Apple Retail Uk Limited: a £2.8bn business, growing — and getting more profitable as it grows.

Where's the money from?
Revenue £2.8bn (FY2025), up 8% YoY
No segmental split disclosed in the filed accounts — this is the total trading revenue line.
Is it growing?
£1.2bn → £2.8bn
Revenue more than doubled across 8 filed years.
Is it solid?
2.8% → 4.0%
Operating margin widened as it grew.
Who's behind it?
4 active directors
Full board and backgrounds in the People tab.

consumer electronics retail · uk · low complexity

Deep-Dive · Company Intelligence

Inside Apple Retail UK Limited

Report overview

Apple's UK retail arm turns over almost £2.8bn but holds just £7.5m in cash at year-end.

£7.5m Cash at bank vs £7.7m FY2024
£2.79bn Turnover vs £2.58bn FY2024
£131.5m Pre-tax profit vs £115.1m FY2024
£338.7m Net assets vs £317.7m FY2024
Apple Retail UK Limited processed £2.79bn in sales in FY2025 — roughly £7.6 million every single day — yet the company closed the year with £7.5m sitting in its bank account. That cash-light posture is the signature of a business plugged directly into a global parent's treasury. Beneath it, the numbers are genuinely improving: operating profit jumped 17% to £112.6m, and profit after tax rose 23% to £103.3m, the fastest growth on any line in the filing.
Explore 02Financials 03Risk 05People 06AI Insights 08Filings 10Verification
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Company No.04996702
Statusactive
Latest accountsFY2025 audited accounts
Filed 13 April 2026 3 months ago
AuditorErnst & Young

The story

What happened, in chapters

The year, beat by beat — each one a signal from the filing, source cited. Open “the full working” on any beat for the analyst detail.

Revenue Keeps Climbing

Sales crossed £2.7bn for the first time and are now approaching £2.8bn.

+8%
Turnover FY2024 £2.6bn FY2025 £2.8bn
The full working

The top line grew 8% year-on-year, adding just over £209m in new revenue. Gross margin held steady at roughly 16.7%, which means the volume gain — not a pricing shift — is driving the improvement. The business is selling more, not charging more.

Source · Profit & Loss Account FY2024–FY2025

Profit Accelerating Faster Than Sales

Operating profit grew at more than twice the rate of turnover.

Profit after tax

FY2024 £84m
FY2025 £103m
The full working

While turnover rose 8%, operating profit climbed 17% and profit after tax jumped 23% to £103.3m. Cost control, not just volume, is doing work here — the operating margin widened from 3.7% to 4.0%. For a high-throughput retail operation, that gap matters.

Source · Profit & Loss Account FY2024–FY2025

£2.8bn In, £7.5m Left

The cash balance is startlingly small relative to the scale of trading.

£2.8bn Annual turnover
vs
£8m Cash on hand
The full working

The cash position actually fell slightly, from £7.7m to £7.5m, despite a record profit year. This is consistent with a subsidiary whose cash is swept into Apple Inc.'s central treasury rather than held on the balance sheet. The filing does not disclose intercompany funding arrangements.

Source · Balance Sheet FY2025

Who Is Really In Charge

Apple Inc. holds full ownership, full voting rights, and the right to appoint every director.

  • Ultimate parent & PSC Apple Inc. (USA)
  • UK operating entity Apple Retail UK Limited
  • Incorporated 16 December 2003

Source · PSC Register; Directors Register

Filing Record Is Straightforward

The company has traded under its current name since mid-2004 with no late or amended accounts flagged.

  • 3 Jun 2004 Renamed Apple Retail UK Limited
  • 16 Dec 2003 Incorporated as Apple Computer Sales UK Limited
  • 14 Jul 2011 Resolution filed
  • 13 Apr 2026 Most recent accounts filed

Source · Companies House filing history; Name history register

The brief

Five questions, answered

The questions you'd ask a credit analyst over coffee — answered from this company's filings, with the source for every figure.

Q1 Can they pay their bills next year?

Current liabilities fell 4% to £411.6m while current assets stand at £665.2m, giving a current ratio of approximately 1.6x.

Cash itself is only £7.5m — thin against the liability stack — but the broader current-asset cushion and a profitable, high-turnover operation point to a business that services obligations through trading cash flow rather than a held cash reserve.

Source · Balance Sheet FY2025

Q2 Are they actually making money, or just turning it over?

Both.

Turnover reached £2.79bn but the company is also genuinely profitable. Operating profit was £112.6m (a 4.0% margin), profit before tax £131.5m, and profit after tax £103.3m — up 23% year-on-year. Margins are narrow by industry standards but they widened this year, and the profit trajectory is accelerating faster than revenue growth.

Source · Profit & Loss Account FY2024–FY2025

Q3 Who owns and controls the business, really?

Apple Inc., the US-listed technology group, is the sole PSC.

It holds 75–100% of shares and voting rights, and retains the right to appoint and remove all directors. There is no intermediate UK holding company disclosed. The three current directors — Alia Azmi (British), Eamonn Clancy (Irish), and Jamie Wonji Wong (American) — were all appointed between January 2023 and December 2024.

Source · PSC Register; Directors Register

Q4 Is the filing history clean, or are accounts late / amended?

The filing history appears clean.

The company was incorporated in December 2003, changed its name once by June 2004, and has filed consistently. The most recent accounts were submitted on 13 April 2026. One resolution was logged in July 2011. No late filings, amended accounts, or replacement filings are flagged in the brief.

Source · Companies House filing history

Q5 Where are the red flags hiding in the notes?

No going-concern wording, negative equity, or dramatic one-off charges appear in the brief.

Net assets grew 7% to £338.7m. Long-term liabilities rose 15% to £40.5m, worth monitoring but not alarming at this scale. The one structural feature to note is the near-zero cash balance — £7.5m against nearly £2.8bn of turnover — which the filing does not explain via disclosed intercompany arrangements.

Source · Balance Sheet FY2025; Filing signals

Honest limits

What the filings can't tell you

We surface gaps plainly rather than guess. Use the chapters and tabs below to dig into what is on record.

Data quality note

No gross margin, like-for-like sales, online/in-store split, or footfall data is disclosed, and turnover is deliberately not broken out by segment, limiting the ability to assess where growth is actually coming from.

Origin

Apple Retail UK Limited

Apple Retail UK Limited operates Apple's retail stores across the United Kingdom, selling iPhones, Macs, iPads, accessories and services directly to consumers and businesses. It is a wholly-owned subsidiary of Apple Inc., the US technology group.

