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REGISTERED NUMBER: 11659030 (England and Wales)








TACHMED HEALTHCARE LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD

1 DECEMBER 2023 TO 31 DECEMBER 2024






TACHMED HEALTHCARE LTD (REGISTERED NUMBER: 11659030)

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 6

Chartered Accountants' Report 10

TACHMED HEALTHCARE LTD

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: 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 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 HEALTHCARE LTD (REGISTERED NUMBER: 11659030)

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 HEALTHCARE LTD (REGISTERED NUMBER: 11659030)

BALANCE SHEET
31 December 2024

2024 2023
Notes £ £
FIXED ASSETS
Intangible assets 4 6,853 -
Tangible assets 5 16,654 14,966
23,507 14,966

CURRENT ASSETS
Debtors 6 1,247,420 926,323
Cash at bank 4,883 30,661
1,252,303 956,984
CREDITORS
Amounts falling due within one year 7 (7,850,617 ) (4,087,333 )
NET CURRENT LIABILITIES (6,598,314 ) (3,130,349 )
TOTAL ASSETS LESS CURRENT LIABILITIES (6,574,807 ) (3,115,383 )

CREDITORS
Amounts falling due after more than one year 8 (67,597 ) (71,593 )

PROVISIONS FOR LIABILITIES (3,740 ) (3,740 )
NET LIABILITIES (6,646,144 ) (3,190,716 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (6,646,244 ) (3,190,816 )
(6,646,144 ) (3,190,716 )

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.

TACHMED HEALTHCARE LTD (REGISTERED NUMBER: 11659030)

BALANCE SHEET - continued
31 December 2024


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 HEALTHCARE LTD (REGISTERED NUMBER: 11659030)

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


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.

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.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

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.


TACHMED HEALTHCARE LTD (REGISTERED NUMBER: 11659030)

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.

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 period was 8 (2023 - 4 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£
COST
Additions 7,615
At 31 December 2024 7,615
AMORTISATION
Charge for period 762
At 31 December 2024 762
NET BOOK VALUE
At 31 December 2024 6,853

TACHMED HEALTHCARE LTD (REGISTERED NUMBER: 11659030)

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


5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£
COST
At 1 December 2023 16,955
Additions 7,461
At 31 December 2024 24,416
DEPRECIATION
At 1 December 2023 1,989
Charge for period 5,773
At 31 December 2024 7,762
NET BOOK VALUE
At 31 December 2024 16,654
At 30 November 2023 14,966

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Other debtors 1,247,420 926,323

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans and overdrafts (see note 9) 7,255 11,828
Hire purchase contracts (see note 10) 643 1,033
Trade creditors 1,943,474 783,342
Taxation and social security 173,449 192,028
Other creditors 5,725,796 3,099,102
7,850,617 4,087,333

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£ £
Bank loans (see note 9) 32,597 35,860
Hire purchase contracts (see note 10) - 733
Other creditors 35,000 35,000
67,597 71,593

TACHMED HEALTHCARE LTD (REGISTERED NUMBER: 11659030)

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


9. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£ £
Amounts falling due within one year or on demand:
Bank overdrafts 11 -
Bank loans 7,244 11,828
7,255 11,828

Amounts falling due between one and two years:
Bank loans - 1-2 years 7,244 12,245

Amounts falling due between two and five years:
Bank loans - 2-5 years 25,353 23,615

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 June 2030. The loan is unsecured.

10. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£ £
Net obligations repayable:
Within one year 643 1,033
Between one and five years - 733
643 1,766

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the period ended 31 December 2024 and
the year ended 30 November 2023:

20242023
£ £
P Christie
Balance outstanding at start of period520,060477,477
Interest debited30,48242,583
Balance outstanding at end of period550,542520,060


Interest is charged on the director's loan at the company's banker's base rate plus 1%. 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 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 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 period.

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


13 June 2025