GOV.UK
LEX AUTOLEASE LIMITED
Company number: 01090741
Reporting period:
1 July 2022
to 31 December 2022
This report was filed on 30 January 2023
and approved by Nicholas Andrew Williams
Payment statistics
Average time taken to pay invoices: 10 days
Invoices paid:
- within 30 days: 96%
- in 31 to 60 days: 3%
- in 61 days or more: 1%
Invoices due but not paid within agreed terms: 4 %
Payment terms
Shortest standard payment period
1 days
Longest standard payment period
45 days
Standard payment terms
Standard payment terms vary depending on the type of payment and range from 1 days to 45 days from invoice date in accordance with the relevant purchase order.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
45 days
N/A
Any other information about payment terms
Invoice Receipt Date
We are currently only able to record the date of receipt of invoices for 73% of reportable invoices in this report. Where the date we receive an invoice is not available, we have reported on the date of the invoice itself, as we consider this the most justifiable alternative.
Unknown payment terms
For certain suppliers, our systems do not currently capture details of the payment terms in place under qualifying contracts with those suppliers. Therefore, for the purposes of reporting on our payment statistics for those qualifying contracts, we have assumed that all payments under those contracts are due within 30 days of the date of receipt of the invoice, which reflects our most commonly used contractual payment terms.
Discrepancy between contracting entity and paying entity
Our payment statistics include some payments made by Lex Autolease Limited where, although we are not the contracting entity for the relevant qualifying contract, the services have been received and paid for by Lex Autolease Limited.
Sufficient link to the UK
Our payment statistics may include some payments made to non-UK entities where we have been unable to ascertain whether the contract has a sufficient link to the UK to meet the criteria for reporting. It is not Lex Autolease Limited policy to differentiate supplier payment terms based on supplier jurisdiction and our payment practices for non-UK entities are representative of those followed for UK entities.
Dispute resolution process
Suppliers can raise queries with our Accounts Payable department by telephone on 0344 824 0727, or by email via vehiclepurchaseledger@lexautolease.co.uk or maintenanceledger@lexautolease.co.uk
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 – 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.
Yes
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