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FIRST RESPONSE FINANCE LIMITED

Company number: 03560611

Reporting period:
1 October 2018 to 31 March 2019

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This information is as reported by the business, and responses are in their own words.

This report was filed on 29 April 2019

and approved by Jason Britton

Payment statistics

Average time taken to pay invoices: 12 days

Invoices paid:

• within 30 days: 93%
• in 31 to 60 days: 6%
• in 61 days or more: 1%

Invoices due but not paid within agreed terms: 7 %

Payment terms

Shortest standard payment period

0 days

Longest standard payment period

15 days

Standard payment terms

First Response Finance Limited does not impose standard contractual terms on its suppliers but instead operates two payment runs per month: at the mid-month point and at month end.

All invoices approved for payment at the time of a payment run are paid automatically regardless of whether the invoice is yet due for payment or not. As a result a large proportion of invoices are paid significantly ahead of their due date.

Were there any changes to the standard payment terms in the reporting period?

No

Maximum contractual payment period agreed

0 days

Any other information about payment terms

N/A

Dispute resolution process

In line with its corporate values, First Response Finance Limited seeks to resolve disputes in a timely manner through open and honest discussion between the member of staff commissioning the supply and the relevant supplier.

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