true MTIX Limited 07622985 2016-05-31 337 146932 535 147130 198 198 535 147130 0 5810 535 152940 -126026 -30395 144146 107307 18120 76912 5489 76912 12631 0 126561 183335 100000 150000 26561 33335 Basis of accounting The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015). Turnover The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax. Research and development Research and development expenditure is written off as incurred. Amortisation Amortisation is calculated so as to write off the cost of an asset over the useful economic life of that asset as follows: Patents/Goodwill-Over 5 years straight line Operating lease agreements Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease. Deferred taxation Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date. Fixed Assets All fixed assets are initially recorded at cost. Financial Instruments Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Plant & Machinery reducing balance 0.2500 Computer Equipment straight line 0.3333 250000 250000 150000 100000 50000 63831 60631 3200 37270 27296 9974 313831 310631 3200 187270 127296 59974 Ordinary 1000 1 1000 1000 Ordinary 1 198 198 198 The issued shares are designated as 132 ordinary A shares of £1 each and 66 ordinary B shares of £1 each. The two classes of share rank pari passu in all material respects. Balance sheet Spare note 99 (user defined) Going concern The directors have confirmed that they and their associates will provide adequate working capital to enable the company to trade for at least the next twelve months following the date of approval of these accounts. Consequently, the accounts have been prepared on a going concern basis. 2016-12-05 P MISTRY true true true true xbrli:shares iso4217:GBP xbrli:pure MTIX Limited 2015-06-01 2016-05-31 MTIX Limited 2014-06-01 2015-05-31 MTIX Limited 2014-05-31 MTIX Limited 2015-05-31 MTIX Limited 2015-05-31 MTIX Limited 2016-05-31 2016-12-06