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SOPHOS LIMITED

Company number: 02096520

Reporting period:
1 October 2019 to 31 March 2020

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This information is as reported by the business, and responses are in their own words.

This report was filed on 17 June 2020

and approved by Stuart Fillingham

Payment statistics

Average time taken to pay invoices: 33 days

Invoices paid:

• within 30 days: 69%
• in 31 to 60 days: 19%
• in 61 days or more: 12%

Invoices due but not paid within agreed terms: 28 %

Payment terms

Shortest standard payment period

30 days

Longest standard payment period

75 days

Standard payment terms

The Company's standard payment terms are invoice date plus 30 days. Significant contracts including those for stock manufacturers are subject to specific payment terms as set out and agreed in the applicable contract. Maximum contractual payment period agreed is invoice date plus 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

Any disputes relating to invoice payment that cannot be resolved with the Company's Accounts Payable Team can be escalated initially to the Financial Controller and thereafter if still unresolved to the the VP Finance. Any dispute that cannot be resolved with the Finance Team maybe referred to the Group's General Counsel.

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