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REGISTERED NUMBER: 11656288 (England and Wales)








TACHMED HOLDINGS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD

1 DECEMBER 2023 TO 31 DECEMBER 2024






TACHMED HOLDINGS LIMITED (REGISTERED NUMBER: 11656288)

CONTENTS OF THE FINANCIAL STATEMENTS
for the period 1 December 2023 to 31 December 2024










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 period 1 December 2023 to 31 December 2024







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: 11656288 (England and Wales)





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

TACHMED HOLDINGS LIMITED (REGISTERED NUMBER: 11656288)

CHAIRMAN'S REPORT
for the period 1 December 2023 to 31 December 2024


Tachmed has continued its strategic path of the past 5 years, albeit with the addition of AI capability to enhance the diagnostic assay development process.

Value creation for shareholders remains the key driver in setting management strategy. Throughout the last 12 months, in spite of challenging market conditions in the UK, Tachmed has consistently achieved the working capital required to maintain momentum on its journey to market and is poised to achieve substantial further fundraising to enable product launch at scale.

Recruitment of sector specialists is on target, with impressively qualified personnel attracted to being part of the Tachmed family.

Lord M W Beaverbrook - Chairman

TACHMED HOLDINGS LIMITED (REGISTERED NUMBER: 11656288)

CHIEF EXECUTIVE OFFICER'S REPORT
for the period 1 December 2023 to 31 December 2024


Tachmed, like many tech-bio firms across the entire value chain, is responding to uncertainty, financial and operational challenges in markets generally and specifically in health service provision with innovation. Leveraging its strategic partnership with AWS to deploy gen-AI in the production of assays, Tachmed is reducing cost and time to market. Supply chains are re-imagined in an unpredictable geopolitical climate where tech transfer is more agile than rigid manufacturing. Funding is being sought across the capital structure to maximise shareholder value amidst fluctuating valuations in the ramp up to market and institutional equity rounds where contracted EBITDA will offer more robust indicators.

Tachmed is differentiated from the market for diagnostics through its unwavering alignment with industry plans to move testing out of secondary care into primary health services. This focus on at-home health assessment and management, lower costs and more frequent testing is driven by the emergence of technologies suitable to support home "hubs" for testing. This in turn will be increasingly connected to downstream services integrated with automation and AI. The market trends reinforce Tachmed's long-standing strategy of large scale, value-based services offered by payer/provider networks typically found in the USA, Middle East and Asia.

Investors continue to prioritize value creation across assets with a preference for products and services integrated with AI, even in today's uncertain dealmaking environment. They are focusing on ways to develop scale in existing geographies and markets, focusing risk-taking on tech innovation and, amongst more mature businesses, margins and growth. As Tachmed continues to raise finance the Board continues to review the Group valuation. Using traditional valuation models, adjusted for the status of the project, registration of patents and trademarks and other risk adjustments the Board believe the valuation today sits comfortably above £100m which is supported by our recent fundraising.

Tachmed is focused on final prototyping, production, clinical trial readiness and FDA approval of its platform - all geared towards launching its platform in the USA. The product development program is progressing steadily with delivery of software and hardware near completion. Biosensor and assay development have benefitted from challenging the market status-quo. This has been a learning curve from which methods have been adapted and personnel recruited to integrate new approaches and optimise performance. The focus of recent investment with novel AI models and lab-based investigations into different form factors of advanced materials was undertaken and the business is confident it will finalise a methodology and optimised prototype biosensor shortly.

Stakeholders across the value chain are being consulted to ensure that the business' innovative platform can be easily accessed and used by both patients and professionals in care delivery, offering an immersive customer experience. Other partners are assisting with consultations for competitive SaaS (subscription-based) and e-commerce enabled payment and delivery models. AWS remain a steadfast and supportive partner, approving new non-dilutive funding for development of phase 2 application of AI in research and development.

