Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales taxes or duty. The following criteria must also be met before revenue is recognised:
Income from short term lettings
The company generates rental income by taking properties on lease and letting them out on a short-term basis through different platforms. Rental income is recognised in the income statement on a per-night or per-stay basis, in line with the period the property is occupied by guests. Revenue is recorded on an accruals basis, reflecting the company’s performance obligations as they are met.
Service charge income is recognised as revenue in the period to which it relates.