NEWCASTLE INTERNATIONAL AIRPORT LIMITED
Company number: 02077766
Reporting period:
1 July 2021 to 31 December 2021
Report filed on:
28 January 2022
Approved by:
Mark Hunt
Payment statistics
Average time taken to pay invoices: 39 days
Invoices paid:
- within 30 days: 63%
- in 31 to 60 days: 22%
- in 61 days or more: 15%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 23%
Payment terms
Shortest standard payment periods
45 days
Longest standard payment period
Answer not provided
Standard payment terms
The majority of payment terms are agreed in individual contracts with suppliers, for those not separately agreed standard payment terms are 45days. Given the exceptional circumstances during the pandemic, payment deferrals were discussed with numerous suppliers, who agreed to support the Airport at this time. These agreed deferrals impacted on the payment statistics presented in this report.
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
45 days
No further comment provided
Any other information about payment terms
The standard terms and conditions of purchase including payment terms are published on the Airport's website.
Dispute resolution process
The accounts payable team is the first point of contact to resolve queries with suppliers. Any discrepancies identified on receipt of invoice are followed up with the service requisitioner and supplier to ensure prompt resolution of any disputes.
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