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BARBON INSURANCE GROUP LIMITED

Company number: 03135797

Reporting period:
1 January 2021 to 30 June 2021

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

This report was filed on 21 July 2021

and approved by Andy Halstead

Payment statistics

Average time taken to pay invoices: 18 days

Invoices paid:

• within 30 days: 94%
• in 31 to 60 days: 6%
• in 61 days or more: 0%

Invoices due but not paid within agreed terms: 11 %

Payment terms

Standard payment period for qualifying contracts

30 days

Standard payment terms

Where possible, Barbon always look to adhere to any payment terms specified on supplier's invoices. When invoices do not specify, we apply our standard terms which are 30 days from the date the invoice was received.

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

No

Maximum contractual payment period agreed

30 days

Any other information about payment terms

N/A

Dispute resolution process

Before any invoice is posted to our general ledger software it must be approved and signed by an appropriate department head or line manager. If an invoice is queried it is returned to our purchase ledger administrator by the approver. It is accompanied by an explanation of why it cannot be agreed. Our PL Administrator then subsequently contacts the supplier in question to explain Barbon's view and to mediate a timely agreement between the two parties.

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