INTEGRO INSURANCE BROKERS LIMITED
Company number: 02957627
Reporting period:
1 January 2018 to 30 June 2018
Report filed on:
30 July 2018
Approved by:
Keith Anderson
Payment statistics
Average time taken to pay invoices: 31 days
Invoices paid:
- within 30 days: 54%
- in 31 to 60 days: 41%
- in 61 days or more: 5%
Late and disputed:
- total value of payments due in the reporting period which have not been paid within the agreed period: £0
- payments due in the reporting period which have not been paid within the agreed period: 72%
Payment terms
Shortest standard payment periods
7 days
Longest standard payment period
60 days
Standard payment terms
The business does not currently use a purchase requisition system. Supplier contracts, where in place, are negotiated on an individual basis. Most suppliers are paid within 30 days, with nearly all paid within 60 days.
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
60 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
In the first instance the Accounts Payable Team deal with all queries and will investigate and deal with these within the team wherever possible If further action is required, this is referred to the Head of Financial Accounting who will contact the supplier to try and reach agreement. Where an agreement is not reached, the matter is escalated to the UK Chief Accounting Officer.
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