GKN AEROSPACE SERVICES LIMITED

Company number: 00355922

Reporting period:
1 July 2023 to 31 December 2023

This information is as reported by the business, and responses are in their own words.

This report was filed on 30 January 2024

and approved by Richard Gough

Payment statistics

Average time taken to pay invoices: 95 days

Invoices paid:

within 30 days: 9%
in 31 to 60 days: 18%
in 61 days or more: 73%

Invoices due but not paid within agreed terms: 25%

Payment terms

Shortest standard payment periods

0 days

Longest standard payment period

180 days

Standard payment terms

The company’s standard terms and conditions of purchase (available at https://www.gknaerospace.com/globalassets/downloads/aerospace---aog/final---conditions-of-sale-of-gkn-aerospace-services-ltd.pdf/) provide that payment will be due within 90 days of the end of the month of receipt of a validly issued invoice. However, in practice these terms only apply in the absence of agreement and the company agrees payment terms with its suppliers on a case by case basis. The most frequently agreed terms are 90 days from the end of the month in which the invoice is received.

Were there any changes to the standard payment terms in the reporting period?

Answer not provided

Were suppliers notified or consulted about these changes before they were made?

N/A

Maximum contractual payment period agreed

180 days

No further comment provided

Any other information about payment terms

N/A

Dispute resolution process

The company does not have a formal dispute resolution process. Any disputes or queries should be raised with the relevant company contact for that particular contract. This varies from contract to contract, but will often be a member of the company’s purchasing function. That person will attempt to resolve that dispute with the supplier informally in the first instance. Formal legal disputes are rare and there have been no formal legal disputes between the company and its suppliers in the reporting period.

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, 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.

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.

Yes

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?