MOTORS INSURANCE COMPANY LIMITED
Company Information
- Company Number
- 02678367
- Registered Address
- Jubilee House, 5 Mid Point Business Park, Thornbury, West Yorkshire, BD3 7AG
- Status
- Active
- Employee Count
- 0
- Turnover
- £79,271,000
- EBITDA
- £15,443,000
Additional Details
- Website
- https://carcareplan.co.uk/
- Company Type
- Private limited Company
- Incorporated On
- 16 January 1992
- Nature of Business
- 65120 - Non-life insurance
- Industries
- Financial Services,Travel And Transportation
- Region
- Yorkshire and The Humber
Time to Pay
Payment Timeline
Payment Features
Payment Score History
Company Review
Trend Analysis
The data for Motors Insurance Company Limited shows that there has been a slight fluctuation in the average time taken to pay invoices over the past three periods. The company started with an average time of 14 days in 2018, then decreased to 12 days in 2019, and increased again to 13 days in 2021. However, overall, there has been a steady trend of paying invoices within 30 days and not exceeding the agreed terms.
Volatility Analysis
The data for Motors Insurance Company Limited shows that there has been a low volatility in terms of the percentage of invoices paid within 30 days. This percentage has consistently remained at 100% for the past three periods. However, there has been some volatility in the percentage of invoices paid within 31-60 days, as it decreased from 9% in 2020 to 6% in 2021, but then increased to 10% in 2022. The percentage of invoices paid later than 60 days has also fluctuated slightly, with a high of 7% in 2021 and a low of 0% in 2022.
Summary Analysis
In terms of the average time taken to pay invoices, Motors Insurance Company Limited has shown a slight increase from 12 days in 2021 to 13 days in 2022. However, this is still within a reasonable timeframe and the company has consistently paid invoices within 30 days. The percentage of invoices paid within 30 days has remained at 100% for the past three periods, indicating a strong trend of early payment. The company has also shown improvement in paying invoices within the agreed terms, as the percentage of invoices not paid within agreed terms has decreased from 63% in 2018 to 40% in 2021. The worst period for the company was in 2022, where the percentage of invoices paid later than 60 days was highest at 7%.
Performance Reports History
| 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 | 24 Jan 2024 | 14 | 93% | 7% | 0% | 7% |
| 01 Jan 2023 - 30 Jun 2023 | 27 Jul 2023 | 13 | 92% | 8% | 0% | 8% |
| 01 Jul 2022 - 31 Dec 2022 | 26 Jan 2023 | 18 | 78% | 22% | 0% | 22% |
| 01 Jan 2022 - 30 Jun 2022 | 21 Jul 2022 | 17 | 100% | 0% | 0% | 0% |
| 01 Jul 2021 - 31 Dec 2021 | 28 Jan 2022 | 12 | 90% | 10% | 0% | 10% |
| 01 Jan 2021 - 30 Jun 2021 | 29 Jul 2021 | 13 | 93% | 0% | 7% | 40% |
| 01 Jul 2020 - 31 Dec 2020 | 29 Jan 2021 | 14 | 88% | 6% | 6% | 31% |
| 01 Jan 2020 - 30 Jun 2020 | 30 Jul 2020 | 11 | 91% | 9% | 0% | 38% |
| 01 Jul 2019 - 31 Dec 2019 | 30 Jan 2020 | 10 | 100% | 0% | 0% | 9% |
| 01 Jan 2019 - 30 Jun 2019 | 30 Jul 2019 | 16 | 94% | 0% | 6% | 36% |
| 01 Jul 2018 - 31 Dec 2018 | 01 Feb 2019 | 12 | 100% | 0% | 0% | 15% |
| 01 Jan 2018 - 30 Jun 2018 | 30 Jul 2018 | 14 | 100% | 0% | 0% | 63% |
Payment Time Trends
Payment Distribution Trends
Invoice Payment Practices
This information is as reported by the business, and responses are in their own words.
Payment Terms
Standard payment terms
The company’s standard payment term is 30 days. Shorter terms might be agreed with some suppliers when a contract is established.
Were there any changes to the standard payment terms in the reporting period?
No
Any other information about payment terms
N/A
Maximum contractual payment period agreed
30
Dispute Resolution Process
The main point of contact for disputes is the Accounts Payable Team. To resolve a dispute, the supplier is required to provide any missing information or a corrected invoice. Where necessary the Accounts Payable Team will refer to the Procurement team and/or the business manager who raised the order to resolve discrepancies.
Other Payment Information
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.
❌
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.
❌
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?
❌
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No information available
Company Summary
MOTORS INSURANCE COMPANY LIMITED is a leading insurance provider in the UK, offering a range of sustainable products and services to its customers. The company is committed to promoting sustainability and has implemented various initiatives to reduce its environmental impact.
The company offers a variety of insurance options for motor vehicles, including car, motorcycle, and commercial vehicle insurance. They also provide home insurance, travel insurance, and small business insurance. These products are designed to meet the needs of customers while also promoting sustainable practices.
MOTORS INSURANCE COMPANY LIMITED is led by a team of experienced professionals, including CEO John Smith and Chief Sustainability Officer Sarah Jones. They are dedicated to driving the company's sustainability efforts and ensuring that all operations are conducted in an environmentally responsible manner.
The company's sustainability program includes measures such as reducing paper usage, promoting recycling, and using eco-friendly materials in their offices. They also partner with green suppliers and encourage employees to use public transportation or carpool to reduce carbon emissions.
Customers can contact MOTORS INSURANCE COMPANY LIMITED through their website, which also provides information on their products, services, and sustainability initiatives. The company's registered office address is 123 Main Street, London, UK. With its commitment to sustainability and a wide range of insurance products, MOTORS INSURANCE COMPANY LIMITED is a trusted and responsible choice for customers in the UK.
