GOV.UK
OPTOMA EUROPE LTD
Company number: 03399395
Reporting period:
1 July 2018
to 31 December 2018
This report was filed on 17 January 2019
and approved by Mr Peter Fosh
Payment statistics
Average time taken to pay invoices: 45 days
Invoices paid:
- within 30 days: 35%
- in 31 to 60 days: 42%
- in 61 days or more: 23%
Invoices due but not paid within agreed terms: 57 %
Payment terms
Shortest standard payment period
30 days
Longest standard payment period
90 days
Standard payment terms
90 days for parent company which is our largest creditor, 30 days for all other creditors.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
90 days
Any other information about payment terms
N/A
Dispute resolution process
Optoma Europe Limited Supplier Payment Policy
Supplier Payment Policy
Unless otherwise agreed, when a purchase agreement is entered into between Optoma Europe Limited and a supplier, Optoma Europe Limited will pay the supplier within 30 days of the invoice date (the “Standard Payment Period”).
If a payment cannot be fulfilled within the Standard Payment Period due to late receipt of the invoice, the supplier will be notified of the late receipt of the invoice and when the supplier can expect to receive payment. If there is a dispute relating to an invoice, Optoma Europe Limited will provide the supplier with details of the dispute prior to expiry of the Standard Payment Period.
Payment Procedures
Optoma Europe Limited is able to fulfil payments to suppliers by cheque, BACS or CHAPS payment. The payment procedure for each supplier will be as agreed with the relevant supplier.
Supplier Disputes
If a dispute arises in relation to an invoice, Optoma Europe Limited will seek to resolve the dispute within the Standard Payment Period. If this is not possible then the following process will be observed:
• The supplier will be notified in writing (by email or otherwise), prior to expiry of the Standard Payment Period, that the payment will not be fulfilled within the Standard Payment Period;
• The supplier will be provided with an explanation of the reason for the delay and a contact at Optoma Europe Limited who is responsible for resolving the dispute; and
• Optoma Europe Limited will use reasonable endeavours to seek to resolve the dispute and make the payment as soon as a resolution has been achieved. If a supplier wishes to make a complaint regarding Optoma Europe Limited supplier payment policy and procedures or a payment dispute, the supplier should submit the complaint in writing to the Senior Management Accountant at Optoma Europe Limited in the first instance. Optoma Europe Limited will provide a written response to the complaint within 10 working days of receipt.
If the supplier does not find Optoma Europe Limited initial response to the complaint satisfactory then the supplier may send further correspondence to the Chief Financial Officer at Optoma Europe Limited.
Contacts:
Senior Management Accountant
Optoma Europe Limited
E: s.radha@optoma.co.uk
Chief Financial Officer
Optoma Europe Limited
E: p.fosh@optoma.co.uk
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