GOV.UK
BIOMET UK LIMITED
Company number: 01019715
Reporting period:
1 January 2024
to 30 June 2024
This report was filed on 25 July 2024
and approved by Claire Savine
Payment statistics
Average time taken to pay invoices: 50 days
Invoices paid:
- within 30 days: 41%
- in 31 to 60 days: 46%
- in 61 days or more: 13%
Invoices due but not paid within agreed terms: 18 %
Payment terms
Shortest standard payment period
30 days
Longest standard payment period
75 days
Standard payment terms
60 days from date of invoice. 3% discount if paid within 15 days, otherwise payment in full within 75 days,
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
75 days
N/A
Any other information about payment terms
N/A
Dispute resolution process
Unpaid invoices are investigated to understand the root cause.
If an invoice is received without a purchase order or goods receipt, the invoice is first directed to the team member who raised the invoice to ensure goods have been received and it is appropriate to pay. Once a three way match has been achieved, the invoice will be processed and paid.
If there is a quantity or price difference, this is referred to the purchase requestor and resolved prior to the invoice being processed and paid.
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