REGISTERED NUMBER: |
TACHMED HOLDINGS LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
REGISTERED NUMBER: |
TACHMED HOLDINGS LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
TACHMED HOLDINGS LIMITED (REGISTERED NUMBER: 11656288) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 30 November 2023 |
Page |
Company Information | 1 |
Chairman's Report | 2 |
Chief Executive Officer's Report | 3 |
Balance Sheet | 4 |
Notes to the Financial Statements | 5 |
Chartered Accountants' Report | 8 |
TACHMED HOLDINGS LIMITED |
COMPANY INFORMATION |
for the year ended 30 November 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Ashbourne House |
The Guildway |
Old Portsmouth Road |
Guildford |
Surrey |
GU3 1LR |
TACHMED HOLDINGS LIMITED (REGISTERED NUMBER: 11656288) |
CHAIRMAN'S REPORT |
for the year ended 30 November 2023 |
Tachmed has continued its journey towards market launch for its advanced Bio sensor product, with success on both technical and commercial progress proceeding at pace. |
Since my Chairman's report for 2022, the company has achieved a considerable step forward in adding to its internal skill base in the form of impressive individuals, all intent upon enabling the production and sales capacity of Tachmed. |
The company has established significant partnerships with important participants in the marketing and distribution sector, who are now preparing for the commercial rollout of Tachmed's advanced technology. |
The risk of global pandemic has not diminished, and therefore demand for home based advanced diagnosis and for accompanying data acquisition is of paramount importance, on a global scale. |
It has always been the vision and the intent of Tachmed to address this challenge ever since it's foundation, and absolutely remains its central mission. |
Lord M W Beaverbrook - Chairman |
TACHMED HOLDINGS LIMITED (REGISTERED NUMBER: 11656288) |
CHIEF EXECUTIVE OFFICER'S REPORT |
for the year ended 30 November 2023 |
Tachmed's central strategy is to be the health market's primary source of significant, precise patient data. Diagnostic tests measure and report health status precisely and systematically in real time to a powerful, compliant and secure database in the cloud where patients control access by their nominated health professionals. Within this environment, powerful computational capability enables processing of their data to train generative AI models which will drive a new wave of virtual primary health applications and services. |
The team has developed core R&D projects to optimise the underlying technologies for each component of the system. This will allow the business to integrate each piece of hardware, software and cloud processing architecture into the platform we have long aspired to present to market. This is now taking shape and, in line with the business' strategic vision, it will showcase capability on the frontline of health assessment and disease detection, providing essential data to health system managers, payers, operators and national health security agencies. All have a role to play in the battle to control and pay for rapidly evolving threats to population health. |
Tachmed has created this momentum through persistence, competence and an impressively frugal set of resources. With proof of concept now in-hand, the business is now ready to start clinical testing ahead of publishing a white paper on its path to FDA submission. This will help to accelerate the acquisition of the necessary additional funding and personnel as a launchpad to market. Tachmed plans over the next year to fulfil its goal to take a responsible role as a transformative and disruptive contributor to framing a new, integrated digital health market. There are challenges to meet and a plan to mitigate the risk of tripping over inevitable hurdles. |
The Group has attracted the attention of significant participants in the roll out of digital health technologies to a waiting market. Those who recognise the need to deploy Tachmed's capabilities often understand the need for complementary digital operating models, go-to-market channels, and the role they play in leveraging virtual patient care and management pathways. I am pleased to report Tachmed's business leadership sees ongoing validation of its approach to generating attributable health data as it optimises product development timeframes and go-to-market planning for launch. |
Tachmed is now actively engaged in working with the relevant and necessary regulatory authorities in the UK, USA, and Asia to finalise approvals for product distribution at scale. CE marking for quality assurance purposes is a priority. However, the EU regulatory landscape is transitional and not without risk of over-complexity and creating significant burdens for small, high-tech businesses like ours. It is for now less appealing to Tachmed. |
I am excited at the prospect of Tachmed Group's health tech entering a final development phase and then sprint to clinical testing. Trials and pilot schemes for patient panel feedback are high on the list of actions to refine and enrich the design and user experience feature. As final designs emerge, the operations and product team are combining to issue RFPs to preferred manufacturing partners to manage lead times on which the go-to-market plan depends. Everyone is committed to reengineering processes and setting a new standard for production and distribution of this connected digital diagnostic system. |
I am pleased to conclude that this year Tachmed Group has made impressive progress towards finalising a viable and marketable product to bring its vision into reality. New partnerships have been formed with global strategic leaders in their field. Leadership has continued to engage with a warm audience of global customers to prime the market. New patents have been filed to protect innovation in this highly competitive field through a proactive IP strategy. The scene has been set to launch and rapidly realise the potential we have believed in for so long. |
Paul Christie - Chief Executive Officer |
TACHMED HOLDINGS LIMITED (REGISTERED NUMBER: 11656288) |
