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Registered Number: 11352446
England and Wales
MASAJ LIMITED
Unaudited Financial Statements
Period of accounts Start date: 01 June 2025 End date: 31 May 2026

Masaj Limited Contents Page For the year ended 31 May 2026
Company Information | 1
Directors' Report | 2
Statement of Financial Position | 3
Notes to the Financial Statements | 4

Masaj Limited Company Information For the year ended 31 May 2026
Directors | S A Crawley A L C Vaughan H Crawley F Humphries
Registered Number | 11352446
Registered Office | 86-90 Paul Street London EC2A4NE
Accountants | Blue Peak 100 Berkshire Place GF33 Winnersh RG41 5RD
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Masaj Limited Directors' Report For the year ended 31 May 2026
Directors' report and financial statements The directors present their annual report and the financial statements for the year ended 31 May 2026. Directors The directors who served the company throughout the year were as follows:
S A Crawley
A L C Vaughan
H Crawley
W Zeqiri
Statement of directors' responsibilities The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulation. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to select suitable accounting policies and then apply them consistently make judgments and accounting estimates that are reasonable and prudent prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business The directors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. The directors are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Small companies exemption This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption. This report was approved by the board and signed on its behalf by:
---------------------------------- S A Crawley Director
Date approved: 08 July 2026 2

Masaj Limited Statement of Financial Position As at 31 May 2026
| Notes | 2026 £ |  | 2025 £
--- | --- | --- | --- | ---
Fixed assets |  |  |
Intangible fixed assets | 3 | 1,116 |  | 0
Tangible fixed assets | 4 | 377,676 |  | 83,265
|  | 378,792 |  | 83,265
Current assets |  |  |
Stocks | 5 | 7,254 |  | 400
Debtors | 6 | 96,744 |  | 83,140
Cash at bank and in hand |  | 783,702 |  | 24,242
|  | 887,700 |  | 107,782
Creditors: amount falling due within one year | 7 | (727,488) |  | (525,094)
Net current assets |  | 160,212 |  | (417,312)
Total assets less current liabilities |  | 539,004 |  | (334,047)
Creditors: amount falling due after more than one year | 8 | (39,810) |  | (1,859)
Net assets |  | 499,194 |  | (335,906)
Capital and reserves |  |  |
Called up share capital | 9 | 1,867 |  | 1,629
Share Premium Account | 10 | 1,555,497 |  | 615,985
Profit and loss account |  | (1,058,170) |  | (953,520)
Shareholders' funds |  | 499,194 |  | (335,906)
For the year ended 31 May 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors' responsibilities: The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies. The financial statements were approved by the board of directors on 08 July 2026 and were signed on its behalf by:
------------------------------- S A Crawley Director
3

