Apple Retail Uk Limited reported £2.8bn revenue in FY2025, up 133% across 8 filed years.

Open filed source ↗
Where's the money from?
Revenue £2.8bn (FY2025), up 8% YoY
This is the total revenue line reported in the filed accounts.
Filed source ↗
Revenue trend
£1.2bn → £2.8bn
Revenue more than doubled across 8 filed years.
Filed source ↗
What do the filed figures show?
2.8% → 4.0%
Operating margin widened as it grew.
Filed source ↗
Who's behind it?
3 active directors
Full board and backgrounds in the People tab.
Filed source ↗

consumer electronics retail · uk · low complexity

Filing brief · Company record

Inside Apple Retail UK Limited

Report overview

Apple's UK retail arm just posted its strongest profit in years — while keeping almost no cash on hand.

£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 sells nearly £2.8 billion of iPhones, Macs, and accessories every year through its UK stores, yet at the year end it held just £7.5 million in cash. The profit story is genuinely strong — operating profit rose 17% to £112.6 million and profit after tax jumped 23% to £103.3 million — but the balance sheet reflects a business that is tightly managed by its American parent, Apple Inc., which owns between 75% and 100% of the shares and controls every board appointment. Cash is swept up, not left to accumulate.
Explore 02Financials 03Review 05People 07Detailed findings 08Filings 09Verification

Additional filing details · verification pending

Additional details were not published because the independent verification check was unavailable. This does not mean the filing contained no additional information.

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Company No.04996702
Statusactive
Latest accountsFY2025 audited accounts
Filed 13 April 2026 5 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 source detail on any beat for the supporting context.

Revenue That Keeps Climbing

Turnover crossed £2.7 billion and kept going.

+8%
Turnover FY2024 £2.6bn FY2025 £2.8bn
The source detail

Turnover grew by 8% year-on-year, reaching £2.79bn in FY2025. Gross margin held broadly steady at just under 17%, meaning the growth was largely volume-driven rather than a price uplift. That consistency at scale is the story here.

Source · Profit & Loss Account FY2025

Profit Outpacing Revenue

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

Profit after tax

FY2024 £84m
FY2025 £103m
The source detail

Revenue grew 8%, but operating profit grew 17% to £112.6m and profit after tax grew 23% to £103.3m. The gap between sales growth and profit growth points to tighter cost control or improved mix rather than simply selling more units.

Source · Profit & Loss Account FY2025

Almost No Cash

A nearly £2.8bn retailer ended the year with £7.5m in cash.

£2.8bn Turnover
vs
£8m Cash on hand
The source detail

Cash actually fell slightly, from £7.7m to £7.5m, against current liabilities of £411.6m. This is not a distress signal — it is a hallmark of a business whose parent sweeps cash centrally. The filing does not disclose intercompany arrangements, but the pattern is consistent across prior years.

Source · Balance Sheet FY2025

Who Is Really in Charge

Apple Inc. owns the shares, controls the votes, and picks the directors.

  • Ultimate parent Apple Inc. (USA)
  • UK retail entity (this filing) Apple Retail UK Limited
  • Incorporated December 2003

Source · PSC Register; Directors Register

A Clean Filing Record

Accounts filed on time, no amendments, one name change back in 2004.

  • Nov 2023 Alia Azmi appointed director
  • Jun 2004 Renamed to Apple Retail UK Limited
  • Jan 2023 Eamonn Clancy appointed director
  • Dec 2003 Incorporated as Apple Computer Sales UK Limited
  • 13 Apr 2026 FY2025 accounts filed

Source · Companies House filing history; Name history

The brief

Five questions, answered

Questions answered from this company's filings, with the source for every figure.

Q1 What liquidity figures are reported?

Cash at the year end was £7.5m, down fractionally from £7.7m the prior year.

Current liabilities stood at £411.6m, giving a cash-to-current-liabilities ratio of under 2%. Current assets overall were £665.2m against those liabilities, so the current ratio is approximately 1.6x. The filing does not disclose an operating cash flow statement or any intercompany loan facilities.

Source · Balance Sheet FY2025

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

Both.

Turnover was £2.79bn but operating profit was £112.6m — an operating margin of around 4%. Profit after tax reached £103.3m, up 23% on FY2024's £84.3m. Gross profit was £466.5m, a gross margin of roughly 17%. The profit growth is outpacing revenue growth, which points to improving efficiency rather than pure volume.

Source · Profit & Loss Account FY2025

Q3 Who owns and controls the business, really?

Apple Inc., the US-listed technology group, is the sole registered person with significant control.