Where the money comes from

Revenue £2.8bn (FY2025), up 8% YoY No segmental split disclosed in the filed accounts — this is the total trading revenue line.

At a glance

Key data

Founded 2003 8 years on file
Turnover £2.79bn ▲ +8.1% YoY
Pre-tax profit £131.5m ▲ +14.3% YoY
Auditor Ernst & Young Unqualified

Timeline

How we got here

2024 01 of 20

Big year-on-year change

Operating profit surge

Operating profit surged 89% — from £51.0m to £96.1m.

2024 02 of 20

Joined the board

Jamie Wonji Wong joins the board

Jamie Wonji Wong was first appointed as a director on 1 December 2024.

2023 03 of 20

Big year-on-year change

Profit after tax jump

Profit after tax grew 36% — from £42.0m to £57.3m.

2023 04 of 20

Joined the board

Alia Azmi joins the board

Alia Azmi was first appointed as a director on 28 November 2023.

2023 05 of 20

Joined the board

Eamonn Clancy joins the board

Eamonn Clancy was first appointed as a director on 24 January 2023.

2022 06 of 20

Big year-on-year change

Turnover surge

Turnover surged 61% — from £971.5m to £1.56bn.

2022 07 of 20

Regulatory event

First Apple Store Unionises

The Towson Town Center Apple Store in Maryland became the first Apple retail location to join a union in June 2022, setting a precedent amid broader labour organising efforts across Apple's US stores.

2018 08 of 20

Where our data starts

Financial deep-dive begins

Earliest analysed accounts: FY2018. 14 years of earlier trading history are not in scope — this report pulls the most recent filed accounts from Companies House.

2016 09 of 20

Notable event

Flagship Store Redesign Unveiled

Apple debuted a sweeping redesign at its Union Square, San Francisco store, introducing the 'Genius Grove', 'The Forum' and 'Today at Apple' sessions. The 'town square' concept was rolled out globally.

2013 10 of 20

Leadership change

Angela Ahrendts Joins from Burberry

Apple hired Angela Ahrendts, former CEO of Burberry, to lead its retail operations in October 2013. Her appointment signalled a focus on luxury brand experience and global store expansion.

2012 11 of 20

Leadership change

Browett Hired Then Fired

Apple transferred retail leadership to John Browett in January 2012, but fired him after just six months following cost-cutting moves that clashed with Apple's service culture.

2011 12 of 20

Leadership change

Ron Johnson Departs Apple Retail

Ron Johnson left his role as SVP of Retail Operations on November 1, 2011, ending a decade-long tenure during which Apple Stores became the highest-grossing retail chain per square foot in the US.

2008 13 of 20

Expansion

China Retail Expansion Begins

Apple opened its first store in China at Sanlitun, Beijing, entering one of the world's largest consumer markets. The network would grow to 50 stores across China.

2004 14 of 20

Expansion

UK Retail Debut at Regent Street

Apple opened its first UK store on Regent Street, London, which would go on to become the most profitable shop per square foot in London, generating £60 million a year.

2004 15 of 20

Notable event

Billion-Dollar Annual Sales Milestone

Apple Stores reached $1 billion in annual sales, the fastest any retailer in history had achieved that milestone. This validated the company's bold bet on owning its retail channel.

2004 16 of 20

Name changed

Rebrand

Previously incorporated as Apple Computer Sales UK Limited.

2003 17 of 20

Company founded

Incorporated

Apple Retail UK Limited was registered at Companies House on 16 December 2003.

2003 18 of 20

Expansion

First International Store Opens

Apple opened its first store outside North America in Ginza, Tokyo, marking the beginning of its global retail expansion strategy.

2001 19 of 20

Founding milestone

First Apple Stores Open

Apple opened its first two physical retail stores at Tysons Corner Center, Virginia and Glendale Galleria, California. More than 7,700 people visited in the opening weekend, spending $599,000.

2000 20 of 20

Leadership change

Ron Johnson Hired for Retail

Apple hired Ron Johnson, former VP of merchandising at Target, as Senior Vice President of Retail Operations. His appointment signalled Apple's commitment to building its own physical retail network.

Go deeper

Explore the evidence

Explore 02Financials 03Risk 05People 06AI Insights 08Filings 09Summary 10Verification

02 · Financials

The numbers, year by year

FY2025 audited accounts · Companies House

Scene 01 · Revenue

Turnover doubled in 7 years

From £1.20bn in FY2018 to £2.79bn in FY2025 — a 133% increase. The most dramatic acceleration came in FY2022, when turnover surged 61% in a single year.

Annual Turnover vs Cost of Sales

FY2018 – FY2025 · Companies House · hover any point for the full year

Turnover Cost of Sales Gross Profit (shaded gap)
Latest turnover · FY2025 £2.79bn +8.1% vs prior year
Cost of sales · FY2025 £2.32bn Gross margin 16.7% of turnover
Gross profit (implied) £466.5m Turnover minus cost of sales
Across 7 years +133% £1.20bn → £2.79bn
FY2025 · £2.79bn
’18 ’19 ’20 ’21 ’22 ’23 ’24 ’25

Scene 02 · Metrics

The headline numbers

All figures in GBP (£) · as filed, not converted

Cash at bank £7.5m ▼ 1.9% vs £7.7m FY2024 Broadly flat — small slip on last year.
Turnover £2.79bn ▲ +8.1% vs £2.58bn FY2024 Moderate single-digit growth — in line with typical year-on-year movement.
Pre-tax profit £131.5m ▲ +14.3% vs £115.1m FY2024 Double-digit growth — comfortably ahead of typical year-on-year movement.
Net assets £338.7m ▲ +6.6% vs £317.7m FY2024 Moderate single-digit growth — in line with typical year-on-year movement.

Financial health

Strong · 2 signals

Net assets growing Profitable
+ Why this rating
  • Net assets growing — Net assets grew 6.6% year-on-year — the company is building value
  • Profitable — PBT of £131,514,000 on turnover of £2,786,285,000

Computed from · cash · net assets · current ratio · debt to equity · total liabilities

Financial performance trends

Revenue, profitability and operating growth over time

Turnover Gross profit Operating profit
’18 ’19 ’20 ’21 ’22 ’23 ’24 ’25
Financial year

Scene 05 · Full detail

Complete P&L statement

All metrics across FY2018–FY2025, now fully contextualised by the story above.

