RICARDO UK LIMITED
Company number: 02815682
Reporting period:
1 January 2021
to 30 June 2021
This report was filed on 30 July 2021
and approved by Chris Amsden
Payment statistics
Average time taken to pay invoices: 42 days
Invoices paid:
- within 30 days: 45%
- in 31 to 60 days: 39%
- in 61 days or more: 16%
Invoices due but not paid within agreed terms: 36 %
Payment terms
Standard payment period for qualifying contracts
60 days
Standard payment terms
Automotive & Industrial
Within 60 days due net, although different payment terms are in place with certain suppliers.
Performance Products
Unless stated otherwise in the Purchase Order, standard payment terms are within 60 days from the end of month in which Ricardo receives the supplier’s conforming and undisputed invoice.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
90 days
Automotive & Industrial
Maximum contractual payment period for certain suppliers within Automotive & Industrial can be up to 60 days from the invoice date.
Performance Products
Maximum contractual payment period for certain suppliers within Performance Products can be up to 60 days from the end of the month in which the invoice is received (effectively 90 days from the invoice date).
Any other information about payment terms
Our policy is to process supplier payments that are due for payment once per week and this is the primary contributing factor for the percentage of payments not made within agreed terms during the reporting period. In practice, the majority of undisputed supplier payments are either made prior to or within one working week of their due date.
Dispute resolution process
Disputes over deliverables on a supplier contract are managed by our procurement team. Issues with the content and format of purchase invoices are managed by our finance team.
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