Ranked in 3 industries
This company is listed under more than one industry, so we show its position in each rather than picking one.
The average time taken for SUNDERLAND MARINE INSURANCE COMPANY LIMITED to pay invoices has fluctuated over the past three periods. It decreased from 27 days in Feb 2018 to 22 days in Feb 2019, but then increased to 26 days in Feb 2020. The trend seems to be an increase in the time taken to pay invoices.
The volatility in the percentage of invoices paid within 30 days has been relatively low, with a range of 3% to 8% in the past three periods. However, there is more volatility in the percentage of invoices paid later than 60 days, with a range of 1% to 14%. This indicates that the company may struggle with consistency in paying invoices on time.
From Feb 2018 to Feb 2020, SUNDERLAND MARINE INSURANCE COMPANY LIMITED has seen a decrease in the percentage of invoices paid within 30 days, from 74% to 61%. This is a significant change of 13%. The company has also seen an increase in the percentage of invoices paid later than 60 days, from 8% to 14%. However, there was a slight improvement in the most recent period, with the percentage decreasing from 14% to 6%. The shortest (or only) standard payment period has remained consistent at 0 days.
| Reporting Period | Filing Date | Average Time to Pay (days) | Paid within 30 days | Paid 31-60 days | Paid after 60 days | Not Paid within Terms |
|---|---|---|---|---|---|---|
| 21 Aug 2020 - 20 Feb 2021 | 26 Mar 2021 | |||||
| 21 Feb 2020 - 20 Aug 2020 | 29 Sept 2020 | 45 | 61% | 25% | 14% | 74% |
| 21 Aug 2019 - 20 Feb 2020 | 19 Mar 2020 | 26 | 71% | 23% | 6% | 61% |
| 21 Feb 2019 - 20 Aug 2019 | 23 Sept 2019 | 22 | 79% | 20% | 1% | 48% |
| 21 Aug 2018 - 20 Feb 2019 | 15 Mar 2019 | 25 | 74% | 23% | 3% | 73% |
| 21 Feb 2018 - 20 Aug 2018 | 14 Sept 2018 | 27 | 74% | 18% | 8% | 26% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
We do not have standard payment terms and we don't impose any payment terms on our suppliers
Were there any changes to the standard payment terms in the reporting period?
No information available
Any other information about payment terms
No additional information
Maximum contractual payment period agreed
30
No formal dispute resolution process. Any disputes/queries would be dealt with individual suppliers as they arise
Has this business signed up to a code of conduct or standards on payment practices?
For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.
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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.
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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.
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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?
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During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No information available
SUNDERLAND MARINE INSURANCE COMPANY LIMITED is a dissolved private company limited by guarantee without share capital, incorporated on 17 February 1882, based in the North East region. Registered business activity: Non-life insurance.
From Companies House records.