MCLAREN AUTOMOTIVE LIMITED
Company number: 01967717
Reporting period:
1 January 2021 to 30 June 2021
Report filed on:
28 July 2021
Approved by:
Rian Urding
Payment statistics
Average time taken to pay invoices: 65 days
Invoices paid:
- within 30 days: 10%
- in 31 to 60 days: 54%
- in 61 days or more: 36%
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: 36%
Payment terms
Shortest standard payment periods
60 days
Longest standard payment period
Answer not provided
Standard payment terms
McLaren standard terms are 'EOM + 60 days.' During the supplier tender process these standard terms are at times changed to facilitate contract negotiations, however these are always done on an end of month basis to ensure invoices are picked up on the correct payment run. Any changes to agreed contracted terms are always discussed with the supplier before it can be changed.
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
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
Invoices that go into query after confirmation from the buyer or material controller that it is incorrect are then sent to the supplier to resolve.
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.
Yes
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