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ADMIRAL FINANCIAL SERVICES LIMITED

Company number: 10255225

Reporting period:
1 July 2023 to 31 December 2023

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This information is as reported by the business, and responses are in their own words.

This report was filed on 31 January 2024

and approved by Barnaby James Brand

Payment statistics

Average time taken to pay invoices: 30 days

Invoices paid:

• within 30 days: 76%
• in 31 to 60 days: 20%
• in 61 days or more: 4%

Invoices due but not paid within agreed terms: 43 %

Payment terms

Shortest standard payment period

1 days

Longest standard payment period

60 days

Standard payment terms

Standard payment terms are 30 days

Were there any changes to the standard payment terms in the reporting period?

No

Maximum contractual payment period agreed

60 days

N/A

Any other information about payment terms

N/A

Dispute resolution process

"Admiral has a dedicated team to provide support to suppliers and resolve queries before they become disputes.

If there is a dispute, the business will contact the relevant vendors and follow up with an email to resolve. We aim to resolve any query raised by a vendor as soon as possible but within 2 working days.

In the event that a dispute cannot be initially resolved, Admiral would comply with any relevant contract provisions on dispute resolution.

The business conducts periodic reviews on overdue invoices and the performance of the Purchase Ledger team to ensure that queries are resolved timely and satisfactorily, thereby ensuring a build-up of invoices on hold is avoided and vendors are paid in a timely fashion."

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

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