HOWDEN REINSURANCE BROKERS LIMITED
Company number: 07142031
Reporting period:
1 April 2023 to
30 September 2023
This report was filed on 31 October 2023
and approved by Ahmed Farooq
Payment statistics
Average time taken to pay invoices: 57 days
Invoices paid:
- within 30 days: 52%
- in 31 to 60 days: 20%
- in 61 days or more: 28%
Invoices due but not paid within agreed terms: 70%
Payment terms
Shortest standard payment periods
5 days
Longest standard payment period
30 days
Standard payment terms
Payment terms agreed with suppliers as part of contract negotiations. The most commonly used terms are 30 days.
Were there any changes to the standard payment terms in the reporting period?
Answer not provided
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
N/A
Dispute resolution process
Howden has a dedicated Finance Operations Team, which is reachable by phone and email. Suppliers with invoice disputes contact this team and if the team is not able to resolve they escalate the issue to the Finance Operations Manager. The Finance Operations Team work with the supplier to resolve promptly.
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.
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