LIFE TECHNOLOGIES LIMITED

Company number: SC083107

Reporting period:
1 January 2021 to 30 June 2021

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This report was filed on 29 July 2021

and approved by David Norman

Payment statistics

Average time taken to pay invoices: 24 days

Invoices paid:

• within 30 days: 67%
• in 31 to 60 days: 32%
• in 61 days or more: 1%

Invoices due but not paid within agreed terms: 34%

Payment terms

Shortest standard payment periods

0 days

Longest standard payment period

90 days

Standard payment terms

The most frequently applied payment terms are 30 - 45 days.

Were there any changes to the standard payment terms in the reporting period?

Answer not provided

Were suppliers notified or consulted about these changes before they were made?

N/A

Maximum contractual payment period agreed

90 days

N/a

Any other information about payment terms

n/a

Dispute resolution process

As a company we place great importance on building and maintaining strong relationships with our suppliers. Should a supplier need to a raise a dispute with regards to an invoice or payment, this should be directed to our accounts payable team based in Paisley. The accounts payable team will then follow appropriate escalation procedures to the relevant approver/requisitioner.

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, 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.

Yes

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