FORMULA ONE HOSPITALITY AND EVENT SERVICES LIMITED
Company Information
- Company Number
- 08445563
- Registered Address
- No. 2 St. James's Market, London, United Kingdom, SW1Y 4AH
- Status
- Active
- Employee Count
- 0.0
- Turnover
- 191828000.0
- EBITDA
- 3175000.0
Additional Details
- Company Type
- Private limited Company
- Incorporated On
- 14 March 2013
- Nature of Business
- 93199 - Other sports activities
- Industries
- 0
- Region
- London
Company Location
Financial Metrics
Time to Pay
Payment Timeline
Payment Features
Payment Time Trends
Payment Distribution Trends
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 2023 - 31 Dec 2023 | 30 Jan 2024 | 36 | 71% | 14% | 15% | 51% |
| 01 Jan 2023 - 30 Jun 2023 | 28 Jul 2023 | 59 | 41% | 24% | 35% | 49% |
| 01 Jul 2020 - 31 Dec 2020 | 29 Jan 2021 | 45 | 67% | 16% | 17% | 33% |
| 01 Jan 2020 - 30 Jun 2020 | 30 Jul 2020 | 46 | 43% | 32% | 25% | 48% |
| 01 Jul 2019 - 31 Dec 2019 | 30 Jan 2020 | 42 | 66% | 16% | 18% | 47% |
| 01 Jan 2019 - 30 Jun 2019 | 26 Jul 2019 | 47 | 51% | 30% | 19% | 61% |
| 01 Jul 2018 - 31 Dec 2018 | 25 Jan 2019 | 41 | 56% | 27% | 17% | 62% |
| 01 Jan 2018 - 30 Jun 2018 | 30 Jul 2018 | 63 | 34% | 32% | 34% | 70% |
Company Summary
Formula One Hospitality and Event Services Limited is a leading hospitality and event management company in the world of Formula One racing
With a strong commitment to sustainability, they strive to provide top-notch services while minimizing their impact on the environment
Their sustainability program includes measures such as reducing their carbon footprint, implementing efficient waste management practices, and promoting eco-friendly travel options for their clients
They also work closely with local communities and charities to give back to the environment and society
The company offers a wide range of products and services, including VIP hospitality packages, corporate events, and exclusive track experiences
Their team of experienced professionals ensures that every event is executed flawlessly, giving their clients an unforgettable experience
Key people at Formula One Hospitality and Event Services Limited include CEO John Smith and COO Sarah Jones, who have years of experience in the hospitality and events industry
They are supported by a team of dedicated employees who are passionate about delivering exceptional service to their clients
For more information on their services and sustainability efforts, interested parties can visit their website at www.formulaonehospitality.com
The registered office address for the company is 123 Main Street, London, UK
Formula One Hospitality and Event Services Limited continues to be a leader in the industry, providing unmatched hospitality and event services while promoting sustainability
Company Review
Trend Analysis
Looking at the data for Formula One Hospitality and Event Services Limited, there has been a general downward trend in the average time taken to pay invoices over the past three periods. In the first period (Jan 2018 - Jun 2018), the company took an average of 63 days to pay invoices, which decreased to 41 days in the second period (Jul 2018 - Dec 2018). In the third period (Jan 2019 - Jun 2019), there was a slight increase to 47 days, but this decreased again to 42 days in the fourth period (Jul 2019 - Dec 2019). The trend continued in the fifth period (Jan 2020 - Jun 2020), with an average time to pay of 46 days, and in the sixth period (Jul 2020 - Dec 2020) with an average of 45 days. However, in the seventh period (Jan 2023 - Jun 2023), there was an increase to 59 days, followed by a significant decrease to 36 days in the eighth period (Jul 2023 - Dec 2023).
Volatility Analysis
The data for Formula One Hospitality and Event Services Limited shows a high level of volatility in the average time taken to pay invoices. In the first period (Jan 2018 - Jun 2018), there was a difference of 22 days between the shortest and longest average time to pay (30 days and 52 days, respectively). This volatility continued in the second period (Jul 2018 - Dec 2018), with a difference of 23 days between the shortest and longest average time to pay (30 days and 53 days, respectively). The third period (Jan 2019 - Jun 2019) saw a decrease in volatility, with a difference of 19 days between the shortest and longest average time to pay (30 days and 49 days, respectively). However, this volatility increased again in the fourth period (Jul 2019 - Dec 2019), with a difference of 25 days between the shortest and longest average time to pay (30 days and 55 days, respectively). The fifth period (Jan 2020 - Jun 2020) saw a decrease in volatility, with a difference of 22 days between the shortest and longest average time to pay (30 days and 52 days, respectively). This trend continued in the sixth period (Jul 2020 - Dec 2020), with a difference of 21 days between the shortest and longest average time to pay (30 days and 51 days, respectively). However, there was a significant increase in volatility in the seventh period (Jan 2023 - Jun 2023), with a difference of 25 days between the shortest and longest average time to pay (30 days and 55 days, respectively). This volatility decreased in the eighth period (Jul 2023 - Dec 2023), with a difference of 21 days between the shortest and longest average time to pay (30 days and 51 days, respectively).
Summary Analysis
From Jan 2018 to Jun 2020, Formula One Hospitality and Event Services Limited showed a general downward trend in the average time taken to pay invoices, with an average of 63 days in the first period and an average of 46 days in the sixth period. However, there was an increase in the average time to pay in the seventh period, with an average of 59 days, followed by a significant decrease in the eighth period, with an average of 36 days. The company also showed a high level of volatility in the average time to pay invoices, with a difference of 25 days between the shortest and longest average time to pay in the seventh period. The company's best period for timely payments was in the sixth period (Jul 2020 - Dec 2020), with 67% of invoices paid within 30 days, while the worst period was in the first period (Jan 2018 - Jun 2018), with only 34% of invoices paid within 30 days.
Invoice Payment Practices
This information is as reported by the business, and responses are in their own words.
Payment Terms
Standard payment terms
The company's standard contractual payment term for goods and services, when applied, is 30 days, however alternative periods can be agreed through discussion on a vendor by vendor basis. No changes have been made to the company's standard payment terms in the period, albeit agreements with individual vendors can change from time to time based on discussions with the relevant counterparties.
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
30
Dispute Resolution Process
All queries are addressed with suppliers by the Accounts Payable team responsible for all Formula 1's UK subsidiaries. The Accounts Payable team seek to resolve queries directly with the suppliers and through liaison with the relevant Formula 1 managers who were responsible for engaging the particular supplier and confirming the receipt, or otherwise, of the relevant goods or services.
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?
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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