GKN DRIVELINE BIRMINGHAM LIMITED
Company number: 00121799
Reporting period:
1 January 2022 to 30 June 2022
Report filed on:
23 July 2022
Approved by:
Ian Lycett
Payment statistics
Average time taken to pay invoices: 47 days
Invoices paid:
- within 30 days: 25%
- in 31 to 60 days: 57%
- in 61 days or more: 18%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 6%
Payment terms
Shortest standard payment periods
104 days
Longest standard payment period
Answer not provided
Standard payment terms
The company’s standard terms and conditions of purchase (available at: www.GKNAutomotive.com/GeneralPurchasingConditions) provide that payment will be due on the first bi-weekly GKN payment run date falling ninety (90) days after the later of the date on which: (a) a validly issued invoice is received by GKN; or (b) title to the products passes to GKN and/or the services are provided in full (as applicable). However, in practice these terms only apply in the absence of agreement and the company agrees payment terms with its suppliers on a case by case basis.
Were there any changes to the standard payment terms in the reporting period?
Answer not provided
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
104 days
No further comment provided
Any other information about payment terms
N/A
Dispute resolution process
Due to the nature of the company’s activities, disputes with its suppliers are very infrequent. The company does not have a formal dispute resolution process. Any disputes or queries should be raised with the relevant company contact for that particular contract (which varies from contract to contract) who will attempt to resolve that dispute with the supplier informally in the first instance. There have been no formal legal disputes about payments between the company and its suppliers in the reporting period.
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, 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.
Yes
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