GOV.UK
RICARDO UK LIMITED
Company number: 02815682
Reporting period:
1 July 2017
to 31 December 2017
This report was filed on 31 January 2018
and approved by James Mills
Payment statistics
Average time taken to pay invoices: 46 days
Invoices paid:
- within 30 days: 32%
- in 31 to 60 days: 48%
- in 61 days or more: 20%
Invoices due but not paid within agreed terms: 63 %
Payment terms
Standard payment period for qualifying contracts
60 days
Standard payment terms
Technical Consulting
Within 60 days due net, although a variety of different payment terms are in place with different 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
120 days
Technical Consulting
Maximum contractual payment period within Technical Consulting can be upto 120 days with certain suppliers.
Performance Products
Maximum contractual payment period within Performance Products is 60 days from the end of the month in which the invoice is received.
Any other information about payment terms
Payment terms may be between 0 and 120 days within Technical Consulting or between 0 and 60 days after the end of the month in which the invoice is received within Performance Products. Although only 37% of invoices were paid within agreed terms during the reporting period, in practice the vast majority of undisputed invoices are paid within one working week of their due date
Dispute resolution process
Where there is a dispute over deliverables on a contract, our Project Buyers will lead the discussion with the supplier's technical contact. Where there is a dispute over deliverables on an indirect purchase, our Indirect Buyers will lead the discussion with the suppliers' contact. Where there is a dispute with presentation of an invoice (such as formatting or missing information), the finance and procurement teams will address the issue with the supplier, 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