MCLAREN APPLIED LIMITED
Company number: 02322992
Reporting period:
1 July 2020 to 31 December 2020
Report filed on:
25 January 2021
Approved by:
Jason Carter
Payment statistics
Average time taken to pay invoices: 69 days
Invoices paid:
- within 30 days: 13%
- in 31 to 60 days: 42%
- in 61 days or more: 46%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 31%
Payment terms
Shortest standard payment periods
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
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
60 days
No further comment provided
Any other information about payment terms
No further comment provided
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 Fair 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