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:
Turnover from bar sales and chandlery products are recognised when significant risks and rewards of ownership of the goods 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 payment for the goods.
When the outcome of a transaction can be estimated reliably, turnover from moorings and other site facilities is recognised by reference to the stage of completion at the balance sheet date.