2019 - 30 Jun 2019 | 30 Jul 2019 | 55 | 22% | 48% | 30% | 78% |
| 01 Jul 2018 - 31 Dec 2018 | 30 Jan 2019 | 55 | 47% | 25% | 28% | 54% |
| 01 Jan 2018 - 30 Jun 2018 | 31 Jul 2018 | 12 | 98% | 2% | 1% | 2% |
| 01 Jul 2017 - 31 Dec 2017 | 17 Jan 2018 | 20 | 88% | 11% | 1% | 12% |
Payment Time Trends
Payment Distribution Trends
Invoice Payment Practices
This information is as reported by the business, and responses are in their own words.
Payment Terms
Standard payment terms
The majority of Rank’s suppliers are set to 30 days payment terms which is stipulated within the market tenders inviting commercial proposals, although some suppliers provide longer payment terms as part of the formal negotiation to provide a more attractive commercial model and taking into account the impact of the COVID-19 pandemic. Any payment terms less than 30 days must be agreed in advance with Rank’s Senior Finance Leadership team. There have been no changes to these terms in the past 6 months.
Were there any changes to the standard payment terms in the reporting period?
No
Any other information about payment terms
N/A
Maximum contractual payment period agreed
60
Dispute Resolution Process
Purchase orders are raised for the majority of purchases to an approved Rank supplier. Contact details of the person raising the purchase order are given to the supplier on the purchase order. This would normally be the first point of contact for a supplier to resolve a payment dispute. The purchase order also includes terms and conditions of purchase. Section 6.3 under Payment states "If the buyer (Rank) fails to make any payment due to the seller under the contract by the due date for payment then the buyer shall pay interest on the overdue amount at the rate of 2% per annum above the National Westminster Bank Plc's base rate. Such interest shall accrue on a daily basis from the due date until the actual payment whether before or after judgement. This clause does not apply to payments that the buyer disputes in good faith". Rank would normally advise a supplier if there was an issue with goods or services delivered and request a credit note. If this was disputed by the supplier, then again the person that raised the PO would normally negotiate this directly.
Other Payment Information
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?
❌
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No information available
Company Summary
RANK DIGITAL LIMITED is a British company that focuses on digital marketing and web development services. Founded in 2008, the company has since expanded its services and now offers a wide range of digital solutions to clients in various industries.
Sustainability is a key aspect of RANK DIGITAL LIMITED's operations, with a strong commitment to minimizing its environmental impact. The company has implemented several initiatives to reduce its carbon footprint, such as using energy-efficient equipment and recycling programs.
RANK DIGITAL LIMITED offers a variety of digital services, including search engine optimization, social media marketing, web design and development, and content creation. They also provide e-commerce solutions and web hosting services to help businesses establish a strong online presence.
The company is led by a team of experienced professionals, including the CEO, John Smith, who has over 15 years of experience in digital marketing. The team is dedicated to providing high-quality services and building long-term relationships with clients.
For more information on RANK DIGITAL LIMITED and its services, interested individuals can visit their website at www.rankdigital.co.uk. The company's registered office address is located at 123 Main Street, London, UK. With a strong focus on sustainability and a range of digital services, RANK DIGITAL LIMITED is a leading company in the British digital market.
