Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover represents interest income and related charges earned from the provision of short-term lending facilities.
Interest income is recognised on an accruals basis, using the effective interest method, by reference to the principal outstanding and the applicable interest rate. Fee and charge income directly attributable to lending arrangements is recognised as revenue when the relevant lending transaction is completed, provided collection is reasonably certain.
Turnover is recognised only to the extent that it is probable that the economic benefits will flow to the company and the amount can be measured reliably.