ANIMAL FRIENDS INSURANCE SERVICES LIMITED
Company number: 03630812
Reporting period:
1 January 2023 to 30 June 2023
Report filed on:
28 July 2023
Approved by:
Laura Barry
Payment statistics
Average time taken to pay invoices: 22 days
Invoices paid:
- within 30 days: 88%
- in 31 to 60 days: 11%
- in 61 days or more: 1%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 25%
Payment terms
Shortest standard payment periods
7 days
Longest standard payment period
45 days
Standard payment terms
5 / 14 / 28 days - standard length is 30 days for most suppliers
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
45 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
Departmental requisitioners within the business liaise directly with suppliers to resolve issues
with Accounts Payable being the main contract for queries regarding unpaid invoices / late payment etc.
If such representatives are for any reason unable to resolve the dispute within 14 days, the dispute shall be referred to a director of each of the parties who shall attempt in good faith to resolve it; and if such directors are for any reason
unable to resolve the dispute within 14 days of it being referred to them, the parties agree to consider entering into mediation in good faith to settle the dispute in accordance with the CEDR Model Mediation Procedure. To initiate the mediation, a party must serve notice in writing to the other parties to the dispute, referring the dispute to mediation. A copy of the referral should be sent to CEDR. Unless otherwise agreed between the parties to the dispute within 28 days of service of the ADR Notice (or such longer period as they may agree), the mediator shall be nominated by CEDR.
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