K & T HEATING SERVICES LIMITED
Company number: 05158607
Reporting period:
1 October 2023 to 31 March 2024
Report filed on:
30 April 2024
Approved by:
David Greenfield
Payment statistics
Average time taken to pay invoices: 54 days
Invoices paid:
- within 30 days: 12%
- in 31 to 60 days: 80%
- in 61 days or more: 8%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 8%
Payment terms
Shortest standard payment periods
7 days
Longest standard payment period
91 days
Standard payment terms
K&T Heating Services Limited agrees payment terms with suppliers and subcontractors as part of contract negotiations. Payment terms vary from a lower range of 7 days to 60 days from end of month (i.e. up to a maximum of 91 days as noted above). Our initial standard payment terms are 30 days end of month. Note on payment statistics Our two largest suppliers have been calculated using a newly agreed invoicing mechanism based on payment terms of 60 days end of month. Under the previous mechanism, for the six months to 31 March 2024, invoices paid in 31 to 60 days would have been 11%, invoices paid in 61 days or more would have been 77% and the average time take to pay invoices would have been 64 days with all other metrics unchanged.
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
91 days
The statistical information provided includes payments to both purchase ledger and sub-contract suppliers. Subcontractors are paid either weekly, fortnightly or monthly for the valuation of work performed - the valuation stipulated in the subcontractor's " application for payment " is subject to approval from our team of quantity surveyors.
Any other information about payment terms
K&T Heating Services Limited is committed to fair dealing with all of its supply chain members. Payment delays can occur in circumstances where agreement of payment from the end customer is delayed due to issues of rectification or validation of work performed by the supply chain. In those circumstances where we have delayed payments we pay our supply chain partners as soon as is reasonably practical thereafter.
Dispute resolution process
K&T Heating Services Limited actively seeks to resolve disputes by discussing them with the relevant suppliers or subcontractors, involving our accounts payable team as the first point of contact. The process may then involve commercial teams or senior management. Where it is not possible to reach agreement a number of dispute resolution methods such as mediation, adjudication, litigation and/or arbitration may be used.
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