Masaj Limited Notes to the Financial Statements For the year ended 31 May 2026
General Information Masaj Limited is a private company, limited by shares, registered in England and Wales, registration number 11352446, registration address 86-90 Paul Street, London, EC2A4NE. The presentation currency is £ sterling.
1. | Accounting policies Significant accounting policies Statement of compliance These financial statements have been prepared in compliance with FRS 102(1A) The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. Basis of preparation The financial statements have been prepared under the historical cost convention as modified by certain financial instruments measured at fair value in accordance with the accounting policies. Turnover Turnover represents amounts receivable for massage treatments and related services provided to customers, together with the sale of retail products where applicable, net of VAT and discounts. Revenue from treatments and related services is recognised when the treatment or service has been provided to the customer. Amounts received in advance of treatments, including customer deposits, prepaid packages, gift cards and memberships where applicable, are deferred and recognised as income in advance until the related treatment or service is delivered, or until the company has no remaining obligation to provide the service. Revenue from retail product sales is recognised when the goods are provided to the customer and the company has no remaining obligation in respect of those goods. For in-studio purchases, this is at the point of sale. Customer tips and gratuities collected on behalf of therapists are excluded from turnover and recorded as a liability until paid over. Stock Stock is stated at the lower of cost and net realisable value. Foreign exchange Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss. Intangible assets Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable. Trade marks Trade marks are stated at cost less accumulated amortisation and any accumulated impairment losses. Amortisation is charged on a straight-line basis over the expected useful economic lives of the trade marks, being 10 years. Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives. Leasehold improvements are now depreciated straight line over the relevant site lease term. This has been accounted for prospectively from 1 June 2025 onwards, as it is a change in accounting estimate. The effect of the change was to decrease the depreciation charge for the year by £29,281. Capital work in progress comprises assets that are not yet available for use at the balance sheet date and is therefore not depreciated. Upon becoming available for use, such assets are transferred to the appropriate category of tangible fixed assets and depreciated in accordance with the applicable accounting policy. The other asset classes are depreciated on the following bases:
Plant and Machinery | 25% Straight Line
Computer Equipment | 25% Straight Line
Fixtures and Fittings | 25% Straight Line
Leases Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed. Cash and cash equivalents Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. Retirement benefits Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. Equity instruments Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. Employee benefits The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employees services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. Preference shares The company's preference shares are classified as equity and are included within shareholders' funds. The rights attaching to the preference shares are set out in the company's Articles of Association. 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 amortised. 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 of its liabilities. Basic financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
2. | Average number of employees Average number of employees during the year was 23 (2025 : 23).
3. | Intangible fixed assets
Cost | Other |  | Total
| £ |  | £
At 01 June 2025 | - |  | -
Additions | 1,240 |  | 1,240
Disposals | - |  | -
At 31 May 2026 | 1,240 |  | 1,240
Amortisation
At 01 June 2025 | - |  | -
Charge for year | 124 |  | 124
On disposals | - |  | -
At 31 May 2026 | 124 |  | 124
Net book values
At 31 May 2026 | 1,116 |  | 1,116
At 31 May 2025 | - |  | -
4. | Tangible fixed assets
Cost or valuation | Leasehold Improvements |  | Plant and Machinery |  | Computer Equipment |  | Fixtures and Fittings |  | Capital Work in Progress |  | Total
| £ |  | £ |  | £ |  | £ |  | £ |  | £
At 01 June 2025 | 251,532 |  | - |  | 19,537 |  | 68,673 |  | - |  | 339,742
Additions | 11,450 |  | 992 |  | 791 |  | 380 |  | 313,674 |  | 327,287
Disposals | (6,840) |  | - |  | - |  | - |  | - |  | (6,840)
At 31 May 2026 | 256,142 |  | 992 |  | 20,328 |  | 69,053 |  | 313,674 |  | 660,189
Depreciation
At 01 June 2025 | 192,232 |  | - |  | 12,315 |  | 51,930 |  | - |  | 256,477
Charge for year | 16,591 |  | 43 |  | 4,300 |  | 9,472 |  | - |  | 30,406
On disposals | (4,370) |  | - |  | - |  | - |  | - |  | (4,370)
At 31 May 2026 | 204,453 |  | 43 |  | 16,615 |  | 61,402 |  | - |  | 282,513
Net book values
Closing balance as at 31 May 2026 | 51,689 |  | 949 |  | 3,713 |  | 7,651 |  | 313,674 |  | 377,676
Opening balance as at 01 June 2025 | 59,300 |  | - |  | 7,222 |  | 16,743 |  | - |  | 83,265
5. | Stocks
| 2026 £ |  | 2025 £
--- | --- | --- | ---
Stocks | 7,254 |  | 400
| 7,254 |  | 400
6. | Debtors: amounts falling due within one year
| 2026 £ |  | 2025 £
--- | --- | --- | ---
Trade Debtors | 29,453 |  | 17,944
Provision for Doubtful Debts | (3,249) |  | (4,458)
Prepayments & Accrued Income | 27,875 |  | 28,461
Other Debtors | 42,665 |  | 30,910
| 96,744 |  | 72,857
6. | Debtors: amounts falling due after one year
| 2026 £ |  | 2025 £
--- | --- | --- | ---
Related Party Debtors | 10,283 |  | 10,283
Impairment Provision against Related Party Debtor | (10,283) |  | 0
| 0 |  | 10,283
7. | Creditors: amount falling due within one year
| 2026 £ |  | 2025 £
--- | --- | --- | ---
Trade Creditors | 248,462 |  | 146,150
Bank Loans & Overdrafts (Secured) | 1,608 |  | 35,833
PAYE & Social Security | 14,646 |  | 5,361
VAT | 18,805 |  | 60,419
Accrued Expenses | 7,011 |  | 8,996
Other Creditors | 13,388 |  | 36,081
Income in Advance | 383,461 |  | 138,759
Wages Payable - Payroll | 299 |  | 33,495
Directors' Current Accounts | 39,808 |  | 60,000
| 727,488 |  | 525,094
Included within other creditors falling due within one year is £10,375 (2025: £nil) in respect of deferred rent and lease incentive liabilities arising from the company's property leases. These balances are released to profit or loss over the relevant lease terms in accordance with the company's operating lease accounting policy.
8. | Creditors: amount falling due after more than one year
| 2026 £ |  | 2025 £
--- | --- | --- | ---
Bank Loans & Overdrafts (secured) | 0 |  | 1,859
Other Creditors | 39,810 |  | 0
| 39,810 |  | 1,859
Included within other creditors falling due after more than one year is £39,810 (2025: £nil) in respect of deferred rent and lease incentive liabilities arising from the company's property leases.
9. | Share Capital
Allotted, called up and fully paid | 2026 £ |  | 2025 £
--- | --- | --- | ---
1,332,500 Ordinary shares of £0.001 each | 1,333 |  | 1,095
534,000 Preference shares of £0.001 each | 534 |  | 534
| 1,867 |  | 1,629
10. | Share Premium Account
| 2026 £ |  | 2025 £
--- | --- | --- | ---
Equity Share Premium b/fwd | 147,769 |  | 24,968
Equity Share Premium - New Issue | 939,512 |  | 122,801
Preference Share Premium b/fwd | 468,216 |  | 374,514
Preference Share Premium - New Issue | 0 |  | 93,702
| 1,555,497 |  | 615,985
11. | Operating lease commitments At 31 May 2026, the company had total future minimum lease commitments under non-cancellable operating leases of £684,808 (2025: £375,904). The commitments relate to the rental of business premises.
12. | Events after the reporting period On 15 June 2026, the company completed a subscription with FIGR Ventures Limited under which FIGR Ventures Limited subscribed for 125,000 new ordinary shares of £0.001 each at a subscription price of £4.00 per share. The company received gross proceeds of £500,000 on 15 June 2026. As the transaction occurred after the balance sheet date, no adjustment has been made to the 31 May 2026 statement of financial position.
13. | Related party transactions At 31 May 2026, the company owed £39,808 (2025: £60,000) to directors through directors' current accounts. The balances are interest-free, unsecured and repayable on demand. No interest was charged during the year. At the year end, the company was owed £10,283 (2025: £10,283) by a related party. The related party is a company connected to MASAJ Limited through common directors. During the year, the company recognised a full impairment provision of £10,283 (2025: £nil) against this balance, as recovery is not considered probable. The net carrying amount at the reporting date was £nil (2025: £10,283).
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