GOV.UK
LONDON CITY AIRPORT LIMITED
Company number: 01963361
Reporting period:
1 January 2023
to 30 June 2023
This report was filed on 19 July 2023
and approved by Wilma Allan
Payment statistics
Average time taken to pay invoices: 35 days
Invoices paid:
- within 30 days: 70%
- in 31 to 60 days: 22%
- in 61 days or more: 8%
Invoices due but not paid within agreed terms: 30 %
Payment terms
Shortest standard payment period
14 days
Longest standard payment period
45 days
Standard payment terms
Standard contractual terms are 45 days.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
60 days
N/A
Any other information about payment terms
N/A
Dispute resolution process
The main point of contact for disputes is the accounts payable supervisor. When an invoice is disputed, for example the PO is different to the amount on the invoice, the accounts payable supervisor will contact the relevant department who raised the PO/ approved the invoice to query the difference. It is up to the relevant department to contact the supplier if the invoice is incorrect or different to what is expected. LCY follows a strictly no PO no pay policy. The PO number is communicated by the relevant department at the time of placing the order.
During this period there were several invoices in dispute which led to the increase in the average time taken to pay invoices from 33 days to 35 days. These disputes have now been resolved and we expect to see a reduction in the payment days going forward.
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
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