LOTUS INTERNATIONAL LIMITED

Company number: 01835272

Reporting period:
1 November 2018 to 30 April 2019

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This report was filed on 24 September 2019

and approved by John Phelps

Payment statistics

Average time taken to pay invoices: 14 days

Invoices paid:

• within 30 days: 100%

Invoices due but not paid within agreed terms: 0%

Payment terms

Shortest standard payment periods

0 days

Longest standard payment period

15 days

Standard payment terms

97% of purchase payment is to airlines though IATA BSP automated payment system with cash taken 15 days from BSP invoice. Of remainder almost all paid by credit card.

Were there any changes to the standard payment terms in the reporting period?

Answer not provided

Were suppliers notified or consulted about these changes before they were made?

N/A

Maximum contractual payment period agreed

15 days

Travel industry standard payment terms.

Any other information about payment terms

Failure to observe standard industry payment terms is not possible with BSP and in other areas would result in non supply of services.

Dispute resolution process

Standard industry practices apply

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, 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.

Yes

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