GOV.UK
LAKEHOUSE CONTRACTS LIMITED
Company number: 02603357
Reporting period:
1 October 2017
to 31 March 2018
This report was filed on 22 April 2018
and approved by Jeremy Simpson
Payment statistics
Average time taken to pay invoices: 49 days
Invoices paid:
- within 30 days: 26%
- in 31 to 60 days: 45%
- in 61 days or more: 29%
Invoices due but not paid within agreed terms: 91 %
Payment terms
Shortest standard payment period
1 days
Longest standard payment period
60 days
Standard payment terms
LHC Ltd agrees payment terms with suppliers and subcontractors as part of contract negotiations. Payment terms vary from immediately due to 60 days from date of invoice. Our initial standard terms are 30 days for vendors and 45 days for subcontractors.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
60 days
The statistical information provided includes payments to both purchase ledger and subcontractors. Subcontractors are paid either weekly, fortnightly or monthly for the valuation of work performed - the valuation stipulated in the subcontractors " application for payment" is subject to approval from our team of quantity surveyors.
Any other information about payment terms
LHC is committed to fair dealings with all its supply chain members as a key principle, which includes fair payment terms. Where agreement of payment from the end customer is delayed there can be an impact on payments to the supply chain due to rectification or validation of certain works performed by the supply chain. In those circumstances payments to the supply chain partners is done as soon as reasonably practical.
Dispute resolution process
LHC actively seeks to resolve disputes by discussion with relevant suppliers and the Accounts Payable team as first point. Thereafter Commercial teams or management may be involved. Where no agreement can be reached other dispute resolution processes are used such as mediation, adjudication and litigation and/or arbitration.
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 Prompt Payment Code must commit to paying 95% of their invoices within 60 days.No
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