Senwes Annual Financial Statements 2022 | Page 84

SENWES ANNUAL FINANCIAL STATEMENTS 2022
Trade in fuel , meat , vehicles , raisins , cattle hides and sheep skins Revenue relating to the sale of these products are measured at the transaction price which is the amount of consideration that the group expects to be entitled to in exchange for the products provided . Revenue from the sale of these goods is recognised when the goods are delivered and have been accepted by customers .
Sale of pesticides and fertiliser Revenue relating to the sale of these products are measured at the transaction price which is the amount of consideration that the group expects to be entitled to in exchange for the products provided . Revenue from the sale of these goods is recognised when the goods are delivered and have been accepted by customers .
Revenue from other sources
Interest income Interest income on all financial instruments measured at amortised cost is recorded using the effective interest rate ( EIR ) method . EIR is the rate that exactly discounts the estimated future cash payments or receipts over the expected life of the financial instrument or a shorter period , where appropriate , to the net carrying amount of the financial asset or liability . Interest income is included in finance income in the statement of profit or loss .
As finance is provided continuously , the service obligation is performed over a period of time and as the client receives the benefit from the services as it is being performed .
Interest accrues daily and is recognised on a monthly-basis .
Investment income
Dividends received Dividends received from investments are recognised when the shareholders ’ right to receive payment is established .
Interest income other than revenue Refer to the " Interest income " accounting policy above . Interest income other than revenue relates to interest income earned by the group which does not arise in the course of the group`s ordinary activities .
Income from commodity trading Agency agreement sales The customer has the ability to direct the use of , and obtain substantially all the remaining benefits , from the commodity from the date of delivery at the premises specified by the purchaser . At this stage the purchaser can determine whether and when to sell or store the commodities . This service condition includes the delivery of the grain and does not constitute a separate revenue stream .
Income is recognised at the time of delivery .
Ex-silo commodity sales The purchaser has the ability to direct the use of , and obtain substantially all the remaining benefits , from the commodity from the date of withdrawal . At this stage the purchaser can determine whether and when to sell or store the commodities .
Income is recognised at the time of withdrawal .
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