RICARDO UK LIMITED
Company number: 02815682
Reporting period:
1 January 2024 to 30 June 2024
Report filed on:
30 July 2024
Approved by:
Jean Lorain-Broca
Payment statistics
Average time taken to pay invoices: 23 days
Invoices paid:
- within 30 days: 64%
- in 31 to 60 days: 30%
- in 61 days or more: 6%
Late and disputed:
- total value of payments due in the reporting period which have not been paid within the agreed period: £0
- payments due in the reporting period which have not been paid within the agreed period: 70%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
90 days
Standard payment terms
Automotive & Industrial Within 60 days due net, although different payment terms are in place with certain suppliers.
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
60 days
Automotive & Industrial Maximum contractual payment period for certain suppliers within Automotive & Industrial can be up to 90 days from the invoice date. Note that effective from 1 December 2023, the Performance Products business unit of Ricardo UK Limited was transferred to its own legal entity, Ricardo Performance Products Limited.
Any other information about payment terms
Our policy is to process supplier payments that are due for payment once per week and this is the primary contributing factor for the percentage of payments not made within agreed terms during the reporting period. In practice, over 80% of undisputed supplier payments are either made prior to or within one working week of their due date. Note that Ricardo UK Ltd was comprised of two businesses – Automotive & Industrial and Performance Products. From 1 December 2023, the Performance Products business was transferred to a separate legal entity (Ricardo Performance Products Ltd). As a result of this transaction, the information supplied for Ricardo UK Ltd for this reporting period no longer includes information relating to the Performance Products business.
Dispute resolution process
Disputes over deliverables on a supplier contract are managed by our procurement team. Issues with the content and format of purchase invoices are managed by our finance team.
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 Fair 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