FIRST RESPONSE FINANCE LIMITED
Company number: 03560611
Reporting period:
1 October 2022 to 31 March 2023
Report filed on:
21 April 2023
Approved by:
Jason Britton
Payment statistics
Average time taken to pay invoices: 16 days
Invoices paid:
- within 30 days: 89%
- in 31 to 60 days: 8%
- in 61 days or more: 3%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 26%
Payment terms
Shortest standard payment periods
0 days
Longest standard payment period
15 days
Standard payment terms
First Response Finance Limited does not impose standard contractual terms on its suppliers but instead operates two payment runs per month: at the mid-month point and at month end. All invoices approved for payment at the time of a payment run are paid automatically regardless of whether the invoice is yet due for payment or not. As a result a large proportion of invoices are paid significantly ahead of their due date.
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
30 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
In line with its corporate values First Response Finance Limited seeks to resolve disputes in a timely manner through open and honest discussion between the member of staff commissioning the supply and the relevant supplier.
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