API SOFTWARE LIMITED

Company number

SC154934

Status

Active

Incorporation

1994-12-15

Last accounts made up

2025-01-31

Account category

GROUP

Primary SIC

62020

Hubs

UK AI & Enterprise SaaS

Values shown as filed in iXBRL accounts. — indicates the figure was not present in the extracted filing (either not filed under that concept or absent from the period). About these numbers

Accounting basis

FRS 102

Reporting scope

Consolidated (group)

Auditor

Johnston Carmichael LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“At the time of approving the financial statements, the directors have a reasonable expectation that the group and parent company have adequate resources to continue in operational existence for the foreseeable future. The current year results show a loss for the financial year of £1.3 million (2024 - £2.8 million loss) and a net current liabilities position of £2.3 million as at 31 January 2025 (2024 - £0.5 million net current assets). The directors have confidence that the group and parent company have sufficient cash reserves and forecasted resources to continue to trade for at least 12 months from the date of the authorisation of these financial statements. In making this assessment, the directors have prepared detailed cash flow projections through to January 2027. The group and parent company expect to continue with positive cash generation and to return to sustainable profitability in the financial year to 31 January 2026. Furthermore, a four-year £3 million loan facility was obtained in July 2023, which further strengthened the group and parent company's cash position. To date, the group has drawn down £2m of the facility and does not expect to utilise the remaining £1m of the facility. Based on the above factors, the directors are satisfied that it remains appropriate for the group and parent company to prepare their financial statements on a going concern basis. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.”

Subsidiaries

• API Software Inc · 100% held · United States of America

Significant events

• “The group opened a new office in North America during the year, to support its growing US customer base.”
• “the group has recently launched AutoRek Mion, its groundbreaking data management and reconciliation platform specifically designed to handle cryptocurrency and digital asset operations by processing up to 20 cigits before and 18 after the decimal point to deliver accuracy and scale for our customers.”
• “The group agreed a new 4-year Financing Facility for £3m in July 2023, to support the above investments as required. To date, the group has drawn down £2m of the facility and does not expect to utilise the remaining £1m of the facility as it will have sufficient cash reserves to reach profitability and positive cash generation as outlined above.”

Auditor / going-concern / subsidiary information is extracted from the PDF version of the latest annual accounts and is not tagged in iXBRL. About these numbers