SYNAMEDIA LIMITED
Company number: 03080780
Reporting period:
29 July 2018 to 30 June 2019
Report filed on:
31 July 2019
Approved by:
Charles Richard Kenneth Medlock
Payment statistics
Average time taken to pay invoices: 44 days
Invoices paid:
- within 30 days: 25%
- in 31 to 60 days: 52%
- in 61 days or more: 23%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 77%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
90 days
Standard payment terms
30 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
90 days
No further comment provided
Any other information about payment terms
By way of background, Synamedia Group was established following the sale of a number of businesses and assets by Cisco Systems Inc. on 28 October 2018. Synamedia Limited (formerly known as NDS Limited) was one of the businesses purchased from Cisco. Following the acquisition, a significant amount of set-up activity was required to stand-up the finance function and implement our financial systems. During this time, there was also a significant number of personnel changes. These changes have significantly impacted our payment processes which we are working to improve for FY20 and are not typical of how Synamedia expects to operate in the future.
Dispute resolution process
Suppliers who place an invoice or payment in dispute may contact Synamedia via two methods. In the first instance contact their local Synamedia accounts payable team on a generic local accounts payable email alias address. Alternatively they make such a request directly on the named requestor on the relevant purchase order who in turn will liaise with the accounts payable team, or the procurement function. Currently there is an SLA of 2 (two) business days to respond to all queries received. Once received the case will be reviewed taking into consideration the frequency and value of the current and expected transactions.
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