GOV.UK
LONDON BUS SERVICES LIMITED
Company number: 03914787
Reporting period:
1 October 2020
to 31 March 2021
Warning
This information is as reported by the business, and responses are in their own words.
This report was filed on 28 May 2021
and approved by Patrick Doig
Payment statistics
Average time taken to pay invoices: 17 days
Invoices paid:
- within 30 days: 94%
- in 31 to 60 days: 3%
- in 61 days or more: 3%
Invoices due but not paid within agreed terms: 27 %
Payment terms
Shortest standard payment period
10 days
Longest standard payment period
30 days
Standard payment terms
30 days
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
30 days
Any other information about payment terms
N/A
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.
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