GOV.UK
LYONS DAVIDSON LIMITED
Company number: 07592441
Reporting period:
1 December 2020
to 31 May 2021
This report was filed on 18 November 2021
and approved by Gill Banbury
Payment statistics
Average time taken to pay invoices: 37 days
Invoices paid:
- within 30 days: 41%
- in 31 to 60 days: 47%
- in 61 days or more: 11%
Invoices due but not paid within agreed terms: 13 %
Payment terms
Standard payment period for qualifying contracts
45 days
Standard payment terms
Lyons Davidson’s standard practice is to pay the charges of normal purchase ledger suppliers
within 45 days of receipt of a valid and accurate VAT invoice (unless a different payment period is
specifically agreed with a particular supplier) and provided we are satisfied that the goods or
services have been delivered or performed in accordance with the agreement with that supplier.
In relation to disbursements (including counsel services) Lyons Davidson’s standard practice is to
pay suppliers within 2 business days of receipt of those funds from our clients, in accordance with
the rules of the Solicitors Regulation Authority.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
45 days
Any other information about payment terms
N/A
Dispute resolution process
Material disputes relating to payments with our suppliers are very rare as we will have agreed cost
and payment terms prior to the goods or services being delivered or performed.
Any disputes or other queries are raised and discussed with the supplier (by the relevant contact in
the Lyons Davidson operational or finance team) with the intention of resolving the dispute or query
promptly and to the satisfaction of both parties.
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
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