GATWICK AIRPORT LIMITED
Company number: 01991018
Reporting period:
1 January 2021 to 30 June 2021
Report filed on:
9 May 2022
Approved by:
Lorenzo Rebel
Payment statistics
Average time taken to pay invoices: 32 days
Invoices paid:
- within 30 days: 73%
- in 31 to 60 days: 19%
- in 61 days or more: 8%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 28%
Payment terms
Shortest standard payment periods
14 days
Longest standard payment period
60 days
Standard payment terms
Gatwick Airport’s standard payment terms are 60 days from the date of receipt of the invoice but many organisations, including smaller companies have terms of 30 days or less. Small invoices are paid immediately by Purchase Card. Payment runs are processed twice per month and pay all invoices that fall due in advance of the next payment run.
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
60 days
No further comment provided
Any other information about payment terms
The Coronavirus crisis has caused many staff to be furloughed and most others to work from home. Technology has been utilised to enable invoices to be received, processed and paid, but this remote working has inevitably caused disruption and a delay to the payment of a small number of invoices.
Dispute resolution process
Disputes must be registered and resolved with the requisitioner who raised the Purchase Order. When the dispute has been resolved, the requisitioner will process a receipt for the goods or service which will enable the invoice to be paid on the appropriate payment run. Accounts Payable report all invoices on hold on a weekly basis to the requisitioners and proactively follow up for a resolution to outstanding 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