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REGISTERED NUMBER: 11659030 (England and Wales)








TACHMED HEALTHCARE LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023






TACHMED HEALTHCARE LTD (REGISTERED NUMBER: 11659030)

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 6

Chartered Accountants' Report 10

TACHMED HEALTHCARE LTD

COMPANY INFORMATION
for the year ended 30 November 2023







DIRECTORS: Lord M W Beaverbrook
P Christie
J E Purdie
M Kessler





REGISTERED OFFICE: Ashbourne House
The Guildway
Old Portsmouth Road
Guildford
Surrey
GU3 1LR





REGISTERED NUMBER: 11659030 (England and Wales)





ACCOUNTANTS: Bessler Hendrie LLP
Chartered Accountants
Ashbourne House
The Guildway
Old Portsmouth Road
Guildford
Surrey
GU3 1LR

TACHMED HEALTHCARE LTD (REGISTERED NUMBER: 11659030)

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 HEALTHCARE LTD (REGISTERED NUMBER: 11659030)

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 HEALTHCARE LTD (REGISTERED NUMBER: 11659030)

BALANCE SHEET
30 November 2023

2023 2022
Notes £ £
FIXED ASSETS
Tangible assets 4 14,966 2,802

CURRENT ASSETS
Debtors 5 926,323 826,460
Cash at bank 30,661 533
956,984 826,993
CREDITORS
Amounts falling due within one year 6 (4,087,333 ) (1,525,051 )
NET CURRENT LIABILITIES (3,130,349 ) (698,058 )
TOTAL ASSETS LESS CURRENT LIABILITIES (3,115,383 ) (695,256 )

CREDITORS
Amounts falling due after more than one year 7 (71,593 ) (73,990 )

PROVISIONS FOR LIABILITIES (3,740 ) -
NET LIABILITIES (3,190,716 ) (769,246 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (3,190,816 ) (769,346 )
(3,190,716 ) (769,246 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

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.

TACHMED HEALTHCARE LTD (REGISTERED NUMBER: 11659030)

BALANCE SHEET - continued
30 November 2023


The 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.

The financial statements were approved by the Board of Directors and authorised for issue on 30 August 2024 and were signed on its behalf by:





Lord M W Beaverbrook - Director


TACHMED HEALTHCARE LTD (REGISTERED NUMBER: 11659030)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 November 2023


1. STATUTORY INFORMATION

Tachmed Healthcare Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The financial statements have been prepared on a going concern basis. The directors confirm that the parent company has completed a new round of funding, and will continue to support the company for the foreseeable future. They 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment - 25% reducing balance

Tangible fixed assets are stated at their historic cost price less accumulated depreciation. Historical cost
includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for use. The asset's residual values, useful lives and depreciation methods are reviewed if there is an indication of significant change since the last reporting date.

On disposal the difference between the net proceeds and carrying amount of the item sold is recognised in the profit and loss account, and included in administrative expenses.

Financial instruments
Financial instruments are classified by directors as basic or non-basic following the conditions on FRS 102 Section 11. Basic financial instruments are initially measured at transaction price (including transaction cost) and subsequently recognised at amortised cost using the effective interest method. The company does not have any non-basic financial instruments.

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 HEALTHCARE LTD (REGISTERED NUMBER: 11659030)

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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.

Tax credits are charged to the profit and loss account, as taxation, on an accruals basis.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 1 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£
COST
At 1 December 2022 3,022
Additions 13,933
At 30 November 2023 16,955
DEPRECIATION
At 1 December 2022 220
Charge for year 1,769
At 30 November 2023 1,989
NET BOOK VALUE
At 30 November 2023 14,966
At 30 November 2022 2,802

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Other debtors 926,323 826,460

TACHMED HEALTHCARE LTD (REGISTERED NUMBER: 11659030)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 November 2023


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Bank loans and overdrafts (see note 8) 11,828 12,245
Hire purchase contracts (see note 9) 1,033 955
Trade creditors 783,342 256,592
Taxation and social security 192,028 135,734
Other creditors 3,099,102 1,119,525
4,087,333 1,525,051

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£ £
Bank loans (see note 8) 35,860 37,224
Hire purchase contracts (see note 9) 733 1,766
Other creditors 35,000 35,000
71,593 73,990

8. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£ £
Amounts falling due within one year or on demand:
Bank loans 11,828 12,245

Amounts falling due between one and two years:
Bank loans - 1-2 years 12,245 12,245

Amounts falling due between two and five years:
Bank loans - 2-5 years 23,615 24,979

The loan is a Coronavirus Bounce Back Loan which attracts interest at a fixed rate of 2.5%. A business interruption payment was made by the government to cover the first 12 months interest payments. There were no capital repayments until July 2023 and repayments of capital and interest are now being made monthly until July 2026. The loan is unsecured.

TACHMED HEALTHCARE LTD (REGISTERED NUMBER: 11659030)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 November 2023


9. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2023 2022
£ £
Net obligations repayable:
Within one year 1,033 955
Between one and five years 733 1,766
1,766 2,721

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 November 2023 and
30 November 2022:

20232022
£ £
P Christie
Balance outstanding at start of year477,477416,272
Interest debited42,58361,205
Balance outstanding at end of year520,060477,477


Within the full balance of amounts advanced, is interest charged on the directors loan at official HMRC rates of interest. The loan is repayable on demand.

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
TACHMED HEALTHCARE LTD


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 Healthcare Ltd 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 Healthcare Ltd, 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 Healthcare Ltd and state those matters that we have agreed to state to the Board of Directors of Tachmed Healthcare Ltd, 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 Healthcare Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Tachmed Healthcare Ltd 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 Healthcare Ltd. You consider that Tachmed Healthcare Ltd 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 Healthcare Ltd. 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.






Bessler Hendrie LLP
Chartered Accountants
Ashbourne House
The Guildway
Old Portsmouth Road
Guildford
Surrey
GU3 1LR


30 August 2024