ABCAM LIMITED
Company number: 03509322
Reporting period:
1 July 2024 to 31 December 2024
Report filed on:
31 January 2025
Approved by:
Christopher M Bouda
Payment statistics
Average time taken to pay invoices: 77 days
Invoices paid:
- within 30 days: 31%
- in 31 to 60 days: 56%
- in 61 days or more: 13%
Late and disputed:
- total value of payments due in the reporting period which have not been paid within the agreed period: £0
- payments due in the reporting period which have not been paid within the agreed period: 66%
Payment terms
Shortest standard payment periods
0 days
Longest standard payment period
120 days
Standard payment terms
Included in the data are large intercompany suppliers which we have cleared from our system. This has impacted on the “AVERAGE NUMBER OF DAYS FOR MAKING PAYMENT” negatively and if these were not included then we would have been 34 DAYS
Were there any changes to the standard payment terms in the reporting period?
Abcam have begun the process of term negotiation with our suppliers to bring us inline with our new parent company and other opco's during this reporting period, this will be an ongoing process as we work with all current suppliers whilst removing under 30-day term options from newly set up suppliers.
Were suppliers notified or consulted about these changes before they were made?
all suppliers that have had a change of terms were consulted directly and negotiations were on a 121 basis with each, no terms were altered without direct conversation and consultation. This will be our on going approach for any supplier already set up with us with terms already in place, to ensure that we continue to hold good relationships with all our suppliers.
Maximum contractual payment period agreed
120 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
All Procurement and Accounts Payable staff are trained and understand the importance of the timely and complete investigation through to resolution of disputes. Disputes are targeted to be responded to within 48 hours of receipt with either an acknowledgement of receipt or a resolution. Causes for dispute might include, but not limited to the following: · Non-receipt of invoice · Goods not received · Delivered product/service not matching invoice · Insufficient information . Incorrect bill to address or company name . Missing/Incorrect information (purchase order requirements) . VAT requirements . Change of details (i.e. new bank account) To proactively avoid any disputes leading from delays in payments the accounts payable team email all suppliers AR departments directly, confirming any of the above points requesting a corrected invoice to ensure payments are not delayed. All statements received are also reconciled and confirmation of the reconciliation sent back to the supplier so that they are fully aware of all invoice statuses at the point of reconciliation.
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.
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