G.K.N. GROUP SERVICES LIMITED
Company number: 00462420
Reporting period:
1 July 2018 to 31 December 2018
Report filed on:
30 January 2019
Approved by:
Matthew Richards
Payment statistics
Average time taken to pay invoices: 48 days
Invoices paid:
- within 30 days: 45%
- in 31 to 60 days: 38%
- in 61 days or more: 17%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 65%
Payment terms
Shortest standard payment periods
7 days
Longest standard payment period
120 days
Standard payment terms
The company’s standard terms and conditions of purchase provide that payment will be due within the terms of the issued invoice. The most frequently agreed terms are 30 days or less.
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
120 days
N/A
Any other information about payment terms
N/A
Dispute resolution process
The company does not have a formal dispute resolution process. Any disputes or queries should be raised with the relevant company contact for that particular contract. Formal legal disputes are rare and there have been no formal legal disputes between the company and its suppliers in the reporting period
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.
Yes, this business has signed up to: Prompt Payment Code
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.
Yes
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