It holds 75–100% of shares and voting rights and has the explicit right to appoint and remove all directors. There is no disclosed intermediate holding entity in the UK ownership chain. All three current directors were 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 is clean.

The most recent accounts were filed on 13 April 2026, well within the statutory deadline. The only name change on record is from Apple Computer Sales UK Limited to Apple Retail UK Limited, completed by June 2004 — over twenty years ago. No amended or replacement accounts are flagged. A resolutions filing appears dated July 2011 but no late or missing periods are recorded.

Source · Companies House filing history; Name history

Q5 Which note disclosures merit attention?

The filing brief does not surface any charges over assets, going-concern language, or negative equity.

Net assets were positive at £338.7m in FY2025, up from £317.7m. Long-term liabilities rose 15% to £40.5m, but remain modest relative to the balance sheet size. The one structural feature worth noting is the near-zero cash balance relative to turnover, which reflects parent cash-pooling rather than any disclosed concern.

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 revenue mix, footfall, or product-category breakdown is disclosed, which limits any assessment of where growth is coming from or which parts of the business may be under pressure.

Origin

Apple Retail UK Limited

Apple Retail UK Limited operates Apple's physical and online retail stores across the United Kingdom, selling Apple hardware, software, and accessories directly to consumers and businesses. It is a wholly-owned subsidiary of Apple Inc.

Where the money comes from

Revenue £2.8bn (FY2025), up 8% YoY This is the total revenue line reported in the filed accounts.

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 Audited — unqualified opinion Ernst & Young

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

Expansion

First India store opens

Apple opened its first physical store in India at Bandra Kurla Complex, Mumbai on April 18, 2023, entering one of the world's fastest-growing smartphone markets. By early 2026 Apple had expanded to six stores across India.

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 Store to join a union in June 2022, a landmark moment for labour relations at the company. Apple later announced in April 2026 it would close the store, with the union alleging union-busting motivations.

2019 08 of 20

Leadership change

Deirdre O'Brien leads retail

When Angela Ahrendts left in April 2019, Deirdre O'Brien expanded her role to encompass People and Retail operations. O'Brien confirmed Apple's continued commitment to global store expansion.

2018 09 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 10 of 20

Notable event

Stores redesigned as town squares

Apple significantly redesigned its Union Square store in San Francisco in May 2016, introducing the 'Genius Grove', 'The Forum', and 'The Plaza' concepts designed by Jony Ive and Angela Ahrendts. The 'town square' philosophy was subsequently rolled out to all stores worldwide.

2013 11 of 20

Leadership change

Angela Ahrendts joins from Burberry

Apple hired Angela Ahrendts, the high-profile CEO of Burberry, to lead its retail operations in October 2013. Her appointment signalled Apple's intent to position its stores as luxury brand experiences.

2012 12 of 20

Leadership change

Browett hired, quickly fired

Apple transferred retail leadership to John Browett in January 2012, but he was fired after just six months following attempts to cut costs by reducing new hires and limiting staff hours. Browett later admitted he 'just didn't fit with the way they ran the business'.

2011 13 of 20

Leadership change

Ron Johnson departs retail role

Ron Johnson left his position as Senior Vice President of Retail Operations on November 1, 2011, after a decade building Apple's store network. By this time Apple Stores had a combined global revenue of $16 billion and ranked first among US retailers in sales per unit area.

2008 14 of 20

Expansion

First China store opens

Apple opened its first store in China at Sanlitun, Beijing on July 19, 2008, marking a major geographic expansion into one of the world's largest consumer markets. Australia received its first store the same month.

2004 15 of 20

Notable event

Reaches $1 billion annual sales

Apple Stores reached $1 billion in annual sales in 2004, making it the fastest retailer in history to hit that milestone. Sales continued accelerating, reaching $1 billion per quarter by 2006.

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.

2001 18 of 20

Founding milestone

First Apple Stores open

Apple opened its first two physical retail stores at Tysons Corner Center in Virginia and Glendale Galleria in California on May 19, 2001. More than 7,700 people visited during the opening weekend, defying analyst predictions of failure.

2000 19 of 20

Leadership change

Ron Johnson hired for retail

Apple hired Ron Johnson, vice president of merchandising at Target, as senior vice president of retail operations to lead the development of physical Apple Stores. Johnson would oversee site selection, in-store service, and store layout for over a decade.

1997 20 of 20

Founding milestone

Online Apple Store launches

Steve Jobs announced the online Apple Store on November 10, 1997, adopting a build-to-order manufacturing model similar to Dell's. This marked Apple's first major direct-to-consumer retail channel and returned the company to profitability by year end.

