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 residential letting and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Residential letting
Turnover from the letting of residential properties is recognised each month in accordance with the relevant letting contracts. Deposits and advanced payments are held as creditors.
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.