BIOMET UK LIMITED
Company number: 01019715
Reporting period:
1 July 2023 to 31 December 2023
Report filed on:
24 January 2024
Approved by:
Larissa Petsche
Payment statistics
Average time taken to pay invoices: 52 days
Invoices paid:
- within 30 days: 36%
- in 31 to 60 days: 46%
- in 61 days or more: 19%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 25%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
75 days
Standard payment terms
60 days from date of invoice 3% discount if paid within 15 days otherwise in full within 75 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
75 days
N/A
Any other information about payment terms
N/A
Dispute resolution process
If we have an invoice linked to a purchase order that has not been processed and paid we investigate the reason. If the AP team try and process the invoice against a PO but the PO has not been booked in then the invoice needs to be sent to the team member that raised the order to request that they book in the goods or service if they have been received the goods or service. Once the invoice has been 3 way matched with the purchase order, the invoice can be processed and paid. If there is a quantity or price difference then this is also queried with the purchase order requestor and resolved prior to the invoice being processed and paid.
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