SCIENSUS PHARMA SERVICES LIMITED
Company number: 02759609
Reporting period:
1 April 2023
to 30 September 2023
This report was filed on 17 October 2023
and approved by Spencer Sheridan
Payment statistics
Average time taken to pay invoices: 44 days
Invoices paid:
- within 30 days: 21%
- in 31 to 60 days: 63%
- in 61 days or more: 16%
Invoices due but not paid within agreed terms: 69 %
Payment terms
Shortest standard payment period
0 days
Longest standard payment period
90 days
Standard payment terms
The Company's policy is to agree appropriate terms of payment individually with suppliers and to abide by those terms based on the timely submission of satisfactory invoices. Where no specific agreement exists the Company will make payment on end of month 60 day terms.
Were there any changes to the standard payment terms in the reporting period?
Yes – Previously they were set at 30days but now the standard terms offered are 60 days end of month
Were suppliers notified or consulted about these changes before they were made?
Yes – Where terms with specific suppliers were amended they were communicated to via email but this was more for new suppliers onboarding.
Maximum contractual payment period agreed
90 days
This is 90 days from end of month so in reality it is greater than 90 days.
Any other information about payment terms
N/A
Dispute resolution process
The Company is committed to dealing with its suppliers in a fair, honest and professional manner. Disputes are directed in the first instance to our Accounts Payable team for stock invoices, or the head of department that placed the order for overhead invoices. Escalation of the dispute would be directed to the Director of Finance and then the CFO.
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