Profit and loss
GBP
Metric FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025 Δ YoY
Turnover £1.20bn £1.38bn £1.10bn £971.5m £1.56bn £1.67bn £2.58bn £2.79bn ▲ 8%
Cost of sales -£885.8m -£1.04bn -£766.3m -£648.8m -£1.22bn -£1.30bn -£2.14bn -£2.32bn ▼ 8%
Gross profit £309.9m £337.3m £338.0m £322.7m £348.4m £378.7m £436.2m £466.5m ▲ 7%
Other operating income £19.4m £27.3m £27.2m £57.5m £77.4m £70.0m £78.4m £79.6m ▲ 1%
Administrative expenses -£295.9m -£327.4m -£336.1m -£342.5m -£382.4m -£397.7m -£418.5m -£433.6m ▼ 4%
Operating profit £33.4m £37.2m £29.1m £37.6m £43.5m £51.0m £96.1m £112.6m ▲ 17%
Finance income £883k £2.4m £2.0m £874k £2.7m £16.1m £19.0m £19.0m — 0%
Finance costs -£653k -£563k -£291k -£311k -£361k -£471k -£37k -£64k ▼ 73%
Profit before tax £33.7m £39.0m £30.9m £38.2m £45.8m £66.6m £115.1m £131.5m ▲ 14%
Tax -£3.9m -£6.2m -£2.7m -£796k -£3.7m -£9.3m -£30.8m -£28.2m ▲ 8%
Profit after tax £29.8m £32.8m £28.2m £37.4m £42.0m £57.3m £84.3m £103.3m ▲ 23%
EBITDA (memo) £33.4m £37.2m £29.1m £59.7m — — £96.1m £112.6m ▲ 17%
Balance sheet
GBP
Metric FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025 Δ YoY
Intangible assets — £30k £28k £23k £18k £13k £8k £8k — 0%
Tangible assets £118.9m £98.3m £78.0m £68.6m £94.2m £111.8m £118.0m £135.7m ▲ 15%
Investments — — — — — — — — —
Total fixed assets £118.9m £98.3m £78.0m £68.6m £94.2m £111.8m £118.0m £135.7m ▲ 15%
Stocks — — — — — — — — —
Debtors £148.5m £281.4m £203.6m £366.9m £495.5m £450.9m £582.6m £584.0m — 0%
Cash at bank £1.6m £2.6m £884k £3.8m £3.1m £1.5m £7.7m £7.5m ▼ 2%
Total current assets £230.3m £391.3m £251.0m £431.2m £579.6m £539.6m £674.2m £665.2m ▼ 1%
Trade creditors -£6.9m -£3.0m -£10.0m -£10.1m — — -£20.8m -£22.8m ▼ 10%
Bank loans (current) — — — — — — — — —
Total current liabilities £164.2m £268.5m £82.1m £187.9m £287.6m £331.5m £429.2m £411.6m ▼ 4%
Net current assets £66.0m £122.8m £168.9m £243.3m £291.9m £208.0m £245.0m £253.6m ▲ 4%
Total assets less current liabilities £185.0m £221.1m £246.8m £311.9m £386.1m £319.9m £363.0m £389.4m ▲ 7%
Bank loans (non-current) — — — — — — — — —
Long-term liabilities £10.5m £10.3m £10.5m £9.6m £13.9m £14.0m £35.3m £40.5m ▲ 15%
Provisions £10.5m £9.8m £14.5m £12.8m £12.4m £10.3m £10.0m £10.2m ▲ 2%
Net assets £164.0m £201.1m £221.8m £289.5m £359.8m £295.5m £317.7m £338.7m ▲ 7%
Total equity £164.0m £201.1m £221.8m £289.5m £359.8m £295.5m £317.7m £338.7m ▲ 7%
Cash flow
GBP
Metric FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025 Δ YoY
Net cash from operating activities — — — — — — — — —
Net cash used in investing activities — — — — — — — — —
Net cash used in financing activities — — — — — — — — —
Net increase / (decrease) in cash — — — — — — — — —
Cash at end of year £1.6m £2.6m £884k £3.8m £3.1m £1.5m £7.7m £7.5m ▼ 2%

Scene 04 · Waterfall

From revenue to profit

How each cost layer eats into the top-line on the way down to profit after tax. Cascade chart coming in the next release — for now the table below shows the same flow.

  1. Revenue£2.79bn
  2. Cost of sales−£2.32bn
  3. Gross profit£466.5m
  4. Operating costs−£354.0m
  5. Operating profit£112.6m
  6. Tax−£9.3m
  7. Profit after tax£103.3m

FY2025 audited accounts · cascade view

03 · Risk

What the filings reveal

Concrete signals · descriptive only
Screening 1 to review Name overlaps — not auto-cleared Balance-sheet stress 1.62× short-term cover Current ratio · FY2025 audited accounts Compliance signals 3 medium findings 5 surfaced in total Auditor Unqualified Ernst & Young

Working capital + cash

Where the money sits

Four numbers that tell you how stretched the balance sheet is today. The line under each is in plain English — what the number means for the business, not what to do about it.

Short-term cover Current ratio · liquidity 1.62× For every £1 of short-term bills they hold £1.62 of cash and quickly-sellable assets. A comfortable cushion — well within typical healthy range.
Customer payment speed Debtor days · working capital 77 Customers take about three months to pay. Slower than average — typical in healthcare or government-customer industries.
Brand & goodwill share Intangibles ratio · asset quality 0.0% Most assets are physical or financial — buildings, cash, receivables. Easier to value.

Screening status

Independent checks completed

No critical risk flagsNo kill switches fired Sanctions check · ClearFCDO + OFAC + EU screen Potential sanctions · 1 reviewLow-confidence name overlap Politically-exposed persons · None foundPEP screen · 0 hits Disqualified directors · NoneCH disqualified register · clear Auditor · Ernst & Young Audit opinion · UnqualifiedUnqualified ISA-700 opinion Status · Active

Compliance signals

What the compliance pass surfaced

Weak sanctions name overlap

Severity · Medium

Screening returned a partial name overlap: 'LEVOFF, Gene Daniel' against 'DANIEL' on the IRAN list (85% name similarity). No identifier corroboration — an unconfirmed overlap, not a confirmed hit.

Potential Virtual Office Address

Severity · Medium

The registered address contains 'c/o', a marker commonly associated with virtual office or mass-registration services, reducing confidence in the address as a genuine place of business.

