Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in
the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration
takes into account trade discounts, settlement discounts and volume rebates.
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have
passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable
that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be
incurred in respect of the transaction can be measured reliably.
Turnover from contracts for the provision of professional services is recognised by reference to the stage of completion
when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion
is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a
proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of
the expenses recognised that it is probable will be recovered.