KUWAIT PETROLEUM INTERNATIONAL AVIATION COMPANY (U.K.) LIMITED
Company number: 01744961
Reporting period:
1 October 2021
to 31 March 2022
This report was filed on 27 April 2022
and approved by Peter Coules
Payment statistics
Average time taken to pay invoices: 20 days
Invoices paid:
- within 30 days: 85%
- in 31 to 60 days: 14%
- in 61 days or more: 1%
Invoices due but not paid within agreed terms: 32 %
Payment terms
Shortest standard payment period
14 days
Longest standard payment period
37 days
Standard payment terms
Standard payment terms are the later of; 14 days from receipt of a supplier invoice, or the supplier invoice terms. This allows for us to maintain the process of invoice approval before payment. We carry out a weekly payment run.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
37 days
Any other information about payment terms
N/A
Dispute resolution process
Any complaints or disputes relating to supplier invoices are initially raised with our Accounts Payable Department who will refer the invoice to the relevant individual responsible for invoice approval. If the issue is not resolved, it will be escalated to the Management Accountant and, if necessary, ultimately to the Finance Director for final resolution.
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