In the coming year, investment will continue into assay development and establishing internally proprietary capability for a production platform capable of delivering a significant library of diagnostic tests. Quality management systems and oversight of the supply chain and manufacturing network will continue to evolve. A little later than expected the goal is to submit applications for 510k regulatory approval by FDA in early 2026 once clinical trials have concluded. Looking across the slightly larger expert and experienced team of engineers, scientists and professionals responsible for achieving these goals, I am confident in Tachmed's position in the market and ability to deliver viable digital diagnostic platform to market.

Paul Christie - Chief Executive Officer

TACHMED HOLDINGS LIMITED (REGISTERED NUMBER: 11656288)

BALANCE SHEET
31 December 2024

2024 2023
Notes £ £
FIXED ASSETS
Investments 4 208 108

CURRENT ASSETS
Debtors 5 5,909,220 3,156,949
Cash at bank 776 510,703
5,909,996 3,667,652
CREDITORS
Amounts falling due within one year 6 (70,488 ) (69,879 )
NET CURRENT ASSETS 5,839,508 3,597,773
TOTAL ASSETS LESS CURRENT LIABILITIES 5,839,716 3,597,881

CAPITAL AND RESERVES
Called up share capital 7 369 336
Share premium 8 6,024,188 3,778,254
Retained earnings 8 (184,841 ) (180,709 )
5,839,716 3,597,881

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2024 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.

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 13 June 2025 and were signed on its behalf by:





Lord M W Beaverbrook - Director


TACHMED HOLDINGS LIMITED (REGISTERED NUMBER: 11656288)

NOTES TO THE FINANCIAL STATEMENTS
for the period 1 December 2023 to 31 December 2024


1. STATUTORY INFORMATION

Tachmed Holdings Limited 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.

For commercial reasons, the company reporting date was extended to 31 December 2024. These financial statements have been produced for a 13 month period and therefore, the comparative amounts in the financial statements, including the related notes, are not entirely comparable.

Going concern
The financial statements have been prepared on a going concern basis. The directors confirm that the parent company will complete a final 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 late 2025 / early 2026.

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.


TACHMED HOLDINGS LIMITED (REGISTERED NUMBER: 11656288)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the period 1 December 2023 to 31 December 2024


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the period 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.

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 period 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 period was NIL (2023 - NIL).

4. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£
COST
At 1 December 2023 108
Additions 100
At 31 December 2024 208
NET BOOK VALUE
At 31 December 2024 208
At 30 November 2023 108

The shares in group undertakings relate to 100% of the share capital of Tachmed Healthcare Limited and Tachmed Community Healthcare Limited, both companies 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
2024 2023
£ £
Other debtors 5,909,220 3,156,949

Included within other debtors is a total balance of £5,909,187 (2023: £3,156,916) which is owed from group companies. These balances are interest free and receivable on demand.

TACHMED HOLDINGS LIMITED (REGISTERED NUMBER: 11656288)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the period 1 December 2023 to 31 December 2024


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade creditors 3,013 -
Taxation and social security - 1,543
Other creditors 67,475 68,336
70,488 69,879

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number Class Nominal Value 2024 2023
£    £    £   
3,314,665 A Ordinary Shares 0.0001 331 298
52,970 B Ordinary Shares 0.0001 5 5
324,140 C Ordinary Shares 0.0001 33 33
369 336

During the period, the company issued the following shares:


Class

Number of shares issued

Nominal value
Total
consideration
£    £   
A Ordinary Shares 328,430 0.0001 2,245,966

8. RESERVES
Retained Share
earnings premium Totals
£ £ £

At 1 December 2023 (180,709 ) 3,778,254 3,597,545
Deficit for the period (4,132 ) (4,132 )
Share issue - 2,245,934 2,245,934
At 31 December 2024 (184,841 ) 6,024,188 5,839,347

Retained earnings includes all current period and prior period losses.

9. 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.

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 period ended 31 December 2024 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 period.

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.






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


13 June 2025