LONDON CITY AIRPORT LIMITED
Company number: 01963361
Reporting period:
1 July 2023 to 31 December 2023
Report filed on:
16 January 2024
Approved by:
Wilma Allan
Payment statistics
Average time taken to pay invoices: 34 days
Invoices paid:
- within 30 days: 71%
- in 31 to 60 days: 21%
- in 61 days or more: 8%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 29%
Payment terms
Shortest standard payment periods
14 days
Longest standard payment period
45 days
Standard payment terms
Our standard contractual terms are 45 days.
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
60 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
The main points of contact of disputes is the Accounts Payable (AP) Supervisor. When an invoice is disputed, for example the PO is different to the amount on the invoice, the AP Superiors 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 strict no PO no Pay policy. The PO number is communicated by the relevant department at the time of placing the order.
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.
Yes, this business has signed up to: 01963361
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