KEYMED (MEDICAL & INDUSTRIAL EQUIPMENT) LIMITED
Company number: 00966736
Reporting period:
1 October 2019 to 31 March 2020
Report filed on:
28 April 2020
Approved by:
John Rowe
Payment statistics
Average time taken to pay invoices: 45 days
Invoices paid:
- within 30 days: 39%
- in 31 to 60 days: 28%
- in 61 days or more: 33%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 9%
Payment terms
Shortest standard payment periods
14 days
Longest standard payment period
90 days
Standard payment terms
Under KeyMed (Medical & Industrial Equipment) Ltd’s standard payment terms we aim to pay within 30 days from the invoice date, where an undisputed invoice has been received. There are various terms agreed. 14 days for smaller suppliers, 30 days net monthly for overseas suppliers, Intercompany standard terms are either 60 or 90 days on 20th of the month, there are ad hoc invoices that have immediate payment terms.
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
We have been offered contractual terms of 90 days net monthly by some of our third party suppliers.
Any other information about payment terms
N/A
Dispute resolution process
Accounts Payable look to resolve disputes internally with the requisitioner of the PO. Where there are queries with an invoice, a dispute is raised with the supplier for investigation and correction. If an agreement cannot be reached a meeting will be requested with the relevant parties to find a resolution.
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