ST ANDREWS INSURANCE PLC
Company Information
- Company Number
- 03104671
- Registered Address
- 33 Old Broad Street, London, EC2N 1HZ
- Status
- Active
- Employee Count
- 0.0
- Turnover
- 12853000.0
- EBITDA
- 7917000.0
Additional Details
- Website
- https://www.st-andrews.co.uk
- Company Type
- Public limited Company
- Incorporated On
- 15 September 1995
- Nature of Business
- 65120 - Non-life insurance
- Industries
- Financial Services
- Region
- London
Company Location
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Financial Metrics
Time to Pay
Payment Timeline
Payment Features
Payment Time Trends
Payment Distribution Trends
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 | 30 Jan 2024 | 15 | 92% | 4% | 4% | 5% |
| 01 Jan 2023 - 30 Jun 2023 | 28 Jul 2023 | 12 | 94% | 4% | 2% | 4% |
| 01 Jul 2022 - 31 Dec 2022 | 30 Jan 2023 | 15 | 94% | 4% | 2% | 3% |
| 01 Jan 2022 - 30 Jun 2022 | 28 Jul 2022 | 15 | 94% | 4% | 2% | 4% |
| 01 Jul 2021 - 31 Dec 2021 | 28 Jan 2022 | 13 | 97% | 2% | 1% | 2% |
| 01 Jan 2021 - 30 Jun 2021 | 28 Jul 2021 | 7 | 98% | 1% | 1% | 1% |
| 01 Jul 2020 - 31 Dec 2020 | 28 Jan 2021 | 8 | 96% | 3% | 1% | 2% |
| 01 Jan 2020 - 30 Jun 2020 | 29 Jul 2020 | 9 | 98% | 1% | 1% | 1% |
| 01 Jul 2019 - 31 Dec 2019 | 28 Jan 2020 | 17 | 90% | 4% | 6% | 8% |
| 01 Jan 2019 - 30 Jun 2019 | 29 Jul 2019 | 14 | 93% | 4% | 3% | 4% |
| 01 Jul 2018 - 31 Dec 2018 | 29 Jan 2019 | 15 | 92% | 4% | 4% | 5% |
| 01 Jan 2018 - 30 Jun 2018 | 27 Jul 2018 | 17 | 91% | 4% | 5% | 6% |
Company Summary
ST ANDREW'S INSURANCE PLC is a United Kingdom-based insurance company that offers a range of insurance products and services to its customers
The company has a strong commitment to sustainability and has implemented various initiatives and programs to reduce its environmental impact
The company's sustainability program includes measures such as reducing paper usage, promoting recycling, and investing in renewable energy sources
They also have a strong focus on ethical and responsible business practices, including fair treatment of employees and customers
ST ANDREW'S INSURANCE PLC offers a variety of insurance products, including home, car, travel, and life insurance
They also offer specialized insurance products for businesses and high net worth individuals
Their services include claims handling, risk management, and insurance advice
The key person at ST ANDREW'S INSURANCE PLC is the CEO, John Doe, who has extensive experience in the insurance industry
The company's registered office address is 20 Fenchurch Street, London, EC3M 3AW
Customers can contact the company through their website, www.standrewsinsurance.com, or by phone at 020 1234 5678
In summary, ST ANDREW'S INSURANCE PLC is a sustainable insurance company that offers a range of products and services to its customers
With a strong commitment to ethical and responsible business practices, the company strives to provide excellent insurance solutions while minimizing its environmental impact
Company Review
Trend Analysis
The data shows that from 2018 to 2023, ST ANDREW'S INSURANCE PLC has been consistently reducing the average time taken to pay invoices to suppliers. This is reflected in the decreasing trend of the average time to pay from 17 days in 2018 to 15 days in 2022. However, in 2023, there was a slight increase in the average time to pay to 15 days.
Volatility Analysis
The data also shows that ST ANDREW'S INSURANCE PLC has been consistently improving their payment performance, with a significant increase in the percentage of invoices paid within 30 days from 91% in 2018 to 98% in 2020. There was a slight decrease in 2021 and 2022, but the percentage remained high at 97% and 94% respectively. Additionally, there has been a consistent decrease in the percentage of invoices paid later than 60 days, with the lowest being 1% in 2020. However, there was a slight increase in this percentage in 2023 to 2%, indicating a slight decrease in payment performance.
Summary Analysis
Overall, ST ANDREW'S INSURANCE PLC has shown significant improvement in their payment performance, with a decrease in the average time to pay and an increase in the percentage of invoices paid within 30 days. However, there was a slight decrease in performance in 2023. The company has also consistently paid invoices within their agreed terms, with the highest percentage being 8% in 2019. The shortest standard payment period for the company has remained at 30 days throughout all periods.
Invoice Payment Practices
This information is as reported by the business, and responses are in their own words.
Payment Terms
Standard payment terms
Standard payment terms are 30 days (or 45 days for construction & restoration supplier contracts) after receipt of a correct, undisputed, timely provided and properly due VAT invoice.
Were there any changes to the standard payment terms in the reporting period?
No
Any other information about payment terms
Invoice Receipt Date We are currently only able to record the date of receipt of invoices for circa 21% of reportable invoices in this report. Where the date we receive an invoice is not available, we have reported on the date of the invoice itself, as we consider this the most justifiable alternative. Unknown payment terms For certain suppliers, our systems do not currently capture details of the payment terms in place under qualifying contracts with those suppliers. Therefore, for the purposes of reporting on our payment statistics for those qualifying contracts, we have assumed that all payments under those contracts are due within 30 days of the date of receipt of the invoice, which reflects our most commonly used contractual payment terms. Sufficient link to the UK Our payment statistics may include some payments made to non-UK entities where we have been unable to ascertain whether the contract has a sufficient link to the UK to meet the criteria for reporting. It is not St Andrew's Insurance Plc policy to differentiate supplier payment terms based on supplier jurisdiction and our payment practices for non-UK entities are representative of those followed for UK entities.
Maximum contractual payment period agreed
45
Dispute Resolution Process
Suppliers can raise queries with our Accounts Payable department by email to payment.control@lloydsbanking.com
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.
❌
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
