FR AVIATION LIMITED
Company number: 00845310
Reporting period:
1 July 2021 to 31 December 2021
Report filed on:
1 February 2022
Approved by:
Sarah Harrison
Payment statistics
Average time taken to pay invoices: 38 days
Invoices paid:
- within 30 days: 61%
- in 31 to 60 days: 23%
- in 61 days or more: 16%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 39%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
Answer not provided
Standard payment terms
Our standard contractual length for payment of invoices varies depending on the nature of the
supply. Previously under Cobham ownership, we were guided to request 75 days as our
standard payment terms, where available and appropriate. We do however undertake specific
negotiations with suppliers in certain circumstances which may be informed by, amongst other
considerations, our own payment receipts profile from ultimate end users of our services and flow
down contractual requirements from our own customers (which may require earlier payment).
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
75 days
No further comment provided
Any other information about payment terms
During the period payments were impacted by Covid-19 and a business transition resulting in required changes to systems and processes.
Dispute resolution process
Suppliers are notified of any changes to these policies in writing and during the ordering process for parts and services. Disputes related to payment can be raised by suppliers directly with local finance teams, the procurement team and business general manager either verbally or in writing.
Any query or dispute raised is addressed as soon as practical and the supplier engaged as appropriate.
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.
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