LANCASHIRE INSURANCE COMPANY (UK) LIMITED
Company number: 05747877
Reporting period:
1 July 2018 to 31 December 2018
Report filed on:
31 January 2019
Approved by:
Russell Worsley
Payment statistics
Average time taken to pay invoices: 28 days
Invoices paid:
- within 30 days: 78%
- in 31 to 60 days: 16%
- in 61 days or more: 6%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 30%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
Answer not provided
Standard payment terms
The company has entered into contracts with a range of suppliers and individual payment terms are negotiated and agreed on a case by case basis. The company does not have standard payment terms that all suppliers are required to agree to.
The company does not have a standard contractual length of time for the payment of invoices as this is agreed with each supplier separately. For the majority of contracts the agreed payment terms are within 30 days.
The company does not have a maximum contractual payment period and operates a policy of payment within agreed payment period unless delays in receipt of invoices or other administrative issues mean that it is not practical to do so.
As the company does not have standard payment terms, no changes have been made to these in the period and no notifications have been made to suppliers in relation to this.
The company typically ensures that a dispute resolution procedure is included in material contracts entered into.
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
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
The company typically ensures that a dispute resolution procedure is included in material contracts entered into.
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