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:
Rendering of services
Turnover represents the total income generated from the short-term rental and serviced accommodation activities under the rent-to-rent model during the reporting period. Income is recognised when the service is rendered, i.e., when the property is occupied by guests, and is recorded net of cancellations and discounts.
The company does not own the properties but operates under lease agreements, whereby rental income is derived from subletting or managing properties obtained from landlords.
Revenue is recognised on an accrual basis and reflects the fair value of consideration received or receivable for services provided during the accounting period.