Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Income Recognition and Work in Progress
Revenue is recognised at the point at which goods and services are supplied to customers. Where services have been performed/goods ordered and the proportion not invoiced until after the year end, specific revenue is recognised and provided for by reference to the value of work performed.