Ranked in 2 industries
This company is listed under more than one industry, so we show its position in each rather than picking one.
The average time for CULT BEAUTY LIMITED to pay invoices has fluctuated over the past four periods, with a slight increase in the most recent period. The percentage of invoices paid within 30 days has decreased in the past two periods, while the percentage of invoices paid between 31 and 60 days has increased. The most significant change has been in the percentage of invoices paid later than 60 days, which has increased from 41% to 55% in the past two periods.
The volatility in CULT BEAUTY LIMITED's payment patterns can be seen in the significant changes in the percentage of invoices paid within 30 days and invoices paid later than 60 days. The company has also shown inconsistency in meeting agreed payment terms, with a high of 84% of invoices not being paid within terms in the most recent period.
From the data provided, it can be seen that CULT BEAUTY LIMITED's average time to pay has increased slightly from 58 days to 67 days in the past two periods. The company has also shown a decrease in the percentage of invoices paid within 30 days, from 20% to 2%, and an increase in the percentage of invoices paid later than 60 days, from 46% to 55%. This indicates a trend of delayed payments and inconsistent adherence to agreed payment terms.
| 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 2023 - 31 Dec 2023 | 08 Feb 2024 | 50 | 11% | 44% | 45% | 84% |
| 01 Jan 2023 - 30 Jun 2023 | 17 Aug 2023 | 67 | 2% | 43% | 55% | 39% |
| 01 Jul 2022 - 31 Dec 2022 | 13 Mar 2023 | 58 | 15% | 44% | 41% | 25% |
| 01 Jan 2022 - 30 Jun 2022 | 05 Aug 2022 | 63 | 20% | 34% | 46% | 22% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
Cult Beauty’s standard payment terms are: Stock: Typically 60 days from the end of the month in which a tax invoice is received. Non-stock: Typically 60 days from the end of the month in which a tax invoice is received. The Company trades with a limited number of suppliers on proforma payment terms due to legacy trading arrangements or those relationships established due to acquisition. The Company works flexibly with suppliers to ensure agreed terms are acceptable for both parties.
Were there any changes to the standard payment terms in the reporting period?
No information available
Any other information about payment terms
Please note, the Cult Beauty PPPR statistics are based on approx. 100 transactions only.
Maximum contractual payment period agreed
60
Supplier queries and disputes are to be sent to the Accounts Payable department at the following email addresses: Stock - APSupplierServices@thehutgroup.com, Non-stock - OHinvoices@thehutgroup.com. Stock suppliers have allocated representatives who will liaise internally with the relevant buying team and/or warehouse in order to resolve the query. Non-stock suppliers’ queries and disputes are dealt with by a dedicated ‘Overheads’ team. Emails are usually responded to within two working days. If disputes cannot be resolved by the Accounts Payable department they are escalated within the business as appropriate.
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
Cult Beauty Limited is a UK-registered company, incorporated in 2007, that operates the online beauty retail business trading as Cult Beauty. Classified under mail order and internet retail, it sells cosmetics, skincare, haircare, fragrance and body care products sourced from over 300 brands, including a number of exclusive lines. The business curates new product launches, discovery sets and seasonal offerings such as advent calendars, and promotes claims about ingredient efficacy through third-party verification partnerships. It also runs loyalty schemes and free sample initiatives for customers. The company remains active on the Companies House register, registered in England and Wales, with its trading activity centred entirely on internet-based sale of beauty and personal care products to consumers.
Generated from the company's website and Companies House records. Sources: cultbeauty.co.uk · cultbeauty.co.uk