CFC UNDERWRITING LIMITED
Company number: 03302887
Reporting period:
1 July 2024 to 31 December 2024
Report filed on:
30 January 2025
Approved by:
Michael Grist
Payment statistics
Average time taken to pay invoices: 25 days
Invoices paid:
- within 30 days: 77%
- in 31 to 60 days: 16%
- in 61 days or more: 7%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 23%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
Answer not provided
Standard payment terms
The accounts payable team process high volumes of invoices with our accounting platform. However, supplier contract terms are not always held on the system database and therefore an assumption has been made that the standard payment terms is 30 days (being the most frequently used payment terms) for qualifying contracts.
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
The majority of payment terms for qualifying contracts required payment within 30 days. On occasion payment terms are varied, most notably in contracts for hospitality and events, where payment terms might be reduced such that payment is received prior to the relevant event. Such terms are a matter of negotiation between CFC and the relevant supplier.
Any other information about payment terms
No further comment provided
Dispute resolution process
Supplier complaints/concerns should be made in writing to the individual responsible for the contract instruction who will consider the dispute in conjunction with CFC’s legal team (taking into account the terms of the relevant contract) and respond to the Supplier as quickly as possible.
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