FLOOD RE LIMITED
Company number: 08670444
Reporting period:
1 October 2023 to 31 March 2024
Report filed on:
1 September 2026
Approved by:
Latinka Pilipovic
Payment statistics
Average time taken to pay invoices: 23 days
Invoices paid:
- within 30 days: 92%
- in 31 to 60 days: 7%
- in 61 days or more: 1%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 20%
Payment terms
Shortest standard payment periods
7 days
Longest standard payment period
30 days
Standard payment terms
Flood Re's standard payment terms are 30 days from receipt of a valid invoice, unless alternative terms have been agreed with the supplier and documented within the relevant contract or purchase order. Flood Re seeks to pay all suppliers in accordance with the agreed contractual payment terms and maintains processes to support the timely approval and settlement of invoices.
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
30 days
n/a
Any other information about payment terms
n/a
Dispute resolution process
Any disputed invoices or invoices placed on hold are identified and raised by the relevant budget holders and/or the Accounts Payable team. The Accounts Payable team will seek to resolve the matter promptly through discussion with the supplier’s accounts team, working with the relevant budget holder and designated business contact within the supplier’s company.
Where a dispute cannot be resolved through normal operational channels, the matter will be escalated to the CFO, and where appropriate, the Compliance and/or Legal teams. They will review the circumstances of the dispute, engage with the supplier as necessary, and agree the appropriate course of action, including any payment, contractual or remedial arrangements required to achieve resolution.
Once a dispute has been resolved, any undisputed amounts due will be paid in accordance with the agreed terms.
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.
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