The term Reset and Refresh seem to get confused when referring to Windows 8. If you upgraded to 8.1, you cannot do a refresh unless you have the Windows 8.1 install files or had created a Custom Refresh Image. Otherwise the process will ask for the media and not complete.
If you Reset your system, then it will use an image to restore the system to factory specifications. In your case, this would probably have been Windows 8 since the 8.1 update does not create a new image for such purposes.