LARKFLEET LIMITED
Company number: 03520125
Reporting period:
1 January 2019 to 30 June 2019
Report filed on:
24 July 2019
Approved by:
Karl Hick
Payment statistics
Average time taken to pay invoices: 60 days
Invoices paid:
- within 30 days: 7%
- in 31 to 60 days: 56%
- in 61 days or more: 37%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 38%
Payment terms
Shortest standard payment periods
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 from the end of the month in which a valid invoice or application is received.
Consultants
Payment terms for services provided by consultants comply with the Local Democracy, Economic Development and Construction Act 2009 in which the final payment is 30 days following the due date. The due date is the receipt of a valid application/invoice for payment.
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
75 days
N/A
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, either 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 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.
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