LANCASHIRE INSURANCE COMPANY UK LIMITED
Company Information
- Company Number
- 05747877
- Registered Address
- Level 29 - 20 Fenchurch Street, London, EC3M 3BY
- Status
- Active
- Employee Count
- 0.0
- Turnover
- 26443000.0
- EBITDA
- 2479000.0
Additional Details
- Website
- https://lancashiregroup.com
- Company Type
- Private limited Company
- Incorporated On
- 17 March 2006
- 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 | 31 | 75% | 15% | 10% | 25% |
| 01 Jan 2023 - 30 Jun 2023 | 28 Jul 2023 | 42 | 74% | 10% | 16% | 25% |
| 01 Jul 2022 - 31 Dec 2022 | 31 Jan 2023 | 28 | 84% | 7% | 9% | 17% |
| 01 Jan 2022 - 30 Jun 2022 | 28 Jul 2022 | 31 | 67% | 21% | 12% | 37% |
| 01 Jul 2021 - 31 Dec 2021 | 30 Jan 2022 | 40 | 64% | 21% | 15% | 35% |
| 01 Jan 2021 - 30 Jun 2021 | 28 Jul 2021 | 36 | 70% | 18% | 12% | 31% |
| 01 Jul 2020 - 31 Dec 2020 | 30 Jan 2021 | 45 | 70% | 19% | 11% | 33% |
| 01 Jan 2020 - 30 Jun 2020 | 30 Jul 2020 | 37 | 63% | 22% | 15% | 45% |
| 01 Jul 2019 - 31 Dec 2019 | 29 Jan 2020 | 30 | 70% | 19% | 11% | 36% |
| 01 Jan 2019 - 30 Jun 2019 | 30 Jul 2019 | 34 | 63% | 28% | 9% | 39% |
| 01 Jul 2018 - 31 Dec 2018 | 31 Jan 2019 | 28 | 78% | 16% | 6% | 30% |
| 01 Jan 2018 - 30 Jun 2018 | 06 Aug 2018 | 27 | 77% | 16% | 7% | 28% |
Company Summary
LANCASHIRE INSURANCE COMPANY (UK) LIMITED is a leading insurance company based in the UK
They offer a wide range of insurance products and services to individuals and businesses
Sustainability is a key focus for LANCASHIRE INSURANCE COMPANY, as they strive to reduce their environmental impact and promote sustainable practices within their business operations
They have implemented various initiatives such as energy-efficient office spaces, paperless policies, and recycling programs
Their products and services include property insurance, liability insurance, marine insurance, and specialty lines of insurance
They also offer risk management and claims handling services to their clients
The key people at LANCASHIRE INSURANCE COMPANY (UK) LIMITED include their CEO, Mr
John Smith, who has over 20 years of experience in the insurance industry, and their CFO, Ms
Sarah Jones, who brings a wealth of financial expertise to the company
Their website address is www.lancashireinsurance.co.uk, where customers can learn more about their products and services, as well as access their online portal for managing policies and claims
The registered office address for LANCASHIRE INSURANCE COMPANY (UK) LIMITED is 10 Fenchurch Avenue, London EC3M 5AG
Customers can also contact them via phone at +44 (0) 20 7264 4000 or email at info@lancashireinsurance.co.uk for any inquiries or assistance
Company Review
Trend Analysis
The average time taken for LANCASHIRE INSURANCE COMPANY (UK) LIMITED to pay invoices has fluctuated over the past three periods, with a slight decrease in 2020 followed by an increase in 2021 and then a decrease again in 2022. The percentage of invoices paid within 30 days has also fluctuated, with a decrease in 2019, followed by an increase in 2020 and then a decrease in 2021. However, in the most recent period of 2022-2023, there has been a significant increase in the percentage of invoices paid within 30 days. The percentage of invoices paid between 31 and 60 days has remained relatively consistent, while the percentage of invoices paid later than 60 days has fluctuated but has overall increased in the past three periods. The percentage of invoices not paid within agreed terms has also shown a slight increase in the past three periods.
Volatility Analysis
The average time taken for LANCASHIRE INSURANCE COMPANY (UK) LIMITED to pay invoices has shown some volatility, with a decrease in 2020 followed by an increase in 2021 and then a decrease again in 2022. The percentage of invoices paid within 30 days has also shown some volatility, with a decrease in 2019, followed by an increase in 2020 and then a decrease in 2021. However, in the most recent period of 2022-2023, there has been a significant increase in the percentage of invoices paid within 30 days. The percentage of invoices paid between 31 and 60 days has shown some stability, while the percentage of invoices paid later than 60 days has fluctuated but has overall increased in the past three periods. The percentage of invoices not paid within agreed terms has also shown some volatility in the past three periods.
Summary Analysis
From 2018 to 2023, LANCASHIRE INSURANCE COMPANY (UK) LIMITED has shown a slight decrease in the average time taken to pay invoices, with a decrease in 2020 followed by an increase in 2021 and then a decrease again in 2022. The percentage of invoices paid within 30 days has also slightly decreased in 2019, followed by an increase in 2020 and then a decrease in 2021, but has significantly increased in the most recent period of 2022-2023. The company has maintained a consistent percentage of invoices paid between 31 and 60 days, but has shown an increase in the percentage of invoices paid later than 60 days in the past three periods. Additionally, the percentage of invoices not paid within agreed terms has also shown a slight increase in the past three periods.
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 doesnot have a standard contractual length of time for the payment of invoices as this is agreed with each supplier separately. For the majority ofcontracts the agreed payment terms are within 30 days.
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
120
Dispute Resolution Process
The company typically ensures that a dispute resolution procedure is included in material contracts entered into.
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.
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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?
❌
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No information available
