Based on the data provided, the average time taken for BRIT GROUP SERVICES LIMITED to pay invoices has fluctuated over the past three periods. It increased by 11.1% from 2018 to 2019, decreased by 3.7% from 2019 to 2020, and increased again by 4% from 2020 to 2021.
The volatility of BRIT GROUP SERVICES LIMITED's average time to pay invoices has been relatively consistent over the past three periods. It increased by 0.3% from 2018 to 2019, decreased by 0.4% from 2019 to 2020, and increased by 0.7% from 2020 to 2021.
| 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 |
|---|---|---|---|---|---|---|
| 01 Jul 2023 - 31 Dec 2023 | 30 Jan 2024 | 25 | 78% | 17% | 6% | 37% |
| 01 Jan 2023 - 30 Jun 2023 | 28 Jul 2023 | 25 | 76% | 19% | 6% | 39% |
| 01 Jul 2022 - 31 Dec 2022 | 25 Jan 2023 | 25 | 78% | 14% | 8% | 34% |
| 01 Jan 2022 - 30 Jun 2022 | 26 Jul 2022 | 22 | 83% | 13% | 4% | 27% |
| 01 Jul 2021 - 31 Dec 2021 | 31 Jan 2022 | 20 | 85% | 12% | 3% | 25% |
| 01 Jan 2021 - 30 Jun 2021 | 28 Jul 2021 | 24 | 78% | 15% | 7% | 31% |
| 01 Jul 2020 - 31 Dec 2020 | 28 Jan 2021 | 23 | 77% | 17% | 5% | 30% |
| 01 Jan 2020 - 30 Jun 2020 | 30 Jul 2020 | 25 | 77% | 17% | 6% | 32% |
| 01 Jul 2019 - 31 Dec 2019 | 31 Jan 2020 | 28 | 73% | 15% | 12% | 27% |
| 01 Jan 2019 - 30 Jun 2019 | 29 Jul 2019 | 29 | 72% | 19% | 9% | 28% |
| 01 Jul 2018 - 31 Dec 2018 | 31 Jan 2019 | 27 | 76% | 16% | 8% | 24% |
| 01 Jan 2018 - 30 Jun 2018 | 30 Jul 2018 | 26 | 75% | 18% | 7% | 2% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
The standard contractual payment terms obliged Brit to pay each valid and undisputed invoice submitted to Brit by the supplier within 30 days of receipt to a bank account nominated in writing by the supplier.
Were there any changes to the standard payment terms in the reporting period?
No information available
Any other information about payment terms
not applicable
Maximum contractual payment period agreed
60
In the event of disputed amounts (line items) in an invoice, the business would only ever pay for the goods or services provided by the vendor as per the original purchase order / contract / statement of work and in line with the agreed payment terms.
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
Brit Group Services Limited is a registered UK company within the Brit Group, based at the group's London head office. Companies House lists its activity as other business support services. The wider Brit Group, trading as Brit Insurance, is a global specialty insurer and reinsurer that underwrites complex risks through Lloyd's of London, with additional operations including Brit Re in Bermuda, Camargue and a service hub in India. The group is part of Fairfax Financial Holdings. This entity's own role sits within that group structure, supporting its wider insurance and reinsurance operations rather than underwriting business directly itself.
Generated from the company's website and Companies House records. Sources: britinsurance.com · britinsurance.com · britinsurance.com