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RICARDO-AEA LIMITED

Company number: 08229264

Reporting period:
1 July 2022 to 31 December 2022

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

This report was filed on 31 January 2023

and approved by Ian Rogerson

Payment statistics

Average time taken to pay invoices: 28 days

Invoices paid:

• within 30 days: 83%
• in 31 to 60 days: 13%
• in 61 days or more: 5%

Invoices due but not paid within agreed terms: 18 %

Payment terms

Shortest standard payment period

30 days

Longest standard payment period

60 days

Standard payment terms

Our default payment terms are 60 days, but some supplier are on paid when paid terms, and this can lead to a longer payment period.

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

No

Maximum contractual payment period agreed

60 days

We have many contracts where we flow down the payment terms (and other t's & c's) from our customers, including paid when paid.

Any other information about payment terms

N/A

Dispute resolution process

Where there is a dispute over deliverables on a project, our Project Manager will lead the discussion with their technical 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.

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