Turnover comprises rental income earned from property lettings during the accounting period and is recognised on a straight-line basis over the term of the lease or rental agreement.
Income is recognised when the tenant has the right to occupy the property, and is measured at the fair value of the consideration received or receivable, excluding VAT (where applicable).
Where rent is received in advance, it is deferred and recognised over the period to which it relates. Any lease incentives or rent-free periods are recognised over the full term of the lease..