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RICARDO UK LIMITED

Company number: 02815682

Reporting period:
1 January 2018 to 30 June 2018

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

This report was filed on 30 July 2018

and approved by James Mills

Payment statistics

Average time taken to pay invoices: 35 days

Invoices paid:

• within 30 days: 43%
• in 31 to 60 days: 44%
• in 61 days or more: 13%

Invoices due but not paid within agreed terms: 11 %

Payment terms

Standard payment period for qualifying contracts

60 days

Standard payment terms

Within 60 days due net, although we do have payment terms from immediate payment to 60 days.

Were there any changes to the standard payment terms in the reporting period?

No

Maximum contractual payment period agreed

120 days

Again ours can be anything from immediate to 60 days. 120 days when agreed with the Supplier

Any other information about payment terms

N/A

Dispute resolution process

Where there is a dispute over deliverables on a project, our Project Buyers will lead the discussion with their technical contact at the suppliers. Where there is a dispute over deliverables on a indirect purchase, our Indirect Buyers will lead the discussion with their contact at the suppliers. Where there is a dispute with presentation of an invoice (such as formatting, missing PO number etc), the Finance team will address the issue with the supplier with the assistance of procurement as required.

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