MCLAREN RACING LIMITED

Company number: 01517478

Reporting period:
1 July 2018 to 31 December 2018

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This report was filed on 30 January 2019

and approved by Laura Bowden

Payment statistics

Average time taken to pay invoices: 54 days

Invoices paid:

• within 30 days: 5%
• in 31 to 60 days: 65%
• in 61 days or more: 30%

Invoices due but not paid within agreed terms: 83%

Payment terms

Shortest standard payment periods

60 days

Longest standard payment period

92 days

Standard payment terms

McLaren standard payment terms are End of month +60 days, this can therefore range between 60 and 92 days depending on the date of the invoice. These standard terms are occasionally changed to facilitate contract re-negotiations, with alternative terms agreed on an individual basis.

Were there any changes to the standard payment terms in the reporting period?

Answer not provided

Were suppliers notified or consulted about these changes before they were made?

N/A

Maximum contractual payment period agreed

92 days

McLaren standard payment terms are End of month +60 days, so the maximum time this could cover is 92 days.

Any other information about payment terms

Typically suppliers are paid on the first available payment run following their due date. Payment runs occur weekly, 87% of invoices were paid within a week of their due date.

Dispute resolution process

Suppliers can contact the Accounts Payable (AP) department via email or phone in regards to unpaid invoices. Suppliers are informed if goods are rejected and a credit note is required, the invoice will be put on hold until the credit note is supplied. The AP or Purchasing department will contact the Supplier on any disputed invoices.

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, this business has not signed up to a code of conduct or standards on payment practices.

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