MUNDIBIOPHARMA LIMITED
Company number: 09273949
Reporting period:
1 January 2021 to 30 June 2021
Report filed on:
29 July 2021
Approved by:
Mr Stephen Jamieson
Payment statistics
Average time taken to pay invoices: 45 days
Invoices paid:
- within 30 days: 32%
- in 31 to 60 days: 55%
- in 61 days or more: 13%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 73%
Payment terms
Shortest standard payment periods
0 days
Longest standard payment period
45 days
Standard payment terms
Contractually our standard payment terms differ between 30 to 45 days, however Mundibiopharma Limited (MBL) is committed to paying all approved, undisputed invoices promptly and within payment terms set out by our suppliers on receipt of a valid invoice. When invoices are disputed, we aim to deal with discrepancies promptly. Following resolution invoices are paid either to payment terms, or on the next weekly payment run. In situations where suppliers have outstanding invoices owed to MBL, those invoices may be offset against invoices owed by MBL to the supplier, subject to the agreement of both parties.
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
60 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
All accounts payable staff are trained and understand the importance of timely, thorough investigation and resolution of invoice disputes. Causes for dispute may include, but are not limited to:- Non-receipt of invoice Goods not received Invoice not matching delivered goods / services Insufficient information Incorrect VAT treatment Errors in invoice details Damaged goods Depending upon the reason for dispute, resolution will be owned by either Accounts Payable or Supplier Co-Ordinators who will liaise with suppliers directly to ensure resolution of the disputed issue. Should the disputed element remain unresolved, it is then escalated to management / senior management to agree resolution with the supplier.
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