Score of 83.2/100 qualifies for PaymentCheck Certification
FLOOD RE LIMITED demonstrates a strong trend of prompt payments, with 81% typically settling invoices within 30 days. The average payment time is 32 days, indicating that while most payments are swift, a noticeable minority extend slightly beyond the standard 30-day term.
With only 5% of payments categorized as late, FLOOD RE LIMITED exhibits low payment volatility and high reliability. The predictable distribution, where 81% are within 30 days and only 3% exceed 60 days, suggests consistent payment behavior for suppliers.
FLOOD RE LIMITED appears to be a reliable payment partner, characterized by a high percentage of on-time payments and minimal late instances. Suppliers should factor in the average 32-day payment time, acknowledging that while most payments are swift, a small proportion may extend to 31-60 days. No specific complex risk mitigation strategies are necessary beyond routine payment tracking given the low late payment rate.
| 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 Apr 2023 - 30 Sept 2023 | 20 Oct 2023 | 32 | 81% | 15% | 3% | 5% |
| 01 Oct 2022 - 31 Mar 2023 | 27 Apr 2023 | 32 | 77% | 13% | 10% | 10% |
| 01 Apr 2022 - 30 Sept 2022 | 27 Oct 2022 | 33 | 71% | 20% | 9% | 14% |
| 01 Oct 2021 - 31 Mar 2022 | 29 Apr 2022 | 36 | 66% | 24% | 10% | 20% |
| 01 Apr 2021 - 30 Sept 2021 | 28 Oct 2021 | 31 | 73% | 20% | 7% | 15% |
| 01 Oct 2020 - 31 Mar 2021 | 28 Apr 2021 | 30 | 80% | 14% | 6% | 14% |
| 01 Apr 2020 - 30 Sept 2020 | 29 Oct 2020 | 35 | 69% | 25% | 6% | 12% |
| 01 Oct 2019 - 31 Mar 2020 | 30 Apr 2020 | 26 | 74% | 23% | 3% | 13% |
| 01 Apr 2019 - 30 Sept 2019 | 30 Oct 2019 | 28 | 71% | 22% | 7% | 12% |
| 01 Oct 2018 - 31 Mar 2019 | 30 Apr 2019 | 29 | 74% | 19% | 7% | 18% |
| 01 Apr 2018 - 30 Sept 2018 | 30 Oct 2018 | 26 | 80% | 16% | 4% | 10% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
To pay suppliers in accordance with agreed terms of business. Whenever possible, purchase orders are placed on the basis of Flood Re’s standard terms and conditions which included the provision for the payment of suppliers within 30 days of the end of the month in which Flood Re receives the goods, or in which the services are provided.
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
Disputes would be dealt with on a case by case basis by the CFO and or Legal Team with timescale and next steps agreed with the supplier at first instance.
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
Flood Re Limited administers the Flood Re Scheme, a joint initiative between the UK Government and the insurance industry set up under the Water Act 2014. It provides reinsurance to insurers so that flood cover can be offered more affordably to households at high risk of flooding, as part of standard home insurance policies. The company does not deal directly with householders but works with insurers, who cede eligible flood risk policies to the scheme, and with valuation bodies across the UK to assess property risk. Flood Re is intended to operate until 2039, after which risk-reflective pricing is expected to apply across the market. It also manages the transition towards that future pricing model.
Generated from the company's website and Companies House records. Sources: floodre.co.uk · floodre.co.uk · floodre.co.uk