GOV.UK
MCLAREN AUTOMOTIVE LIMITED
Company number: 01967717
Reporting period:
1 July 2018
to 31 December 2018
This report was filed on 29 January 2019
and approved by Paul Buddin
Payment statistics
Average time taken to pay invoices: 46 days
Invoices paid:
- within 30 days: 29%
- in 31 to 60 days: 40%
- in 61 days or more: 31%
Invoices due but not paid within agreed terms: 58 %
Payment terms
Shortest standard payment period
15 days
Longest standard payment period
90 days
Standard payment terms
EOM + 60 DAYS
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
90 days
Some suppliers have contract agreements specific to the creation of tooling for part production, whereby deposits are agreed to be made at certain dates provided the supplier reaches the agreed level of progress at the date the payment is due. This process could run for over a year to ensure the tool is fit for purpose.
Any other information about payment terms
N/A
Dispute resolution process
When the Accounts payable team cannot match an invoice to the PO for either a 'quantity or price' mismatch they will initially send an internal query form to the material controller or buyer depending on the error. The material controller/buyer will then look at the query and resolve if it is an internal issue, however if they believe the supplier has made an error they will communicate this back to the accounts payable team. The accounts payable team will then communicate this to the vendor to seek clarity and resolution on the discrepancy. This process can go back and forth until all parties are happy with the resolution.
McLarens suppliers are able to contact the accounts payable team via email or telephone.
Other payment information
Has this business signed up to a code of conduct or standards on payment practices? If so, which?
For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.No
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.
No
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.
No
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?
No
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No