Masref Ltd

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—5

Registered number: 14337994

		31 December 2024		31 December 2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		10,589		5,467

			10,589		5,467
CURRENT ASSETS
Debtors	5	186,891		62,220
Cash at bank and in hand		258,374		3,481

		445,265		65,701
Creditors: Amounts Falling Due Within One Year	6	(101,032 )		(29,569 )

NET CURRENT ASSETS (LIABILITIES)			344,233		36,132

TOTAL ASSETS LESS CURRENT LIABILITIES			354,822		41,599

Creditors: Amounts Falling Due After More Than One Year	7		-		(77,533 )

NET ASSETS/(LIABILITIES)			354,822		(35,934 )

CAPITAL AND RESERVES
Called up share capital	8		24,954		4,486
Share premium account			2,470,372		444,024
Profit and Loss Account			(2,140,504 )		(484,444 )

SHAREHOLDERS' FUNDS			354,822		(35,934)

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Masref Ltd

Balance Sheet (continued)

As At 31 December 2024

For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

Mr Amer Baroudi

Director

29th September 2025

The notes on pages 3 to 5 form part of these financial statements.

1. General Information

Masref Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 14337994 . The registered office is Masref Ltd, 124 City Road, London, EC1V 2NX.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Going Concern Disclosure

The Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The financial statements have therefore been prepared on the going concern basis.

The Company incurred a loss during the year of £2,156,948 which has been funded by the company's parent company, nsave Inc. (formerly Masref Inc.)

Nsave Inc will continue to provide further financial support to the Company for the foreseeable future and at least for 12 months from the approval of these financial statements.

The Directors having assessed the current financial position of nsave Inc. and the overall group and have a reasonable expectation that the Company will have adequate resources to continue as going concern and pay its liabilities as they fall due for the foreseeable future being a period of at least one year from the date of approval of these accounts by the board of directors.

2.3. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover is reduced for rebates and other similar allowances.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Fixtures & Fittings	5 years
Computer Equipment	3 years

2.5. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.6. Cash and bank balances

Cash and bank balances include cash in hand, deposits held at call with banks and other short-term highly liquid investments. The Company also maintains float accounts with service providers which represents the Company’s own cash deposits placed to facilitate settlement of customer transactions. The balances on these float accounts are included in cash and bank balances.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 9 (2023: 3)

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Masref Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

4. Tangible Assets

	Fixtures & Fittings	Computer Equipment	Total
	£	£	£
Cost
As at 1 January 2024	428	5,707	6,135
Additions	5,135	2,473	7,608

As at 31 December 2024	5,563	8,180	13,743

Depreciation
As at 1 January 2024	10	658	668
Provided during the period	342	2,144	2,486

As at 31 December 2024	352	2,802	3,154

Net Book Value
As at 31 December 2024	5,211	5,378	10,589

As at 1 January 2024	418	5,049	5,467

5. Debtors

	31 December 2024	31 December 2023
	£	£
Due within one year
Prepayments and accrued income	26,581	5,812
Rent deposit	49,200	10,500
VAT	111,110	45,908

	186,891	62,220

6. Creditors: Amounts Falling Due Within One Year

	31 December 2024	31 December 2023
	£	£
Trade creditors	91,402	7,633
Other taxes and social security	8,334	21,743
Net wages	-	193
Amounts owed to group undertakings	1,296	-

	101,032	29,569

7. Creditors: Amounts Falling Due After More Than One Year

	31 December 2024	31 December 2023
	£	£
Amounts owed to group undertakings	-	77,533

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Masref Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

8. Share Capital

	31 December 2024	31 December 2023
Allotted, called up and fully paid	£	£
2,495,424 Ordinary Shares of £ 0.01 each	24,954	4,486


Shares issued during the period:	£
2,046,815 Ordinary Shares of £ 0.01 each	20,468

9. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as following:

	31 December 2024	31 December 2023
	£	£
Not later than one year	365,500	23,333

	365,500	23,333

10. Related Party Transactions

The company is 100% owned by nsave Inc. (formerly Masref Inc.) by virtue of its ownership of 100% of the issued share capital in the company. At the year end, the company owed nsave Inc. £1,296.

During the year loan advances from nsave Inc. totalling £2,046,815 were converted to share capital by means of issuing new ordinary shares in the company.

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