MCLAREN RACING LIMITED
Company number: 01517478
Reporting period:
1 July 2020 to
31 December 2020
This report was filed on 29 January 2021
and approved by Will Ten Broeke
Payment statistics
Average time taken to pay invoices: 65 days
Invoices paid:
- within 30 days: 12%
- in 31 to 60 days: 53%
- in 61 days or more: 35%
Invoices due but not paid within agreed terms: 38%
Payment terms
Shortest standard payment periods
60 days
Longest standard payment period
92 days
Standard payment terms
60 Days + End of Month
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, 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.
Any other information about payment terms
A payment run is made for the last Friday of each month; all suppliers on our End of month + 60 days terms will recieve payment for their cleared invoices then. Interim payment runs occur fortnightly, to cover any companies with different payment terms and to clear up outstanding invoices. This does not reflect where extended payment terms have been agreed with suppliers as a result of implications of Covid-19.
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