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MCLAREN AUTOMOTIVE LIMITED

Company number: 01967717

Reporting period:
1 July 2020 to 31 December 2020

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

This report was filed on 29 January 2021

and approved by Rian Urding

Payment statistics

Average time taken to pay invoices: 92 days

Invoices paid:

• within 30 days: 10%
• in 31 to 60 days: 21%
• in 61 days or more: 69%

Invoices due but not paid within agreed terms: 69 %

Payment terms

Standard payment period for qualifying contracts

60 days

Standard payment terms

McLaren standard terms are 'EOM + 60 days.' During the supplier tender process these standard terms are at times changed to facilitate contract negotiations, however these are always done on an end of month basis to ensure invoices are picked up on the correct payment run. Any changes to agreed contracted terms are always discussed with the supplier before it can be changed.

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

Due to COVID-19, in some extenuating circumstances, payment terms were agreed with a selection of suppliers and therefore the ‘Invoices due but not paid within agreed terms’ will not reflect where extended terms have been agreed with suppliers.

Dispute resolution process

Invoices that go into query after confirmation from the buyer or material controller that it is incorrect are then sent to the supplier to resolve.

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.

Yes

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