Turnover represents the gross proceeds from the sale of cryptocurrency held as trading stock, excluding value added tax. Revenue is recognised at the point when control of the cryptocurrency has transferred to the customer, which is typically the point of sale on a recognised exchange or through direct transaction with a counterparty.
Purchases and sales of cryptocurrency are recognised on a trade date basis. Inventory is measured at the lower of cost and net realisable value in accordance with FRS 102 Section 13.
The company acts as principal in all cryptocurrency transactions.