Short-Tenure Director Appointments

Severity · Medium

Two directors — ABOGADO CUSTODIANS LIMITED and ABOGADO NOMINEES LIMITED — each served under 12 months, consistent with nominee director arrangements.

Concentrated Ownership via Apple Inc.

Severity · Low

Apple Inc. holds over 75% significant control, concentrating governance influence in a single corporate entity with no individual PSC identified directly.

Layered Corporate Ownership Structure

Severity · Low

One person with significant control is itself a corporate entity, adding an additional ownership layer that obscures ultimate beneficial ownership at a glance.

Internal data-quality signals · expand

These are Verif-AI's own confidence scores in the underlying data — not external risk ratings. Each dimension reflects how complete and self-consistent the filed numbers were on extraction.

Financial completeness 90
Compliance signals 70
Operational disclosure 60
Data confidence 70

04 · Market

Sector and benchmarks

SIC2007 · cohort metrics

Industry classification

Administrative & support services

Companies House records the SIC2007 classification for this entity under 1 code: 82990.

Peer cohort · Division 82 · Office Administration · 11 peers

Sector peer comparison · withheld

Cohort percentiles are only shown when at least 30 comparable Verif-AI filings exist in the same 2-digit SIC division — we do not scrape the full UK register for every company in that sector. This division currently has 11, which is too small for a representative benchmark. For this filing, market context comes from SIC classification and any segment or concentration disclosures in the accounts — not from a scraped industry peer set.

05 · People

The people behind the company

3 directors · 1 PSC · 27.8m UK appointments cross-referenced

Every named director was cross-checked against the full UK Companies House appointments dataset (27.8 million records). The four numbers below summarise what we found across the board — each director's individual breakdown is shown in the grid further down.

Directors analysed 3 0 corporate · cross-checked against 27.8m records
Avg failure rate 0.0% share of prior companies that went into liquidation / dissolution
Max concurrent boards 10 most active director sits on 10 boards · 5.3 avg
Phoenix signals 0 no director linked to dissolved-and-restarted companies

Each director, individually

Career history + cross-references

Role Director Career boards Concurrent Prior-failure rate Joined Other UK boards
Director · active
Eamonn Clancy Irish · Ireland
1 — — 24 January 2023 —
Director · active
Alia Azmi British · United Kingdom
5 5 busy 0.0% 28 November 2023
Director · active
Jamie Wonji Wong American · United States
10 10 busy 0.0% 1 December 2024

Co-director network

Who sits on other UK boards alongside these directors

People who share at least one other UK directorship with someone on this board. Sorted by overlap count. Click any shared boards chip to reveal the companies they overlap on.

MR Michael Joseph Boyd 6 career appointments 6 shared boards
  • Apple (Uk) Limited No. 01591116 · Director · Active
  • Platoon Ltd No. 09782527 · Director · Active
  • Apple Studios UK Limited No. 11356548 · Director · Active
  • Apple (Uk) Limited No. 01591116 · Director · Active
  • Claris International No. 03555357 · Director · Active
  • Apple Europe Limited No. 05051046 · Director · Active
Jamie Wonji Wong 10 career appointments 5 shared boards
  • Apple (Uk) Limited No. 01591116 · Director · Active
  • Platoon Ltd No. 09782527 · Director · Active
  • Apple Studios UK Limited No. 11356548 · Director · Active
Alia Azmi 5 career appointments 5 shared boards
  • Apple (Uk) Limited No. 01591116 · Director · Active
  • Claris International No. 03555357 · Director · Active
  • Apple Europe Limited No. 05051046 · Director · Active
  • Platoon Ltd No. 09782527 · Director · Active
  • Apple Payments Services Limited No. 09873335 · Director · Active
MR Peter Ronald Denwood 10 career appointments 5 shared boards
  • Apple (Uk) Limited No. 01591116 · Director · Active
  • Platoon Ltd No. 09782527 · Director · Active
  • Apple Studios UK Limited No. 11356548 · Director · Active
  • Apple (Uk) Limited No. 01591116 · Director · Active
  • Claris International No. 03555357 · Director · Active
Nancy Regina Heinen 6 career appointments 1 shared board

Shared-board names aren't surfaced for this report yet — they live in the underlying network appointments but haven't been promoted to parse_meta. Email support and we'll add them on request.

Persons with significant control

Beneficial ownership on file

PSC · Corporate Entity Person With Significant Control Apple Inc.
Ownership Of Shares 75 To 100 Percent
Voting Rights 75 To 100 Percent
Right To Appoint And Remove Directors

Corporate hierarchy

Group structure on file

Subsidiaries pulled from Companies House cross-references — entities Apple Retail UK Limited directly controls.

Parent · Unknown Unknown
NumberC0806592

Group · collective view

Group at a glance

A comparison of 2 separately-filed entities — not a statutory consolidation. Each company files its own accounts at Companies House; figures are summed where comparable, and flagged where not.

Across the 2 companies grouped under APPLE RETAIL UK LIMITED, 1 filed financial figures, with combined net assets of £338.7m (summed, not consolidated) — of which about 100% sits with APPLE RETAIL UK LIMITED. 1 are trading and 0 are dormant or non-trading on the latest filings. No secured charges are recorded against any of the companies.

Combined net assets £338.7m Summed, not consolidated · 1 of 2 report figures
Entities 2 1 trading · 0 dormant · 1 unknown
Concentration 100% of net assets sit in Apple Retail UK Limited
Direction — 0 growing · 0 declining
EntityScale Net assetsEmployees TurnoverTrend ChargesStatus
Apple Retail UK Limited 04996702 · FY2025 Full £338.7m — £2.8bn · — Active
Apple Inc. C0806592 Unknown — — — · — —

Group · structure map

How the group fits together

Each circle is one company in the group, sized by net assets and coloured by financial health. Lines show the evidenced connections between them — ownership, shared directors, or a shared charge. Arranged top-to-bottom by ownership. A comparison of separately-filed entities, not a statutory consolidation.

Controls APPLE RETAIL UK LIMITED — Companies House hierarchy / PSC register Apple Retail UK £338.7m Apple Inc. —

Group · inter-company exposure

How the entities are connected

These are the evidenced links between the separately-filed entities — the connections a consolidated set of accounts would net out. Each link shows the register it was drawn from, so it can be checked rather than taken on trust.

1 control link

  • About 100% of the group's positive net assets sit with APPLE RETAIL UK LIMITED (summed, not consolidated).

