LYNEMOUTH POWER LIMITED
Company number: 07866585
Reporting period:
1 July 2020 to 31 December 2020
Report filed on:
29 January 2021
Approved by:
Deborah Walton
Payment statistics
Average time taken to pay invoices: 52 days
Invoices paid:
- within 30 days: 10%
- in 31 to 60 days: 25%
- in 61 days or more: 65%
Late and disputed:
- total value of payments due in the reporting period which have not been paid within the agreed period: £0
- payments due in the reporting period which have not been paid within the agreed period: 24%
Payment terms
Shortest standard payment periods
5 days
Longest standard payment period
90 days
Standard payment terms
Our shortest standard terms are associated with purchases of biomass which is used in the electricity generation process, these are with a number of different suppliers but are contractually payable between 5 and 10 business days. Our standard terms for suppliers which the majority of our suppliers are setup are the longest. These terms are net monthly account + 30 days from invoice date, therefore actually payment ranges from 60 to 90 days depending on when the invoice is dated within the month.
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
90 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
Disputes are usually considered when they are raised by the supplier, any dispute is firstly handled by the finance department and then referred to the procurement department if the dispute remains. When a new supplier is setup on our system they are required to sign off a supplier form which details address, account details and standard payment terms which they will be paid under. These are referred to when any disputes are raised and are quoted on purchase orders when they are sent out to suppliers.
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.
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