Company number: 05731193
and approved by Duncan Llowarch
Average time taken to pay invoices: 29 days
Invoices paid:
Invoices due but not paid within agreed terms: 67%
30 days
Answer not provided
The company's standard contractual payment term for goods and services, when applied, is 30 days, however alternative periods can be agreed through discussion on a vendor by vendor basis. No changes have been made to the company's standard payment terms in the period, albeit agreements with individual vendors can change from time to time based on discussions with the relevant counterparties.
Answer not provided
N/A
113 days
No further comment provided
As required, the company's statistics are calculated taking into account both payments made to fellow F1 subsidiaries i.e. intra-group payments, and those made to external "3rd party" suppliers. Intra-group invoices in practice have no set payment dates but are recorded in accounting records as falling due on receipt of invoice. In practice intra-group invoices are settled periodically leading the standard payment days' statistics to be distorted as there are a high volume of intra-group invoices - in the period approximately 75% of all invoices were non-3rd party. Excluding these intra-group invoices from the statistics would reduce the % of invoices due but not paid within the agreed terms at the end of the period from 67% to 49%.
All queries are addressed with suppliers by the Accounts Payable team responsible for all Formula 1's UK subsidiaries. The Accounts Payable team seek to resolve queries directly with the suppliers and through liaison with the relevant Formula 1 managers who were responsible for engaging the particular supplier and confirming the receipt, or otherwise, of the relevant goods or services.
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.
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
No
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
No
No