GOV.UK
ADMIRAL LAW LIMITED
Company number: 08023665
Reporting period:
1 July 2022
to 31 December 2022
This report was filed on 27 January 2023
and approved by Rhodri Tilsley
Payment statistics
Average time taken to pay invoices: 778 days
Invoices paid:
- within 30 days: 6%
- in 31 to 60 days: 1%
- in 61 days or more: 93%
Invoices due but not paid within agreed terms: 2 %
Payment terms
Shortest standard payment period
0 days
Longest standard payment period
30 days
Standard payment terms
Admiral Law's standard practice is to pay trade purchase ledger suppliers within 30 days of receipt of a valid and accurate VAT invoice (unless a different payment period is specifically agreed with a particular supplier) provided we are satisfied that the goods or services have been delivered or performed in accordance with the agreement with that supplier.
In addition to trade suppliers, Admiral Law also incurs professional disbursements (including counsel fees) in relation to legal cases undertaken on behalf of clients, and the majority of these invoices are subject to extended credit terms. Admiral Law’s policy is to pay these invoices within five business days of receipt of funds, in accordance with the firm's policy in relation to the Solicitors Regulation Authority (SRA) Accounts Rules, or within the terms agreed with the supplier, whichever is sooner.
Prior to the H2 2022 return, Admiral Law did not include disbursement invoices in its Payment Practice Reports. Inclusion of disbursement invoices results in a significant increase in the average time to pay invoices and in the proportion of payments appearing in the "61 days or more" category.
The summary below represents the payment practices metrics excluding professional disbursements invoices.
Metrics excluding professional disbursement invoices:
Average time taken to pay invoices : 37 Days
Invoices Paid:
within 30 days: 77%
in 31 to 60 days: 12%
in 61 days or more: 11%
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
1095 days
Maximum terms for Trade invoices is 35 days
Any other information about payment terms
N/A
Dispute resolution process
Material disputes relating to payments with our suppliers are very rare as we will have agreed cost and payment terms prior to the goods being delivered or services being performed.
Any disputes or other queries are raised and discussed with the supplier (by the relevant contact in the Admiral Law operational or finance team) with the intention of resolving the dispute or query promptly and to the satisfaction of both 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.Yes – Prompt Payment Code. Admiral Group, of which Admiral Law is a subsidiary, has signed up to the Prompt Payment code.
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