GKN AEROSPACE SERVICES LIMITED
Company number: 00355922
Reporting period:
1 January 2022 to
30 June 2022
This report was filed on 29 July 2022
and approved by Richard Gough
Payment statistics
Average time taken to pay invoices: 77 days
Invoices paid:
- within 30 days: 13%
- in 31 to 60 days: 22%
- in 61 days or more: 65%
Invoices due but not paid within agreed terms: 20%
Payment terms
Shortest standard payment periods
7 days
Longest standard payment period
120 days
Standard payment terms
The company’s standard terms and conditions of purchase. https://www.gknaerospace.com/globalassets/downloads/aerospace---aog/final---conditions-of-sale-of-gkn-aerospace-services-ltd.pdf/ We provide that payment will be due within 90 days of 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. The most frequently agreed terms are 90 days from the end of the month in which the invoice is received.
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
120 days
No further comment provided
Any other information about payment terms
N/A
Dispute resolution process
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. This varies from contract to contract, but will often be a member of the company’s purchasing function. That person will attempt to resolve that dispute with the supplier informally in the first instance. Formal legal disputes are rare and there have been no formal legal disputes 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