FLOOD RE LIMITED
Company number: 08670444
Reporting period:
1 April 2022 to 30 September 2022
Report filed on:
27 October 2022
Approved by:
Stuart Logue
Payment statistics
Average time taken to pay invoices: 33 days
Invoices paid:
- within 30 days: 71%
- in 31 to 60 days: 20%
- in 61 days or more: 9%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 14%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
31 days
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?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
31 days
No further comment provided
Any other information about payment terms
No further comment provided
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 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