LGC LIMITED
Company number: 02991879
Reporting period:
1 April 2022 to 30 September 2022
Report filed on:
17 October 2022
Approved by:
Vivid Sehgal
Payment statistics
Average time taken to pay invoices: 47 days
Invoices paid:
- within 30 days: 40%
- in 31 to 60 days: 24%
- in 61 days or more: 36%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 40%
Payment terms
Shortest standard payment periods
7 days
Longest standard payment period
120 days
Standard payment terms
Unless otherwise agreed between the parties, LGC Limited pays approved invoices within 60 days from the end of the month of whichever is the later of; (a) receipt of invoice; or (b) final completion of the services or final delivery of goods.
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
120 days
No further comment provided
Any other information about payment terms
For operational business reasons LGC Limited schedules two supplier payment runs per month (mid-month and month-end). Therefore, in accordance with the defined calculating methodology, payments due by LGC Limited one day before the end of the month will be measured as late. For payments made within 5 days of the due date the measure for LGC Limited for invoices due but not paid within agreed terms is 21%.
Dispute resolution process
Payment processing is managed within LGC Limited by the Accounts Payable function and any delayed supplier payment queries that may arise are actioned by this team. In the event they are unable to resolve the matter, or if the dispute relates to services/goods provided or received, the query will be discussed between the supplier and the relevant functional/operational manager or finance/legal/procurement personnel to ensure satisfactory resolution. All queries on supplier invoices and payments should be directed to payable.accounts.uk@lgcgroup.com.
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