REGISTERED NUMBER: 11659030 (England and Wales)

TACHMED HEALTHCARE LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

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

11

DIRECTORS:

Lord M W Beaverbrook

P Christie

J E Purdie

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 continues its development of its cutting edge remote diagnostic product, and also of its advanced data collection system that will assist health authorities in predicting the need for major intervention in at risk communities.

The company continues to achieve its progress with very efficient use of available capital, as these latest accounts demonstrate.

Tachmed is continuing its journey as set out in my previous Chairman's report with particular focus on the USA as the initial market that will be targeted, along with progress in the UK and EU. Relevant regulatory submissions are being filed to enable these major markets to be addressed as a priority.

The Company's frequent contact with, and feedback from, the healthcare sector is strongly indicating that Tachmed's offering will be welcomed by patients and healthcare professionals at scale.

Lord M W Beaverbrook - Chairman

Tachmed made clear progress in 2025 by advancing its mobile/at-home diagnostics platform, deepening research partnerships, and positioning TachShield for commercial scale-up. The period was defined by product development, validation work, and strategic preparation for launch rather than full commercial maturity.

Business Progress

In 2024, Tachmed focused on accelerating development of its digital diagnostics platform through a partnership with St George's, University of London, supported by an Innovate UK Accelerated Knowledge Transfer grant. The collaboration was intended to strengthen biosensor validation and move the company closer to regulatory-ready performance.

By 2025, Tachmed expanded its commercial and technical momentum through a strategic partnership with Paragraf to integrate graphene-based GFET biosensors into TachShield. The company said the collaboration was designed to support scalable, cost-effective testing for homes, clinics, and remote settings.

Strategic Direction

Tachmed's strategy in this period centred on building a platform that combines rapid diagnostics, connected devices, software, APIs, and AI-enabled data workflows. The company's stated aim is to improve access to primary health testing, reduce diagnostic delays, and support earlier intervention across multiple markets. This reflects an unmet need in the market and strongly positions Tachmed in a growth market and within a value-based care system.

The company also signalled international ambition, with attention on the UK, USA, Middle East, and Asia. Its partnership activity and references to AWS and Anthropic reinforces a product roadmap that blends diagnostics hardware with cloud and AI infrastructure.

Operationally, the company has remained in development mode during 2025, with resources directed toward product validation, partnerships, and launch preparation. As CEO it has been a challenging time balancing innovation speed with funding, regulatory readiness, and scale-up execution. I am confident that with our new labs at ARC West London the business has the skills in-house and the momentum to make the final push to MVP and clinical trials in 2026.

Overall, 2025 was a year of execution and positioning for Tachmed. The company strengthened credibility through academic collaboration, broadened commercial reach through industry partnership, and continued building toward launch of TachShield, estimated to be end 2026 or early 2027.

The biggest strengths in this period were partnership-led validation, a clear mission around accessible diagnostics, and a differentiated technology story built around graphene and AI. The main risks remain regulatory timing, funding intensity, and the need to convert development milestones into repeatable commercial demand.

Paul Christie - Chief Executive Officer

FIXED ASSETS

Intangible assets

5

47,040

6,853

Tangible assets

6

13,756

16,654

60,796

23,507

CURRENT ASSETS

Debtors

7

1,182,295

1,247,420

Cash at bank

26,130

4,883

1,208,425

1,252,303

CREDITORS

Amounts falling due within one year

8

(10,175,852

)

(7,850,617

)

NET CURRENT LIABILITIES

(8,967,427

)

(6,598,314

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(8,906,631

)

(6,574,807

)

CREDITORS

Amounts falling due after more than one year

9

(60,354

)

(67,597

)

PROVISIONS FOR LIABILITIES

-

(3,740

)

NET LIABILITIES

(8,966,985

)

(6,646,144

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(8,967,085

)

(6,646,244

)

(8,966,985

)

(6,646,144

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2025 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 31 July 2026 and were signed on its behalf by:

Lord M W Beaverbrook - Director

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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

For commercial reasons, in the prior year the company reporting date was extended to 31 December 2024. The financial statements were 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 have considered the company's forecasts and funding requirements and are satisfied that the parent company will complete a further round of funding and continue to provide financial support for the foreseeable future. The directors expect the company to progress towards market launch in late 2026 or early 2027 and have a reasonable expectation that the company has adequate resources to continue in operational existence for at least 12 months from the date of approval of these financial statements. Accordingly, the financial statements have been prepared on a going concern basis.

Intangible assets

Patents and licences are stated at cost less accumulated amortisation and impairment. Amortisation is charged on a straight-line basis over a period of 10 years from the date the asset is available for use.

Expenditure incurred in connection with patent and trademark applications is capitalised where the recognition criteria for an intangible asset are met. Such costs are classified as intangible assets under development and are not amortised until the asset is available for use. Where an application is unsuccessful, the related costs are written off to the profit and loss account.

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 income statement, and included in administrative expenses.

Financial instruments

Financial instruments are classified 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.

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 income statement, 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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2024 - 8 ) .

5.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2025

7,615

Additions

60,475

Grants

(19,141

)

At 31 December 2025

48,949

AMORTISATION

At 1 January 2025

762

Charge for year

1,147

At 31 December 2025

1,909

NET BOOK VALUE

At 31 December 2025

47,040

At 31 December 2024

6,853

6.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2025

24,416

Additions

1,599

At 31 December 2025

26,015

DEPRECIATION

At 1 January 2025

7,762

Charge for year

4,497

At 31 December 2025

12,259

NET BOOK VALUE

At 31 December 2025

13,756

At 31 December 2024

16,654

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Other debtors

1,182,295

1,247,420

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts (see note 10)

7,854

7,255

Hire purchase contracts

-

643

Trade creditors

2,763,261

1,943,474

Taxation and social security

225,093

173,449

Other creditors

7,179,644

5,725,796

10,175,852

7,850,617

Included within other creditors is £6,686,893 (2024: £5,619,915) owed to the parent company. The balance is repayable on demand.

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans (see note 10)

25,354

32,597

Other creditors

35,000

35,000

60,354

67,597

10.

LOANS

An analysis of the maturity of loans is given below:

2025

2024

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

610

11

Bank loans

7,244

7,244

Other loans

333,882

-

341,736

7,255

Amounts falling due between one and two years:

Bank loans - 1-2 years

7,244

7,244

Amounts falling due between two and five years:

Bank loans - 2-5 years

18,110

25,353

The company has an unsecured Coronavirus Bounce Back Loan bearing interest at a fixed rate of 2.5% per annum. Repayments of capital and interest are made monthly and the loan is due to be repaid in full by June 2030. The related liability is presented within amounts falling due within one year and amounts falling due after more than one year, as appropriate.

11.	GUARANTEES AND OTHER FINANCIAL COMMITMENTS

There is a cross guarantee in place in respect of bank facilities of group companies and the company has allowed fixed and floating charges over the company's assets as security in respect of this.

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the year ended 31 December 2025 and the period ended 31 December 2024:

2025

2024

£

£

P Christie

Balance outstanding at start of year

550,542

520,060

Amounts advanced

25,068

30,482

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

575,610

550,542

Interest is charged at the Bank of England base rate plus 1% per annum on the original loan principal. Unpaid interest is added to the loan balance. The loan is repayable on demand.

13.	RELATED PARTY DISCLOSURES

The company has taken advantage of the exemption conferred by The Financial Reporting Standard 102 Section 33 'Related party disclosures.' This allows for transactions with members of the group headed by Tachmed Holdings Limited not to be disclosed on the grounds that 100% of the voting rights in the company are controlled within the group.

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 31 December 2025 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

31 July 2026