FORMULA ONE MARKETING LIMITED
Company number: 05731193
Reporting period:
1 January 2023
to 30 June 2023
This report was filed on 28 July 2023
and approved by Duncan Llowarch
Payment statistics
Average time taken to pay invoices: 124 days
Invoices paid:
- within 30 days: 19%
- in 31 to 60 days: 12%
- in 61 days or more: 68%
Invoices due but not paid within agreed terms: 20 %
Payment terms
Standard payment period for qualifying contracts
30 days
Standard payment terms
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.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
30 days
Any other information about payment terms
N/A
Dispute resolution process
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.
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