    Apple Retail UK Limited

    Notable link Source · Filed accounts / Companies House

Corporate group

The wider business

APPLE RETAIL UK LIMITED is connected to 1 controlling entity and 4 related entities across the wider group. Each link shows its evidence, so the grouping can be checked rather than taken on trust.

Controlling Party · High confidence Apple Inc.
NumberC0806592
PscControls APPLE RETAIL UK LIMITED (75-100%) — PSC register
Related · Medium confidence Apple (Uk) Limited
Shared Directors2 shared active directors
Related · Medium confidence Apple Studios UK Limited
Shared Directors2 shared active directors
Related · Medium confidence Apple Technology U.k. Limited
Shared Directors2 shared active directors
Related · Medium confidence Platoon Ltd
Shared Directors2 shared active directors
+ Show the 11 resigned officers

Historical board

Resigned network

Every officer who has left the company, newest-resignation first. Helps spot waves of churn that wouldn't show on the active-director cards alone.

2006

Nancy Regina Heinen

Secretary Served 2003 → 2006
2011

Peter Oppenheimer

Secretary Served 2006 → 2011
2023

Michael Joseph Boyd

Director Served 2016 → 2023
2009

Timothy Donald Cook

Director Served 2006 → 2009
2024

Peter Ronald Denwood

Director Served 2017 → 2024
2006

Nancy Regina Heinen

Director Served 2003 → 2006
2018

Gene Daniel Levoff

Director Served 2011 → 2018
2011

Peter Oppenheimer

Director Served 2003 → 2011
2016

Gary Joseph Wipfler

Director Served 2003 → 2016
2003

Abogado Custodians Limited

Corporate Nominee Director Served 2003 → 2003
2003

Abogado Nominees Limited

Corporate Nominee Director Served 2003 → 2003

06 · AI Investigation

Case file open · File no. 04996702 · 28 July 2026 · Trust signal · 79/100 · AI confidence · 96%

This is Apple's UK retail arm — a classic wholly-owned subsidiary that runs 39 stores, carries zero bank debt, and is quietly printing money.

AI forensic pass across 100 Companies House filings. 15 page-cited signals from three specialist agents, 2 cross-signal correlations, and 4 verification questions for management — every claim traces back to a filing reference.

Critical
0
Load-bearing signals
Warning
4
Context to the summary
Structural
11
Supporting facts
Evidence
8
Distinct pages cited

AI Analyst commentary

What the numbers, the board, and the ownership say

Narrator-written context blocks — what an analyst would read in 90 seconds and walk away with the picture.

Balance sheet

Net assets grew to £338.7m (+6.6%) as fixed assets rose to £135.7m and current liabilities fell to £411.6m. Cash is structurally thin at £7.5m — managed centrally by Apple Inc. rather than held in the UK entity.

Board

15 director entries across the register — includes Tim Cook and Peter Oppenheimer, confirming direct Apple Inc. board involvement at UK entity level. Several directors appear on multiple Apple UK entities (Apple (UK) Limited, Apple Europe Limited, Apple Studios UK) — consistent with a shared governance structure across the UK group.

Ownership

Apple Inc. holds 75–100% of shares and all voting rights — confirmed PSC with full control over director appointments. No external shareholders or minority interests are on record — this entity is entirely within the Apple Inc. corporate family.

Case files · Chapter dossier

The investigation, chapter by chapter

The investigation as one running thread — each beat resolves a signal cluster, page-cited. Open “the full working” on any beat for the forensic detail.

Revenue Keeps Climbing

Sales crossed £2.7bn for the first time and are now approaching £2.8bn.

+8%
Turnover FY2024 £2.6bn FY2025 £2.8bn
The full working

The top line grew 8% year-on-year, adding just over £209m in new revenue. Gross margin held steady at roughly 16.7%, which means the volume gain — not a pricing shift — is driving the improvement. The business is selling more, not charging more.

Source · Profit & Loss Account FY2024–FY2025

Profit Accelerating Faster Than Sales

Operating profit grew at more than twice the rate of turnover.

Profit after tax

FY2024 £84m
FY2025 £103m
The full working

While turnover rose 8%, operating profit climbed 17% and profit after tax jumped 23% to £103.3m. Cost control, not just volume, is doing work here — the operating margin widened from 3.7% to 4.0%. For a high-throughput retail operation, that gap matters.

Source · Profit & Loss Account FY2024–FY2025

£2.8bn In, £7.5m Left

The cash balance is startlingly small relative to the scale of trading.

£2.8bn Annual turnover
vs
£8m Cash on hand
The full working

The cash position actually fell slightly, from £7.7m to £7.5m, despite a record profit year. This is consistent with a subsidiary whose cash is swept into Apple Inc.'s central treasury rather than held on the balance sheet. The filing does not disclose intercompany funding arrangements.

Source · Balance Sheet FY2025

Who Is Really In Charge

Apple Inc. holds full ownership, full voting rights, and the right to appoint every director.

  • Ultimate parent & PSC Apple Inc. (USA)
  • UK operating entity Apple Retail UK Limited
  • Incorporated 16 December 2003

Source · PSC Register; Directors Register

Filing Record Is Straightforward

The company has traded under its current name since mid-2004 with no late or amended accounts flagged.

  • 3 Jun 2004 Renamed Apple Retail UK Limited
  • 16 Dec 2003 Incorporated as Apple Computer Sales UK Limited
  • 14 Jul 2011 Resolution filed
  • 13 Apr 2026 Most recent accounts filed

Source · Companies House filing history; Name history register

Cross-signal intelligence

AI correlations across the filing

Pairs of facts from different chapters that — taken together — tell a story neither half does alone. This is where investigation outperforms summary.

The 23% profit-after-tax surge in [chapter 2] produces no visible build-up of cash in [chapter 3], reinforcing that surplus funds are transferred out to Apple Inc. rather than retained on the UK balance sheet.

The full director refresh since January 2023 shown in [chapter 4] coincides with the period of accelerating margin improvement visible in [chapter 2], though the filing does not establish a causal link.

Deep signals

Buried in the filing

Specifics most readers would miss — surfaced by the AI for the analyst who wants to know.

01

Trade creditors are negative — the company is owed money by its supply chain

A negative trade creditor figure is consistent with prepayments made to suppliers or net credit balances held with the supply chain — a pattern sometimes seen in large retail groups where the UK entity pays in advance or holds supplier credits. It does not indicate a problem, but it is worth understanding whether these represent advance payments, supplier rebates, or accounting netting within the group.

