Turnover is measured at the fair value of the consideration received or receivable, net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:
Hairdressing
Turnover from hairdressing is recognised when significant risks and rewards of ownership have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on completion of the service to a satisfactory standard.
Interest receivable
Interest income is recognised using the effective interest method.