LONDON BUS SERVICES LIMITED
Company number: 03914787
1 October 2019
to 31 March 2020
This report was filed on 30 April 2020
and approved by Patrick Doig
Average time taken to pay invoices: 12 days
- within 30 days: 96%
- in 31 to 60 days: 3%
- in 61 days or more: 1%
Invoices due but not paid within agreed terms: 30 %
Shortest standard payment period
Longest standard payment period
Standard payment terms
Standard payment terms of 30 days
Were there any changes to the standard payment terms in the reporting period?
Maximum contractual payment period agreed
Any other information about payment terms
Dispute resolution process
Transport for London and its subsidiaries has enhanced its automatic communication with suppliers enabling them to be notified of any issues preventing an invoice from being processed for payment. Suppliers are notified in writing if there may be a delay in payment of invoices. Information on this process can be found at https://tfl.gov.uk/info-for/suppliers-and-contractors/recieving-orders-and-getting-paid#on-this-page-3
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.
Yes – Prompt Payment Code (PPC)
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.
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.
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?
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?