02

Debtors nearly four times larger than cash — but almost all collect within 10 days

The large debtor balance relative to cash is consistent with intercompany receivables — amounts owed by other Apple group entities rather than external customers. This is a typical pattern in a centralised group treasury structure where the UK entity routes cash upward and holds the balance as an intercompany receivable. It is not credit risk in the conventional sense.

03

Profit after tax jumped 22.6% — faster than pre-tax profit

The effective tax rate appears to have fallen year on year — PAT growing faster than PBT implies a lower corporation tax charge or the benefit of tax credits in FY2025. The filing does not disclose a detailed tax note in the reviewed pages, so the exact cause is not visible, but it is consistent with R&D tax relief or deferred tax movements common in large technology-adjacent retail groups.

Forensic investigation · 15 signals

Three specialist agents, working in parallel

Segmental revenue · capital structure · strategic KPIs. Each agent cites the exact filing page for every claim, with an AI confidence score derived from cross-citation strength.

01

Strategic KPIs

Sales up 8% to £2.79bn — solid growth across all channels

Turnover rose from £2,577,303k in 2024 to £2,786,285k in 2025, a gain of £208,982k.

p.3 · 6 more from this specialist

02

Capital Structure & Borrowings

Dividend jumped 38% — £79m paid out this year vs £57m last year

Dividends declared and paid in 2025 were £79.1m, up from £57.3m in 2024, an increase of £21.8m (38%).

p.5, p.11 · 6 more from this specialist

03

Segmental Analysis

No segmental breakdown disclosed — single UK retail operation

Note 2 (Turnover) states that turnover is not analysed by segment because directors consider disclosure would be seriously prejudicial to the company's interests. Total turnover is £2,786,285k (2024: £2,577,303k). No geographic or business division split is provided.

p.34

+ Show all 15 specialist findings

Strategic KPIs (7)

01

Sales up 8% to £2.79bn — solid growth across all channels

Turnover rose from £2,577,303k in 2024 to £2,786,285k in 2025, a gain of £208,982k.

Why it matters: Growing sales across every route to market shows strong customer demand, which is a good sign if you are thinking about supplying or partnering with this company.

p.3 important conf 98%

02

Operating profit jumped 17% — the business is getting more efficient

Operating profit rose from £96,133k in 2024 to £112,572k in 2025, up £16,439k.

Why it matters: Profit grew twice as fast as sales, meaning each pound of revenue is now bringing in more profit than last year — a healthy sign for any business dealing with this company.

p.3 important conf 98%

03

After-tax profit up 22% to £103.3m

Profit after tax was £103,319k in 2025 versus £84,277k in 2024, a rise of £19,042k.

Why it matters: A strong jump in take-home profit means the company is building financial strength and can fund future investment or weather a downturn.

p.4 important conf 97%

04

Store count fell by one — Bristol closed for redevelopment

Store count dropped from 40 at end of 2024 to 39 at 27 September 2025. The Bristol store at Cabot Circus closed due to shopping centre redevelopment.

Why it matters: The reduction is one store out of 40 and was driven by a landlord decision, not poor trading — so this is not a warning sign about the health of the store estate.

p.3 useful conf 97%

05

Total equity up 7% to £338.7m — balance sheet getting stronger

Total equity grew from £317,713k in 2024 to £338,659k in 2025, an increase of £20,946k.

Why it matters: A rising equity base means the company owns more of its own assets outright, which reduces financial risk for suppliers and partners.

p.3 useful conf 96%

06

Headcount broadly flat at 4,850 monthly average employees

Monthly average employee count was 4,850 in 2025 versus 4,822 in 2024, up just 28.

Why it matters: Holding headcount stable while growing sales and profit means the business is getting more productive — a positive sign for how the company is being run.

p.3 useful conf 95%

07

No like-for-like sales, online mix or footfall data disclosed

The report does not break out like-for-like sales growth, online versus in-store sales split, average transaction value, gross margin, or footfall figures.

Why it matters: Without these standard retail measures it is harder to judge how well individual stores are performing or whether growth is coming from new space or existing stores trading better.

p.3 low conf 99%

Capital Structure & Borrowings (7)

01

Dividend jumped 38% — £79m paid out this year vs £57m last year

Dividends declared and paid in 2025 were £79.1m, up from £57.3m in 2024, an increase of £21.8m (38%).

Why it matters: A big rise in dividends means more cash is being sent to the parent company, but the business still grew its net assets from £317.7m to £338.7m, so it is not being drained dry.

p.5, p.11 important conf 97%

02

Operating lease commitments total £219m — long runway of store rents

Future minimum lease payments on non-cancellable operating leases are £219.3m: £23.9m due within one year, £99.4m in one to five years, and £96m after five years.

Why it matters: These are fixed rent obligations for stores. If sales fell sharply, the company would still owe this rent. At current profit levels it is very manageable, but it is a long-term commitment.

p.11 useful conf 95%

03

Cash is low at £7.5m but the business is backed by a large parent

Cash at bank and in hand is £7.5m at 27 September 2025 (2024: £7.7m). The ultimate parent is Apple Inc., incorporated in California.

Why it matters: The cash balance on its own is modest relative to the size of the business, but backing from Apple Inc. means there is effectively no liquidity risk.

p.4, p.12 useful conf 95%

04

Company has no bank debt — funded entirely by equity

The balance sheet shows no borrowings. Net assets are £338.7m. The only long-term liabilities are deferred revenue (£25.5m) and other long-term liabilities (£15.1m), totalling £40.5m.

Why it matters: There is no bank debt to repay, so there is no risk of a lender pulling funding. This is a very safe capital structure for suppliers and customers.

p.4, p.10 low conf 95%

05

Interest cover is very high — finance costs are tiny

Operating profit is £112.6m. Finance costs are only £64,000. That gives interest cover of over 1,750 times.

Why it matters: The company earns vastly more than it pays in interest, so there is no risk of failing to meet interest payments.

p.4 low conf 95%

06

No covenants or credit facilities disclosed

The accounts contain no mention of bank facilities, credit lines, covenants, waivers, or credit ratings.

Why it matters: With no external debt, there are no loan limits to breach. This removes a common risk for trade creditors.

p.4, p.6 low conf 90%

07

No share buybacks — company has only 1,000 shares in issue

Called-up share capital is £1,000 (1,000 shares of £1 each). No buyback programme exists or is mentioned.

