KIA MOTORS (UK) LIMITED
Company number: 04415807
Reporting period:
1 July 2018 to 31 December 2018
Report filed on:
30 January 2019
Approved by:
Paul Philpott
Payment statistics
Average time taken to pay invoices: 31 days
Invoices paid:
- within 30 days: 78%
- in 31 to 60 days: 15%
- in 61 days or more: 5%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 2%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
60 days
Standard payment terms
The standard payment terms of Kia Motors UK Ltd are set out in our internal Purchasing Policy and are 30 days from date of invoice. If terms are shorter than this detailed rationale will have to be provided. There are some larger suppliers where payment terms are agreed at 45 or 60 days.
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
60 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
Kia Motors (UK) Ltd aim to deal with disputes quickly and effectively to minimise delay in payment to suppliers. The usual process would be to look at any disputes internally between Finance and the functional department. If it is unable to be resolved internally the next step would be to go to the supplier contact with the dispute. An approval SLA of two working days timeframe for escalation and response of queries to the relevant person. Once the dispute has been resolved the document would be released for inclusion in the next scheduled payment.
Other payment information
Has this business signed up to a code of conduct or standards on payment practices? If so, which?
For example, signatories to The Fair Payment Code must commit to paying 95% of their invoices within 60 days.
No, this business has not signed up to a code of conduct or standards on payment practices.
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.
No
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.
No
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?
No
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No