BALANCE SHEET |
30 November 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Investments | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 8 | 336 | 279 |
Share premium | 9 | 3,778,254 | 824,178 |
Retained earnings | 9 | (180,709 | ) | (57,071 | ) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
TACHMED HOLDINGS LIMITED (REGISTERED NUMBER: 11656288) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 30 November 2023 |
1. | STATUTORY INFORMATION |
Tachmed Holdings Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The financial statements have been prepared on a going concern basis. With the next round of fundraising completed, the directors are satisfied that the business has identified resources which will take the group through it's next 12 months of trading to market launch in 2025. |
Preparation of consolidated financial statements |
The financial statements contain information about Tachmed Holdings Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Financial instruments |
Financial assets and liabilities are recognised when the company becomes a party to the contractual provisions of the instruments. All financial assets and liabilities are initially measured at transaction price (including transaction cost). The company has no financial assets measured at fair value through profit or loss. All subsequent remeasurement of financial assets and liabilities are recognised at amortised cost using the effective interest rate method. |
Compound financial instruments |
The liability component of compound financial instruments is initially recognised at the fair value of a similar liability that does not have an equity conversion option. The equity component is recognised at the difference between the fair value of the compound financial instrument as a whole and the fair value of the liability component. Any directly attributable transaction costs are allocated to the liability and equity components in proportion to their initial carrying amounts. |
Subsequent to initial recognition, the liability component of a compound financial instrument is measured at amortised cost using the effective interest method. The equity component of a compound financial instrument is not remeasured. |
Interest related to the financial liability is recognised in profit or loss. On conversion at maturity, the financial liability is reclassified to equity and no gain or loss is recognised. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
TACHMED HOLDINGS LIMITED (REGISTERED NUMBER: 11656288) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 November 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
4. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 December 2022 |
and 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
The shares in group undertakings relate to 100% of the share capital of Tachmed Healthcare Limited, a company registered and incorporated in England and Wales and 100% of the share capital of Tachmed Inc, a company registered and incorporated in Delaware, United States of America. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other debtors |
Included within other debtors is a total balance of £3,156,916 (2022: £1,043,022) which is owed from group companies. These balances are interest free and receivable on demand. |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Taxation and social security |
Other creditors |
TACHMED HOLDINGS LIMITED (REGISTERED NUMBER: 11656288) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 November 2023 |
7. | CONVERTIBLE LOAN NOTES |
£ |
Brought forward amount at 1 December 2022 | 271,778 |
Balance repaid during the year | (262,500 | ) |
Interest settled | (9,278 | ) |
Carrying amount of liability at 30 November 2023 | - |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number | Class | Nominal Value | 2023 | 2022 |
£ | £ | £ |
2,986,235 | A Ordinary Shares | 0.0001 | 298 | 241 |
52,970 | B Ordinary Shares | 0.0001 | 5 | 5 |
324,140 | C Ordinary Shares | 0.0001 | 33 | 33 |
336 | 279 |
During the year, the company issued the following shares: |
Class |
Number of shares issued |
Nominal value |
Total consideration |
£ | £ |
A Ordinary Shares | 572,245 | 0.0001 | 2,381,888 |
9. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 December 2022 | (57,071 | ) | 824,178 | 767,107 |
Deficit for the year | (123,638 | ) | (123,638 | ) |
Share issue | - | 2,954,076 | 2,954,076 |
At 30 November 2023 | (180,709 | ) | 3,778,254 | 3,597,545 |
Retained earnings includes all current period and prior period losses. |
10. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
11. | POST BALANCE SHEET EVENTS |
Since the year end, the company issued the following shares |
Class: | Number of shares issued | Nominal value | Total consideration |
£ | £ |
A Ordinary Shares | 205,000 | 0.0001 | 1,094,666 |
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
TACHMED HOLDINGS LIMITED |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Tachmed Holdings Limited for the year ended 30 November 2023 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the Board of Directors of Tachmed Holdings Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Tachmed Holdings Limited and state those matters that we have agreed to state to the Board of Directors of Tachmed Holdings Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Tachmed Holdings Limited and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Tachmed Holdings Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Tachmed Holdings Limited. You consider that Tachmed Holdings Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Tachmed Holdings Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
This report should not be regarded as suitable to be used or relied on by any other party wishing to acquire any rights against Bessler Hendrie LLP for any purpose or in any context. Any party, other than the Directors which obtain access to this report or a copy and chooses to rely on this report (or any part of it) will do so at its own risk. |
Chartered Accountants |
Ashbourne House |
The Guildway |
Old Portsmouth Road |
Guildford |
Surrey |
GU3 1LR |