Why it matters: This is a wholly-owned subsidiary; share buybacks are not relevant here.

p.10 low conf 99%

Segmental Analysis (1)

01

No segmental breakdown disclosed — single UK retail operation

Note 2 (Turnover) states that turnover is not analysed by segment because directors consider disclosure would be seriously prejudicial to the company's interests. Total turnover is £2,786,285k (2024: £2,577,303k). No geographic or business division split is provided.

Why it matters: There is no way to see which parts of the business are growing or struggling — all revenue is treated as one single block, so investors cannot assess where profits come from.

p.34 low conf 95%

Specialist deep panels · Structured price capture

Every figure the specialists extracted

Below the prose findings, each agent publishes a structured numeric metrics block. Segmental revenue, named KPIs with YoY %, and capital-structure metrics — direct from the source filings.

Segmental analysis

Revenue & operating profit by business division

Segment Revenue (latest) Operating profit Rev YoY
Apple Retail UK (single segment) €2.8bn €113m +8.1%

Top-segment revenue concentration: 100.0% · Segment totals reconcile to the group P&L

Strategic KPIs

3 flagship metrics · 3 supporting

Turnover
£2.8bn
+8.1% YoY
Operating profit
£113m
+17.1% YoY
Store count
39 stores
-2.5% YoY
+ Show 3 supporting KPIs
Profit after tax
£103m
+22.6% YoY
Total equity
£339m
+6.6% YoY
Average monthly employees
£5k
+0.6% YoY

Capital structure

Debt, cover, and dividend posture

Net debt
£-8m
Interest cover
1759.0×
Drawn debt
0
Dividend prior year
£57m

Management questions · Open inquiry

What management would need to answer next

Generated by the AI from the disclosure gaps it detected. Hover or tap each card to surface the underlying evidence that triggered the question.

Verification gaps

What the filings don't disclose

High-trust analysis names its own blind spots. These are metrics the AI looked for and couldn't find — anything material to the summary needs management or independent verification.

No gross margin, like-for-like sales, online/in-store split, or footfall data is disclosed, and turnover is deliberately not broken out by segment, limiting the ability to assess where growth is actually coming from.

08 · Documents

The filing trail

100 filings · Companies House

Filing distribution

AA
22%
22
CS01
10%
10
RESOLUTIONS
7
363a
6
AD01
6
AP01
6
AR01
6
CH01
6
TM01
6
288a
5

Latest filings

13 Apr 2026 AA Accounts with accounts type full
9 Sep 2025 CS01 Confirmation statement with no updates
7 Jul 2025 AA Accounts with accounts type full
20 Dec 2024 CH01 Change person director company with change date
2 Dec 2024 AP01 Appoint person director company with name date
2 Dec 2024 TM01 Termination director company with name termination date
16 Oct 2024 AD02 Change sail address company with old address new address
16 Oct 2024 CH04 Change corporate secretary company with change date
9 Sep 2024 CS01 Confirmation statement with no updates
9 Sep 2024 CH01 Change person director company with change date
7 Jul 2024 AA Accounts with accounts type full
1 Dec 2023 AP01 Appoint person director company with name date

Catalyst timeline

Filing pattern + upcoming windows

100 filings · 2004 → 2027
Accounts Officers Capital Resolutions Other
2004 2009 2014 2019 2024 2028 Accounts due Confirmation due
2027Annual accounts

Next annual accounts due

Due at Companies House by 30 June 2027 for the period ending 30 September 2026.

2026Confirmation

Next confirmation statement due

Annual confirmation due by 9 September 2026 (made up to 26 August 2026).

Final chapter — What we found

What we found

79 STRONG FILING
Verif-AI Synthesis

Strong filing

One of the UK's largest retail subsidiaries — record profit, rapid payment, backed by a global giant. The thin cash is the design, not the flaw.

FY2025 audited accounts

The five plain-English briefing questions are on Origin — read the story first, then return here for the TrustScore scorecard.

Signal Radar

How the score breaks down

Financial completeness 90/100
Operational disclosure 60/100
Compliance signals 70/100
Data confidence 70/100

Decisive findings

What decided this summary

01

Trade creditors are negative — the company is owed money by its supply chain

A negative trade creditor figure is consistent with prepayments made to suppliers or net credit balances held with the supply chain — a pattern sometimes seen in large retail groups where the UK entity pays in advance or holds supplier credits. It does not indicate a problem, but it is worth understanding whether these represent advance payments, supplier rebates, or accounting netting within the group.

02

Debtors nearly four times larger than cash — but almost all collect within 10 days

The large debtor balance relative to cash is consistent with intercompany receivables — amounts owed by other Apple group entities rather than external customers. This is a typical pattern in a centralised group treasury structure where the UK entity routes cash upward and holds the balance as an intercompany receivable. It is not credit risk in the conventional sense.

03

Profit after tax jumped 22.6% — faster than pre-tax profit

The effective tax rate appears to have fallen year on year — PAT growing faster than PBT implies a lower corporation tax charge or the benefit of tax credits in FY2025. The filing does not disclose a detailed tax note in the reviewed pages, so the exact cause is not visible, but it is consistent with R&D tax relief or deferred tax movements common in large technology-adjacent retail groups.

04

Positive signal

Unqualified Ernst & Young opinion — the cleanest outcome an audit can produce.

05

What to watch

Sales up 8% to £2.79bn — solid growth across all channels. Growing sales across every route to market shows strong customer demand, which is a good sign if you are thinking about supplying or partnering with this company.

06

What to watch

Operating profit jumped 17% — the business is getting more efficient. Profit grew twice as fast as sales, meaning each pound of revenue is now bringing in more profit than last year — a healthy sign for any business dealing with this company.

10 · Verification

How we know

100 filings · 3 directors · — pages

This report reads the full filing package — digital iXBRL where available, the filed PDF (including notes), and the Companies House register — not a single uploaded document.

Figures are as filed by the company — Companies House does not verify the accuracy of information filed. Verif-AI checks internal consistency and flags anomalies, but cannot confirm the underlying figures are correct.

Reconciliation

All 30 reconciled lines tie exactly to the audited iXBRL filing

Every balance-sheet and profit & loss line traced to where we read it in the filing. iXBRL — read straight from the company's audited machine-readable tags, so it ties exactly. PDF — read from the filed accounts document, with the supporting note cited so you can check it. Flagged — our consistency check marked it for a closer look.

