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MCLAREN APPLIED TECHNOLOGIES LIMITED

Company number: 02322992

Reporting period:
1 January 2019 to 30 June 2019

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This information is as reported by the business, and responses are in their own words.

This report was filed on 30 July 2019

and approved by Paul Buddin

Payment statistics

Average time taken to pay invoices: 62 days

Invoices paid:

• within 30 days: 10%
• in 31 to 60 days: 40%
• in 61 days or more: 50%

Invoices due but not paid within agreed terms: 47 %

Payment terms

Shortest standard payment period

15 days

Longest standard payment period

60 days

Standard payment terms

McLaren's standard payment terms are End of Month +60 days. These standard terms are occasionally changed to facilitate contract renegotiation, with alternative terms agreed on individual basis.

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

No

Maximum contractual payment period agreed

60 days

Any other information about payment terms

N/A

Dispute resolution process

Suppliers can contact the Accounts Payable (AP) department via email or phone to enquire about unpaid invoices. Suppliers are informed if goods are rejected and if credit note is required. The invoice is put on hold until the credit note is supplied for the rejected goods. The AP department contacts the suppliers to resolve 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

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