GKN AUTOMOTIVE LIMITED
Company number: 00034104
Reporting period:
1 January 2018
to 30 June 2018
This report was filed on 31 July 2018
and approved by Richard Carter
Payment statistics
Average time taken to pay invoices: 69 days
Invoices paid:
- within 30 days: 28%
- in 31 to 60 days: 43%
- in 61 days or more: 29%
Invoices due but not paid within agreed terms: 76 %
Payment terms
Standard payment period for qualifying contracts
90 days
Standard payment terms
The company’s standard terms and conditions of purchase (available at https://www.gkn.com/globalassets/downloads/driveline-suppliers/gkn-driveline-general-purchasing-conditions-uk-en.pdf) provide that payment will be due within 90 days of the Thursday following the end of the month of receipt of a validly issued invoice. 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. Terms are often initially imposed by suppliers and the company tries to ensure that it agrees payment terms of no shorter than 7 days.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
90 days
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.Yes – The company is a wholly owned subsidiary of GKN plc which is a signatory to the Prompt Payment Code.
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