MCLAREN CONSTRUCTION (UK) LIMITED

Company number: 04150081

Reporting period:
1 August 2017 to 31 January 2018

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This report was filed on 2 March 2018

and approved by Craig Young

Payment statistics

Average time taken to pay invoices: 24 days

Invoices paid:

• within 30 days: 76%
• in 31 to 60 days: 16%
• in 61 days or more: 8%

Invoices due but not paid within agreed terms: 60%

Payment terms

Shortest standard payment periods

30 days

Longest standard payment period

42 days

Standard payment terms

30 days for suppliers. 35 to 42 days to sub-contractors.

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

Answer not provided

Were suppliers notified or consulted about these changes before they were made?

N/A

Maximum contractual payment period agreed

42 days

No further comment provided

Any other information about payment terms

N/A

Dispute resolution process

There are two types of disputes: 1. Where the site team have not certified the valuation, the site team are tasked to speak with and resolve any differences with the Supply chain/Sub-contractor directly. 2. Where the site team have certified the works and are satisfied the supplier should be paid, there are instances where the Finance team require additional information like insurance details, VAT invoice, Self-billing agreements or CIS verification, in which case the Finance team would request and resolve these issues directly 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, this business has not signed up to a code of conduct or standards on payment practices.

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