GOV.UK
BIOMET UK LIMITED
Company number: 01019715
Reporting period:
1 July 2019
to 31 December 2019
This report was filed on 27 January 2020
and approved by Stewart Richards
Payment statistics
Average time taken to pay invoices: 45 days
Invoices paid:
- within 30 days: 37%
- in 31 to 60 days: 52%
- in 61 days or more: 11%
Invoices due but not paid within agreed terms: 19 %
Payment terms
Shortest standard payment period
60 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
Maximum contractual payment period agreed
75 days
Any other information about payment terms
N/A
Dispute resolution process
If we have an invoice that is linked to a PO that has not yet been processed and paid, then we need to investigate as to why.
If , when the AP team try and process against the PO, and it has been found that the PO has not been booked in, then the invoice needs to be sent to the person that raised the order, asking them to arrange for the PO to be booked in, only if they have received the goods or service has been completed. Once the PO has been booked in then the AP team can process the invoice for payment.
If the PO is booked in but there is a quantity issue such as an under booking, then this will also need to be queried with the person / department that raised the PO. If the PO relates to a non stock order then the invoice will need to be sent to the requisitioner of the PO to query the quantity discrepancy. If the PO is for stock orders then these will need to be queried with the stores and the Purchasing Department.
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
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