Muse Holdings Limited

	Page
Balance Sheet	1
Notes to the Financial Statements	2—4

1. General Information

Muse Holdings Limited is a private company, limited by shares, incorporated in England & Wales, registered number 14231922 . The registered office is 1 Giltspur Street, Farringdon, London, EC1A 9DD.

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

In making their assessment, the directors have considered all available information about the future, covering at least 12 months from the date the financial statements are authorised for issue, including, projected group cash flows, the company's ability to meet its liabilities as they fall due and the performance and cash-generating capacity of its subsidiaries.

Given that the company is a holding company, with limited operating costs and no significant trading activities the directors expect to meet obligations through intra-group funding, dividend income, or other returns from its subsidiaries.

The directors have concluded that there are no material uncertainties that cast significant doubt upon the company’s ability to continue as a going concern.

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 sale of rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Rendering of services

Turnover consists of management charges made to companies under common control. Management charges are calulated based on a percentage of the gross profit made by the billable company at the end of the financial period.

2.4. Financial Instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not discounted.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction where they are subsequently carried at amortised cost using effective interest method. Financial liabilities that constitute a financing transaction are measured at present value of future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not discounted.

Debt instruments are subsequently carried at amortised cost, using effective interest rate method.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in ordinary course of business from suppliers. Amounts payable under trade creditors classified as current liabilities if payment is due within one year or less. If not they presented as non-current liabilities. Trade creditors recognised initially at transaction price and subsequently measured amortised cost using effective interest method.

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Muse Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.5. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

2.6. Investments

Investments in equity shares which are not publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss.

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less

impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 2 (2023: NIL)

4. Investments

	Unlisted
	£
Cost
As at 1 January 2024	-
Additions	42,356

As at 31 December 2024	42,356

Provision
As at 1 January 2024	-

As at 31 December 2024	-

Net Book Value
As at 31 December 2024	42,356

As at 1 January 2024	-

On 5 February 2024, the company acquired 100% of the share capital of Muse Media LLC, a company incorporated in Qatar with registration number 01542, for a consideration of 100,000 QAR (one hundred thousand Qatari Riyals) which is equivalent to £21,589.

On 10 July 2024, the company acquired 100% of the share capital of Muse Media LLC, a company incorporated in Saudi Arabia with registration number 1155586, for a consideration of 100,000 SAR (one hundred thousand Saudi Arabian Riyals) which is equivalent to £20,767.

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Muse Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

5. Debtors

	31 December 2024	31 December 2023
	£	£
Due within one year
Trade debtors	-	13,243
Corporation tax recoverable assets	271	-

	271	13,243

6. Creditors: Amounts Falling Due Within One Year

	31 December 2024	31 December 2023
	£	£
Trade creditors	2,079	-
Corporation tax	397	397
Accruals	4,500	13,545
Amounts owed to group undertakings	38,251	-

	45,227	13,942

7. Share Capital

	31 December 2024	31 December 2023
Allotted, called up and fully paid	£	£
900 Ordinary Shares of £ 0.10 each	90	90

8. Related Party Transactions

During the year, £28,040 was received in capital contributions from Qanect Marketing LLC. This amount is recorded as other reserves in equity. Qantec Marketing LLC is a company under common control and is registered in Qatar with the registered office address, Office No. Unit 403, 4th Floor, Al Jazeera/Navigation Tower, No. 186, Doha, Qatar and registration number 01542.

The company has taken exemption not to disclose related party transactions between members of a group where the subsidiary involved in the transactions is wholly owned by another member of that group.

9. Audit Information

The auditor's report on the accounts of Muse Holdings Limited for the year ended 31 December 2024 was unqualified.

The auditor's report was signed by Daniel Mould ACCA (Senior Statutory Auditor) for and on behalf of Windsor Audit Limited , Statutory Auditor.

Windsor Audit Limited

1 Giltspur Street

Farringdon

London

EC1A 9DD

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		31 December 2024		31 December 2023
	Notes	£	£	£	£
FIXED ASSETS
Investments	4		42,356		-

			42,356		-
CURRENT ASSETS
Debtors	5	271		13,243
Cash at bank and in hand		194		2,483

		465		15,726
Creditors: Amounts Falling Due Within One Year	6	(45,227 )		(13,942 )

NET CURRENT ASSETS (LIABILITIES)			(44,762 )		1,784

TOTAL ASSETS LESS CURRENT LIABILITIES			(2,406 )		1,784

NET (LIABILITIES)/ASSETS			(2,406 )		1,784

CAPITAL AND RESERVES
Called up share capital	7		90		90
Other reserves			28,039		-
Profit and Loss Account			(30,535 )		1,694

SHAREHOLDERS' FUNDS			(2,406)		1,784