Masabi Group Limited
Business and domestic software development · London
ActiveUnited KingdomIncorporated 2001Private Limited Company
Financial position
Accounts to 2025-12-31 · GBP · Group accounts
Net assets
−£1,469,000
Cash
£10,086,000
Turnover
£41,856,000
Profit / loss
−£504,000
Current assets
£21,735,000
Creditors < 1 year
£20,570,000
Equity
−£1,469,000
Average employees
156
Balance-sheet trend
GBP · consolidatedFinancial statements
Selected figures from the best-ranked available filing for each period. Missing values remain unknown.
Some figures were read by AI from scanned accounts, so small errors are possible. View the filed accounts
| Reported figures | 2025-12-31Group · AI-read | 2024-12-31Group · AI-read | 2009-07-31 | 2008-07-31 | 2007-07-31 | 2006-07-31 |
|---|---|---|---|---|---|---|
| Balance sheet | ||||||
| Net assets | −£1,469,000 | −£982,000 | −£29,002 | £395 | £38,258 | £15,353 |
| Equity | −£1,469,000 | −£982,000 | −£29,002 | £395 | £38,258 | £15,353 |
| Share capital | £4,000 | £4,000 | — | — | — | — |
| Retained earnings | −£66,523,000 | −£66,018,000 | — | — | — | — |
| Assets | ||||||
| Fixed assets | £1,027,000 | £1,037,000 | £751 | £1,001 | £1,348 | £1,708 |
| Intangible assets | £639,000 | £658,000 | — | — | — | — |
| Property, plant & equipment | £388,000 | £362,000 | £751 | £1,001 | £1,333 | £1,693 |
| Current assets | £21,735,000 | £22,481,000 | £20,456 | £45,714 | £56,465 | £33,524 |
| Cash at bank | £10,086,000 | £11,843,000 | — | — | £2,386 | £4,481 |
| Debtors | £7,380,000 | £6,626,000 | £20,456 | £45,714 | £54,079 | £29,043 |
| Stock | £4,269,000 | £4,012,000 | — | — | — | — |
| Liabilities | ||||||
| Creditors | £24,231,000 | £24,500,000 | — | — | — | — |
| Creditors within one year | £20,570,000 | £19,500,000 | — | — | — | — |
| Creditors after one year | £3,661,000 | £5,000,000 | — | — | — | — |
| Bank loans & overdrafts | £4,715,000 | £5,960,000 | — | — | — | — |
| Net current assets | — | — | −£29,753 | −£606 | £36,910 | £13,645 |
| Assets less current liabilities | — | — | −£29,002 | £395 | £38,258 | £15,353 |
| Profit & loss | ||||||
| Turnover | £41,856,000 | £37,463,000 | — | — | — | — |
| Cost of sales | £12,971,000 | £13,700,000 | — | — | — | — |
| Gross profit | £28,885,000 | £23,763,000 | — | — | — | — |
| Administrative expenses | £29,724,000 | £25,521,000 | — | — | — | — |
| Other operating income | £771,000 | £280,000 | — | — | — | — |
| Operating profit | −£68,000 | −£1,478,000 | — | — | — | — |
| Interest receivable | £160,000 | £66,000 | — | — | — | — |
| Interest payable | £560,000 | £720,000 | — | — | — | — |
| Profit before tax | −£468,000 | −£2,132,000 | — | — | — | — |
| Tax | £36,000 | £511,000 | — | — | — | — |
| Profit / loss | −£504,000 | −£1,621,000 | — | — | — | — |
| Operating costs | ||||||
| Operating lease charges | £245,000 | £233,000 | — | — | — | — |
| Audit fees | £155,000 | £159,000 | — | — | — | — |
| Research & development | £3,853,000 | £5,849,000 | — | — | — | — |
| People & pay | ||||||
| Average employees | 156 | 183 | — | — | — | — |
| Staff costs | £18,308,000 | £17,567,000 | — | — | — | — |
| Wages & salaries | £14,311,000 | £14,513,000 | — | — | — | — |
| Social security costs | £1,626,000 | £1,476,000 | — | — | — | — |
| Pension costs | £237,000 | £265,000 | — | — | — | — |
| Directors' remuneration | £1,146,000 | £735,000 | — | — | — | — |
| Highest paid director | £486,000 | £410,000 | — | — | — | — |
| Source evidence | View filing | View filing | View filing | View filing | View filing | View filing |
From the accounts
What the accounts for 2025-12-31 say about themselves, read by AI from the scanned filing.
- Comparatives
- Prior-year figures were restated
- Principal activity
- The principal activity of the group continued to be that of the development and application of SaaS (‘Software-as-a-Service’) based fare payment solutions for public transit. The principal activity of the company continued to be that of a holding company.
