# The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Paragraph 33


For the purposes of this Part of this Schedule—
“average” means the arithmetic mean;
“finance provider” means a body corporate that—
(a)lends money or provides credit in the course of a business,
(b)arranges or facilitates the provision of debt or equity finance in the course of a business, or
(c)provides, arranges or facilitates invoice discounting or factoring in the course of a business;
“invoiced sum” means a sum payable under an invoice;
“qualifying contract” has the meaning given in paragraph 32
“payment period” means the period in which a company is contractually required to pay a sum;
“relevant day” means the day on which a company receives an invoice or otherwise has notice of an amount for payment;
“standard payment terms” means, in relation to a qualifying contract—
(a)the standard terms relating to payment that the company uses, or
(b)where the company does not use standard terms, the company’s most frequently used payment terms.

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Source: https://www.legislation.gov.uk/uksi/2008/410/schedule/7/paragraph/33 (the official version)
Page: https://openlegislation.uk/large-and-medium-sized-companies-and-groups-accounts-and-reports-regulations-2008/schedule-7/paragraph-33
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.