GOV.UK
KINGSWOOD LEARNING AND LEISURE GROUP LIMITED
Company number: 03476432
Reporting period:
1 November 2018
to 30 April 2019
This report was filed on 31 May 2019
and approved by Charlie McLean
Payment statistics
Average time taken to pay invoices: 16 days
Invoices paid:
- within 30 days: 71%
- in 31 to 60 days: 9%
- in 61 days or more: 20%
Invoices due but not paid within agreed terms: 21 %
Payment terms
Standard payment period for qualifying contracts
7 days
Standard payment terms
Most suppliers are 30 days standard terms, however we have a few who are 14 days, and one of our larger suppliers has one account which is 60 day terms. Intercompany balances are not settled. Therefore excluding these from the payments due but not paid in reporting period results in 2% unpaid.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
60 days
Any other information about payment terms
Most suppliers are 30 days standard terms, however we have a few who are 14 days, and one of our larger suppliers has one account which is 60 day terms. Intercompany balances are not settled. Therefore excluding these from the payments due but not paid in reporting period results in 3% unpaid.
Dispute resolution process
The Accounts payable clerk will contact the supplier within 48 hours of an issue being raised. The issue is communicated via email to allow an audit trail and then by phone if no response received. Any queries which cannot be resolved directly by the AP clerk are reviewed by the raiser of the invoice, followed by management involvement if required.
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