RICARDO UK LIMITED
Company number: 02815682
Reporting period:
1 July 2021
to 31 December 2021
This report was filed on 27 January 2022
and approved by Chris Amsden
Payment statistics
Average time taken to pay invoices: 40 days
Invoices paid:
- within 30 days: 47%
- in 31 to 60 days: 38%
- in 61 days or more: 15%
Invoices due but not paid within agreed terms: 37 %
Payment terms
Standard payment period for qualifying contracts
60 days
Standard payment terms
Unless stated otherwise in the Purchase Order, standard payment terms are 60 days within the Automotive & Industrial business and 60 days from the end of the month within the Performance Products business, and commence from the date that 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
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 made within one working week of their due date.
Dispute resolution process
Our supplier dispute resolution process related to the goods or services provided is led by our procurement team, or by our finance team if related to the information presented on an invoice.
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