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 rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
During the year the company did not generate turnover as their activities consisted on holding minority shareholding in venture backed companies for the beneficial owners who are a group of individual investors. Boole Nominees Ltd is not the beneficial owner of these shareholdings and so these transactions are not reflected in its books. Other than this the company did not trade in the period.