FLOOD RE LIMITED

Company number: 08670444

Reporting period:
1 October 2018 to 31 March 2019

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This report was filed on 30 April 2019

and approved by Adam Golding

Payment statistics

Average time taken to pay invoices: 29 days

Invoices paid:

• within 30 days: 74%
• in 31 to 60 days: 19%
• in 61 days or more: 7%

Invoices due but not paid within agreed terms: 18%

Payment terms

Shortest standard payment periods

30 days

Longest standard payment period

Answer not provided

Standard payment terms

To pay suppliers in accordance with agreed terms of business. Whenever possible, purchase orders are placed on the basis of Flood Re’s standard terms and conditions which included the provision for the payment of suppliers within 30 days of the end of the month in which Flood Re receives the goods, or in which the services are provided.

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

Answer not provided

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

N/A

Dispute resolution process

Disputes would be dealt with on a case by case basis by the CFO and or Legal Team with timescale and next steps agreed with the supplier at first instance.

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, 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