LARKFLEET LIMITED
Company number: 03520125
Reporting period:
1 July 2018
to 31 December 2018
This report was filed on 16 May 2019
and approved by Karl Hick
Payment statistics
Average time taken to pay invoices: 57 days
Invoices paid:
- within 30 days: 8%
- in 31 to 60 days: 63%
- in 61 days or more: 29%
Invoices due but not paid within agreed terms: 10 %
Payment terms
Shortest standard payment period
45 days
Longest standard payment period
75 days
Standard payment terms
Our payment terms depend on the nature of the supply and the order placed by the company.
Supplier and Sub-Contractor Payment Terms
Payment terms for both suppliers and sub-contractors are 45 days after the end of the month in which a valid invoice/application was received.
Consultants
Payment terms for services from consultants are 30 days following the due date with the due date being the date of receipt of a valid application/invoice.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
75 days
Any other information about payment terms
N/A
Dispute resolution process
Our standard contractual frameworks provide for a dispute resolution process which adopts the Construction Industry Council Model Adjudication Procedures and in accordance with the Local Democracy, Economic Development and Construction Act 2009, wither party may refer a dispute to adjudication. Either party has the right to initiate legal proceedings in the UK courts.
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.
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