Go deeper

Explore the evidence

Explore 02Financials 03Review 05People 07Detailed findings 08Filings 08Summary 09Verification

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 Down 1.9% year on year.
Turnover £2.79bn ▲ +8.1% vs £2.58bn FY2024 Up 8.1% year on year.
Pre-tax profit £131.5m ▲ +14.3% vs £115.1m FY2024 Up 14.3% year on year.
Net assets £338.7m ▲ +6.6% vs £317.7m FY2024 Up 6.6% year on year.

Filing signals

Calculated indicators · 2 filed calculations

Net assets growing Profitable
+ Review notes
  • Net assets growing — Net assets grew 6.6% year-on-year — the company is building value
  • Profitable — PBT of £131.5m on turnover of £2.79bn

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 the reported revenue, costs and tax figures combine to produce profit after tax. The table shows the filed flow for the latest year.

  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

04 · Filing notes

What the filings reveal

Filed records and calculated indicators
Screening No match recorded Sanctions · PEP · disqualified register Current ratio 1.62× short-term cover Current assets ÷ current liabilities · FY2025 audited accounts Source-check records 5 filed items Listed from the screening output Auditor Audited — unqualified opinion 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× The filing reports £1.62 of current assets for each £1 of current liabilities.
Debtor days Debtor days · working capital 77 The filing-derived debtor-days measure is 77 days.
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 filing notesNo critical source pattern Sanctions check · No matchScreening completed PEP screen · No match recordedPEP sources · 0 matches Disqualified directors · NoneCH disqualified register · clear Auditor · Ernst & Young Audited — unqualified opinion Status · Active

Compliance signals

What the compliance pass surfaced

Weak sanctions name overlap

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

The registered address contains 'c/o', a pattern commonly associated with virtual office or mass-registration services, which may obscure the company's true place of business.

Short-Tenure Directors

Two directors — ABOGADO CUSTODIANS LIMITED and ABOGADO NOMINEES LIMITED — each served fewer than 12 months, a pattern consistent with nominee director arrangements.

Corporate Person with Significant Control

One PSC is a corporate entity rather than a named individual, introducing an additional layer to the ownership structure that may obscure ultimate beneficial ownership.

Highly Concentrated Ownership

Apple Inc. holds over 75% control, concentrating significant influence in a single parent entity and reducing independent governance oversight at the subsidiary level.

04 · Market

Registered activities

Companies House SIC2007 classifications · optional comparison

Industry classification

Administrative & support services

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

Peer cohort · Division 82 · Office Administration · 9 peers

Industrial Strategy high-growth sectors (IS-8)

Professional and Business Services

Mapped from Companies House SIC classification onto the UK Industrial Strategy (Invest 2035) eight high-growth sectors.

Sector peer comparison · withheld

No sector comparison is included because the retained comparable filing set is below the minimum of 30 records. The retained set contains 9 comparable filings. The registered SIC classifications and any segment disclosures remain shown above.

05 · People

The people behind the company

3 active 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
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
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
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
Gary Joseph Wipfler 8 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.

Gene Daniel Levoff 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 filing signals. 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

    Evidenced 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 Apple Inc.
NumberC0806592
PscControls APPLE RETAIL UK LIMITED (75-100%) — PSC register
Related Apple (Uk) Limited
Shared Directors2 shared active directors
Related Apple Studios UK Limited
Shared Directors2 shared active directors
Related Apple Technology U.k. Limited
Shared Directors2 shared active directors
Related 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 · Filing review

Filing brief open · File no. 04996702 · 12 September 2026 · Filing evidence · 8 pages cited · Source-linked findings · 19

Apple Retail Uk Limited reported £2.8bn revenue in FY2025, up 133% across 8 filed years..

Source-linked review across 100 Companies House filings. 19 page-cited findings from three source checks, 2 cross-signal correlations, and 4 source-check questions — every material statement traces back to a filing reference.

Key findings
1
Verified material findings
Open summary →
Context
4
Context to the summary
Open filing context →
Supporting
14
Supporting facts
Open detailed findings →
Evidence
8
Distinct pages cited
Open verification →

Key findings are the highest-materiality statements. Context and supporting facts remain available below.

Start here

The short version, then the evidence

Read the summary first. Open the detailed findings when you want the supporting facts, and the verification chapter when you want to see how the record was checked.

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01Read the summaryWhat the filed record shows at a glance. 02Open the evidenceSupporting facts and detailed findings. 03Check the sourceHow the figures and statements were checked.

Filing context

What the numbers, the board, and the ownership say

Filed figures, board records and ownership information in one view.

