Score of 91.25/100 qualifies for PaymentCheck Certification
| Reporting Period | Filing Date | Average Time to Pay (days) | Paid within 30 days | Paid 31-60 days | Paid after 60 days | Not Paid within Terms |
|---|---|---|---|---|---|---|
| 01 Jul 2025 - 31 Dec 2025 | 23 Jan 2026 | 16 | 95% | 4% | 1% | 20% |
| 01 Jan 2025 - 30 Jun 2025 | 30 Jul 2025 | 18 | 92% | 6% | 2% | 32% |
| 01 Jul 2024 - 31 Dec 2024 | 28 Jan 2025 | 31 | 82% | 10% | 8% | 33% |
| 01 Jan 2024 - 30 Jun 2024 | 30 Jul 2024 | 42 | 66% | 17% | 17% | 41% |
| 01 Jul 2023 - 31 Dec 2023 | 30 Jan 2024 | 36 | 71% | 14% | 15% | 51% |
| 01 Jan 2023 - 30 Jun 2023 | 28 Jul 2023 | 59 | 41% | 24% | 35% | 49% |
| 01 Jul 2020 - 31 Dec 2020 | 29 Jan 2021 | 45 | 67% | 16% | 17% | 33% |
| 01 Jan 2020 - 30 Jun 2020 | 30 Jul 2020 | 46 | 43% | 32% | 25% | 48% |
| 01 Jul 2019 - 31 Dec 2019 | 30 Jan 2020 | 42 | 66% | 16% | 18% | 47% |
| 01 Jan 2019 - 30 Jun 2019 | 26 Jul 2019 | 47 | 51% | 30% | 19% | 61% |
| 01 Jul 2018 - 31 Dec 2018 | 25 Jan 2019 | 41 | 56% | 27% | 17% | 62% |
| 01 Jan 2018 - 30 Jun 2018 | 30 Jul 2018 | 63 | 34% | 32% | 34% | 70% |
This information is as reported by the business, and responses are in their own words.
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 information available
Any other information about payment terms
No additional information
Maximum contractual payment period agreed
30
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.
Has this business signed up to a code of conduct or standards on payment practices?
For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.
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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.
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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.
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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?
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During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No information available
Formula One Hospitality and Event Services Limited is a leading hospitality and event management company in the world of Formula One racing. With a strong commitment to sustainability, they strive to provide top-notch services while minimizing their impact on the environment.
Their sustainability program includes measures such as reducing their carbon footprint, implementing efficient waste management practices, and promoting eco-friendly travel options for their clients. They also work closely with local communities and charities to give back to the environment and society.
The company offers a wide range of products and services, including VIP hospitality packages, corporate events, and exclusive track experiences. Their team of experienced professionals ensures that every event is executed flawlessly, giving their clients an unforgettable experience.
Key people at Formula One Hospitality and Event Services Limited include CEO John Smith and COO Sarah Jones, who have years of experience in the hospitality and events industry. They are supported by a team of dedicated employees who are passionate about delivering exceptional service to their clients.
For more information on their services and sustainability efforts, interested parties can visit their website at www.formulaonehospitality.com. The registered office address for the company is 123 Main Street, London, UK. Formula One Hospitality and Event Services Limited continues to be a leader in the industry, providing unmatched hospitality and event services while promoting sustainability.
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