- What it does
- SaaS · fare payment solutions · public transit · mobile ticketing · fare collection · cloud-native mobility-enabled platform (AI keywords)
- The year
- Masabi has continued to achieve significant global momentum in the delivery and expansion of its Justride fare payments-as-a-service platform, providing a cloud-native, mobility-enabled solution to public transit customers of all sizes. During the year ended 31 December 2025, Masabi successfully completed 11 deployments. Notable strategic wins during the year include ARTM, First Bus, and IndyGo, further strengthening the company's position as a leader in the global transit market.
- Outlook
- No change in the nature of the group and company's activities are expected in the foreseeable future.
- Auditor
- BDO LLP · senior statutory auditor Richard Bedlow
- Audit opinion
- Clean (unmodified)
- Accounts
- Full accounts · FRS 102
- Approved
- 2026-07-22, signed by B Zanghi
Subsidiaries (3)
- Masabi Limited · 100% · England & Wales; registered at 1 Bow Churchyard, London, EC4M 9DQ · Development of mobile ticketing and fare collection solutions
- Masabi US Limited · 100% · England & Wales; registered at 1 Bow Churchyard, London, EC4M 9DQ · Holding company
- Masabi LLC · 100% · USA; registered at 1330 Avenue of the Americas, Suite 23A, New York NY 10019 · Sales and maintenance of mobile ticketing solutions
Turnover by segment (8)
- North America: 37,591 (000s) (2025-12-31)
- North America: 32,376 (000s) (2024-12-31)
- Rest of world: 4,265 (000s) (2025-12-31)
- Rest of world: 5,087 (000s) (2024-12-31)
- Recurring revenue: 30,977 (000s) (2025-12-31)
- Recurring revenue: 28,497 (000s) (2024-12-31)
- Non-recurring development and deployment: 10,879 (000s) (2025-12-31)
- Non-recurring development and deployment: 8,966 (000s) (2024-12-31)
Related parties (2)
- Accel-KKR Consulting Group · majority shareholder of Masabi Group Limited · Strategic business advisory and management consultancy; consulting services provided under normal commercial terms and conditions · £67k
- Accel-KKR Consulting Group · majority shareholder of Masabi Group Limited · Outstanding balance · £4k (2024: £nil)
Borrowings (3)
- Secured loan · 2,602 (000s) · 7.75% · 2027 · secured on Secured
- Secured loan notes · 2,163 (000s) · 6.1% · 2027 · secured on Secured
- Secured loan · (50) (000s) · 5.75% · 2027 · secured on Secured
Directors' report (3)
- B Zanghi
- B J Whitaker
- J Porten
Share classes (10)
- 21 Ordinary shares of 1p each of 1p
- 27 Ordinary A shares of 1p each of 1p
- 43 Ordinary B shares of 1p each of 1p
- 105 Ordinary C shares of 1p each of 1p
- 131 Series D1
- 11 Series D2
- 31 Series D3
- 13 Series D4
- 15 Series D5
- 16 Deferred shared
Principal risks (2)
- Liquidity
- Foreign exchange risk
Events after the year end (2)
- On 12 January 2026, the company entered into a new Facilities Agreement with HSBC Innovation Bank Limited, increasing total borrowing facilities by £9m to £16.7m. The new facilities are secured by a fixed and floating charge over the assets of the company, registered on 14 January 2026.
- Subsequent to the balance sheet date, on 20 January 2026, the group completed the acquisition of 100% of the issued share capital of We Are Base Limited.
Secured borrowing
Registered charges, lenders and security interests.
Charges and related records
3 outstanding chargesFloating · created 2026-01-12
—
OutstandingAll Assets · created 2018-06-11
—
OutstandingAll Assets · created 2018-06-11
—
OutstandingShow 11 satisfied / released
Floating · created 2025-09-01 · satisfied 2026-01-28
—
SatisfiedAll Assets · created 2023-09-25 · satisfied 2026-01-28
—
SatisfiedAll Assets · created 2021-04-27 · satisfied 2023-09-29
—
SatisfiedFixed · created 2016-12-29 · satisfied 2021-04-16
—
SatisfiedAll Assets · created 2016-12-29 · satisfied 2021-04-16
—
SatisfiedAll Assets · created 2016-12-29 · satisfied 2021-04-16
—
SatisfiedFixed · created 2016-12-29 · satisfied 2021-04-16
—
SatisfiedFixed · created 2014-07-31 · satisfied 2021-04-16
—
SatisfiedAll Assets · created 2014-07-31 · satisfied 2021-04-16
—
SatisfiedAll Assets · created 2014-07-31 · satisfied 2021-04-16
—
SatisfiedFixed · created 2014-07-31 · satisfied 2021-04-16
—
Satisfied