Global Access Health - Accounts to registrar (filleted)

GLOBAL ACCESS HEALTH

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30TH JUNE 2026

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Accountants' Report

8

DIRECTOR:

Dr E Fitchett

REGISTERED OFFICE:

Building 109

Bedford Technology Park

Thurleigh Bedford

Bedfordshire

MK44 2YA

REGISTERED NUMBER:

13372740 (England and Wales)

ACCOUNTANTS:

HW Bedford Limited

Trading as Haines Watts

First Floor, Woburn Court

2 Railton Road

Woburn Rd Ind Est

Kempston

Bedfordshire

MK42 7PN

CURRENT ASSETS

Debtors

4

382,853

-

Cash at bank

2,319

753,753

385,172

753,753

CREDITORS

Amounts falling due within one year

5

1,021,190

1,393,026

NET CURRENT LIABILITIES

(636,018

)

(639,273

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

(636,018

)

(639,273

)

CREDITORS

Amounts falling due after more than one year

6

42,833,501

41,934,638

NET LIABILITIES

(43,469,519

)

(42,573,911

)

RESERVES

Income and expenditure account

(43,469,519

)

(42,573,911

)

(43,469,519

)

(42,573,911

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th June 2026.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th June 2026 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 surplus or deficit 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 6th October 2026 and were signed by:

Dr E Fitchett - Director

1.	STATUTORY INFORMATION

Global Access Health is a private company, limited by guarantee , 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.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Preparation of consolidated financial statements

The financial statements contain information about Global Access Health 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.

Related party exemption

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.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Grant income

Income is recognised so as to match with the related expenses. Where grants are received in advance of the related expenses, they are recognised in accruals and deferred income on the balance sheet.

Going concern

For the year ended 30 June 2026, the company reported an operating surplus of £3,256. After interest payable on loan notes and similar expenses, the company reported a deficit for the financial year of £895,608.

At 30 June 2026, the company held cash and cash equivalents of £2,319 and had net liabilities of £43.5 million.

The financial statements have been prepared on a going concern basis, which the Director considers appropriate for the reasons set out below.

In assessing the appropriateness of the going concern basis, the Director reviewed the financial results, internal budgets and cash flow forecasts covering a period of at least 12 months from the date of approval of the financial statements (the "going concern period").

The holders of the company's loan notes have formally agreed not to demand repayment of their debt for a period of 13 months from the date of the letters supplied during July 2026 (the "support period").

This agreement provides additional liquidity support and significantly reduces the risk of the company being required to settle these obligations during the going concern period.

The directors continue to consider options for the company's future. No decisions have been taken as at the date of approval of these financial statements, and the directors consider it appropriate to prepare the financial statements on the going concern basis.

Accordingly, having considered the forecasts, downside scenarios, available mitigating actions, the loan note holders' agreement and the continued support of Sapling Foundation, the Director believes that a material uncertainty exists, but is satisfied that the Company will have sufficient resources to meet its obligations as they fall due throughout the going concern period and has therefore prepared the financial statements on a going concern basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2025 - NIL ) .

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

Amounts owed by group undertakings

382,853

-

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

Trade creditors

2

1

Amounts owed to group undertakings

-

123,276

Accruals and deferred income

1,021,188

1,269,749

1,021,190

1,393,026

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

2026

2025

£

Other loans - 2-5 years

29,370,649

28,471,786

Other loans more 5yrs non-inst

10,000,000

Other creditors

3,462,852

42,833,501

41,934,638

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Other loans more 5yrs non-inst

10,000,000

Included in other creditors is part of the deferred consideration for the purchase of the subsidiary company, Mologic Limited. An amount of £3,462,852 is due to be paid in cash to; Calculus Nominees, Calculus VCT PLC and Foresight 4 VCT PLC. Agreement has been reached to restructure the debt and to make regular bi annual payments, in January and July, once a certain amount of free cash has been built up. Any unpaid balance is subject to a final backstop date of 9 July 2027.

At the balance sheet date, the company's total loan notes amounted to £42.8m (2025: £41.9m). It was identified that the VC Seller loan note includes a warranty clause in the supplemental deed to the Sale and Purchase Agreement which requires the Global Access Health to ensure that all other loan notes and vendor/funder loans are varied to comply with the same restrictions. Under this clause, no payments of interest or principal may be made on any loan note until the VC Sellers have received their first payment of deferred consideration, and thereafter payments to other lenders are limited to 25% of the amount paid to the VC sellers until their deferred consideration has been fully settled.

As a result of these restrictions, no repayments were made on any of the loan notes during the year under the revised repayment terms. Global Access Health is contractually required to maintain compliance with these subordination provisions through formal variation or side letters with all loan note holders.

Included within the loans are amounts due to members and other loan note holders. These loans accrue interest at the Bank of England Base rate, following the revision of terms effective from November 2023.

The majority of loans were scheduled to commence repayment during January 2025, repayable in equal bi-annual instalments. In addition, £10,000,000 of the loan balance is contractually subordinated and becomes payable once all other member loans have been fully settled.

The group further obtained letters of support from the loan note holders. Under these letters, the lenders agreed to defer any repayment for a period of 13 months from July 2026, providing additional liquidity support to the group.

Furthermore, the group is party to a warranty clause obtained in a supplemental deed to the Sale and Purchase Agreement.

As a result of these contractual restrictions and lender support arrangements, no repayments were made on any loan notes during the year.

The following reproduces the text of the report prepared for the director 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 Statement of Comprehensive Income and certain other primary statements and the Report of the Director 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 Global Access Health for the year ended 30th June 2026 which comprise the Statement of Income and Retained Earnings, 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 director of Global Access Health in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Global Access Health and state those matters that we have agreed to state to the director of Global Access Health 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 Global Access Health and its director for our work or for this report.

It is your duty to ensure that Global Access Health 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 Global Access Health. You consider that Global Access Health 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 Global Access Health. 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.

HW Bedford Limited

Trading as Haines Watts

First Floor, Woburn Court

2 Railton Road

Woburn Rd Ind Est

Kempston

Bedfordshire

MK42 7PN

6th October 2026