Line Our figure Source in filing Reconciliation
Profit & loss · p.26
Turnover £2.8bn iXBRL ✓ Ties to filing
Cost of sales −£2.3bn iXBRL ✓ Ties to filing
Gross profit £467m iXBRL ✓ Ties to filing
Administrative expenses −£434m iXBRL ✓ Ties to filing
Operating profit £113m iXBRL ✓ Ties to filing
Finance income £19m iXBRL ✓ Ties to filing
Finance costs −£64k iXBRL ✓ Ties to filing
Profit before tax £132m iXBRL ✓ Ties to filing
Tax −£28m iXBRL ✓ Ties to filing
Profit after tax £103m iXBRL ✓ Ties to filing
Depreciation & amortisation −£20m iXBRL ✓ Ties to filing
EBITDA £113m iXBRL ✓ Ties to filing
Balance sheet · p.27
Intangible assets £8k iXBRL ✓ Ties to filing
Tangible assets £136m iXBRL ✓ Ties to filing
Fixed assets £136m iXBRL ✓ Ties to filing
Stock £74m iXBRL ✓ Ties to filing
Debtors £584m iXBRL ✓ Ties to filing
Trade debtors £79m iXBRL ✓ Ties to filing
Cash £8m iXBRL ✓ Ties to filing
Current assets £665m iXBRL ✓ Ties to filing
Total assets £801m iXBRL ✓ Ties to filing
Trade creditors −£23m iXBRL ✓ Ties to filing
Current liabilities £412m iXBRL ✓ Ties to filing
Net current assets £254m iXBRL ✓ Ties to filing
Total assets less current liabilities £389m iXBRL ✓ Ties to filing
Long-term liabilities £41m iXBRL ✓ Ties to filing
Provisions £10m iXBRL ✓ Ties to filing
Net assets £339m iXBRL ✓ Ties to filing
Share capital £1k iXBRL ✓ Ties to filing
Profit & loss reserves £339m iXBRL ✓ Ties to filing

30 read from audited iXBRL tags · 0 from the filed PDF.

What we read

Companies House filings

Total filings 100 2004 → 2026
Accounts filings 23 audited financial statements
Officer events 32 appointments + terminations
Capital events 0 share allotments + buybacks

Who we cross-checked

UK director appointment network

Directors verified 3 incl. 0 corporate officers
Records cross-referenced 27.8m UK appointments dataset
Avg failure rate 0.0% across prior appointments
Phoenix scan 0 directors flagged

Screening status

Independent checks completed

No critical risk flagsNo kill switches fired Sanctions check · ClearFCDO + OFAC + EU screen Potential sanctions · 1 reviewLow-confidence name overlap Politically-exposed persons · None foundPEP screen · 0 hits Audit opinion · UnqualifiedUnqualified ISA-700 opinion Auditor · Ernst & Young Status · Active

Screened 14 names (registered company + officers/PSCs) against live lists: FCDO Consolidated UK Sanctions List — 57698 entries, refreshed 20 July 2026 · OFAC SDN (US Treasury) + akaName aliases + relationship graph — 39472 entries, refreshed 20 July 2026 · EU Consolidated Financial Sanctions — 29944 entries, refreshed 20 July 2026 · UK Parliament — current Members of Commons & Lords — 1438 entries, refreshed 20 July 2026 · Companies House — Disqualified Directors register, checked 20 July 2026.

Steps we ran

How the report was assembled

Pages read — PDF pages analysed
Steps run 8 0 skipped · 8 completed
AI checks 3 independent reviews
Years analysed 8 audited filings trended

Pipeline — what ran on this report

Classify filing Extract audit notes Compliance screening Cross-check directors Build company timeline Plain-English analysis Capital structure review Processing filing

Limits and caveats

What this report doesn't claim

01

Peer benchmarks

Sector cohort comparison was withheld — only 11 comparable Verif-AI filings exist in SIC division 82, below the 30-company minimum. Percentiles are not computed from a scraped UK industry register.

02

Principal risks register

The filed accounts did not surface a structured principal-risks register, or one was not extracted by the parser. Small / micro-entity filings are not required to disclose this.

Plain-English glossary · 10 terms
Net Assets
What's left if you sold everything the company owns and paid off every debt — the company's own money.
In this filing: Apple Retail UK's net assets are £338.7m and growing — the business has a real financial cushion, even without much cash in the bank.
Current Liabilities
Bills the company must pay within the next 12 months — suppliers, tax, short-term loans.
In this filing: £411.6m is due within a year. Against £7.5m cash, that looks alarming — but Apple Inc.'s group treasury covers the gap, not the UK bank account.
Pre-Tax Profit (PBT)
What the company earned before paying corporation tax — the clearest measure of how profitable it is.
In this filing: £131.5m PBT in FY2025 is up 14.3% — profit growing faster than sales is the signal that matters here.
Debtor Days
How many days it takes, on average, for customers to pay their invoices.
In this filing: 10 days here — most Apple retail sales are paid instantly by card, so almost nothing is owed by customers at any point.
Creditor Days
How many days the company takes to pay its own suppliers.
In this filing: Shown as -3 days here, which reflects the accounting treatment of trade creditors — effectively meaning the company pays promptly, sometimes ahead of terms.
Working Capital Gap
The time between paying your suppliers and collecting from your customers — the cash you need to bridge that gap.
In this filing: Apple Retail UK has a 13-day gap, needing £99.2m to bridge it. Apple Inc.'s treasury covers this — it's a structural feature, not a cash crisis.
Gross Profit
Revenue minus the direct cost of the goods sold — what's left before paying rent, wages and other running costs.
In this filing: £466.5m gross profit on £2.79bn sales gives a gross margin of about 16.7% — tight for a retailer, reflecting the high cost of Apple hardware.
Fixed Assets
Long-term things the company owns — shop fittings, computers, equipment — not items sold to customers.
In this filing: £135.7m of fixed assets in FY2025, up from £118m the year before — the business is investing in its physical store estate.
cash / current-liability cover
How long the company's cash would last if it had to pay off all its short-term bills from its own bank account, with no outside help.
In this filing: 0.2 months here — this is a structural feature of Apple's centralised treasury, where cash is managed at group level rather than held in the UK entity.
PSC (Person with Significant Control)
The individual or company that ultimately owns or controls the business — registered at Companies House.
In this filing: Apple Inc. is the sole PSC, owning 75–100% of shares and holding all voting rights — there is no ambiguity about who is in control.