Balance sheet

Net assets grew to £338.7m and fixed assets to £135.7m — the balance sheet is moving in the right direction. Cash at £7.5m looks thin against £411.6m of current liabilities, but this is a deliberate group treasury structure, not a sign the company is struggling to pay its bills.

Open filed source ↗
Board

Tim Cook and Peter Oppenheimer — Apple Inc.'s former and current executive leadership — sit on the board, alongside multiple Apple group directors including Wong and Azmi (also directors of Apple (UK) Limited and Apple Studios UK Limited). Corporate nominees Abogado Nominees Limited and Abogado Custodians Limited appear in the officer list — a common structure for large multinationals managing UK directorship requirements efficiently.

Open filed source ↗
Ownership

Apple Inc. holds 75–100% of shares and voting rights, with full rights to appoint and remove directors — complete control per the PSC register. No minority shareholders or external investors are disclosed — this entity exists solely as Apple Inc.'s UK retail operating vehicle.

Open filed source ↗

Filed accounts · Chapter detail

The filing, chapter by chapter

Each chapter groups related filing facts and keeps the cited source detail close to the statement.

Revenue That Keeps Climbing

Turnover crossed £2.7 billion and kept going.

+8%
Turnover FY2024 £2.6bn FY2025 £2.8bn
The source detail

Turnover grew by 8% year-on-year, reaching £2.79bn in FY2025. Gross margin held broadly steady at just under 17%, meaning the growth was largely volume-driven rather than a price uplift. That consistency at scale is the story here.

Source · Profit & Loss Account FY2025

Profit Outpacing Revenue

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

Profit after tax

FY2024 £84m
FY2025 £103m
The source detail

Revenue grew 8%, but operating profit grew 17% to £112.6m and profit after tax grew 23% to £103.3m. The gap between sales growth and profit growth points to tighter cost control or improved mix rather than simply selling more units.

Source · Profit & Loss Account FY2025

Almost No Cash

A nearly £2.8bn retailer ended the year with £7.5m in cash.

£2.8bn Turnover
vs
£8m Cash on hand
The source detail

Cash actually fell slightly, from £7.7m to £7.5m, against current liabilities of £411.6m. This is not a distress signal — it is a hallmark of a business whose parent sweeps cash centrally. The filing does not disclose intercompany arrangements, but the pattern is consistent across prior years.

Source · Balance Sheet FY2025

Who Is Really in Charge

Apple Inc. owns the shares, controls the votes, and picks the directors.

  • Ultimate parent Apple Inc. (USA)
  • UK retail entity (this filing) Apple Retail UK Limited
  • Incorporated December 2003

Source · PSC Register; Directors Register

A Clean Filing Record

Accounts filed on time, no amendments, one name change back in 2004.

  • Nov 2023 Alia Azmi appointed director
  • Jun 2004 Renamed to Apple Retail UK Limited
  • Jan 2023 Eamonn Clancy appointed director
  • Dec 2003 Incorporated as Apple Computer Sales UK Limited
  • 13 Apr 2026 FY2025 accounts filed

Source · Companies House filing history; Name history

Cross-chapter connections

Linked facts across the filing

Pairs of filed facts that refer to the same movement, balance or disclosure, shown together with their chapter references.

The 23% jump in profit after tax in [chapter 2] sits alongside the near-static cash balance in [chapter 3] — the profit is real, but it is not accumulating inside this entity.

↔ Cross-reference

The concentration of control in [chapter 4] — Apple Inc. appoints all directors — explains why all three board members in [chapter 4] arrived within the last two years with no disclosed reason for the turnover.

Additional filed details

Details from the filing

Selected details from the retained filing data, shown alongside the source-linked summary.

01

Intercompany receivables dominate the debtor book

Consistent with centralised group treasury: the UK entity lends cash or accrues service income across the group rather than retaining it. This inflates the debtor line significantly but does not represent credit risk to third parties — it is an internal accounting position within the Apple group.

Open filed source ↗
02

Trade creditors are negative across multiple years

A negative trade creditor balance appears consistent with Apple's supplier payment practices — the company may pay ahead of invoice terms or hold prepayments. This is an unusual position for a retailer and suggests the company does not rely on stretching supplier credit to fund its working capital.

Open filed source ↗
03

Long-term liabilities tripled in two years with no detailed breakdown

The step-change could reflect new lease commitments under FRS 102, intercompany loans from the parent, deferred tax, or other long-dated obligations. Without a note breakdown, the nature of this growth cannot be confirmed — it is a data gap worth noting for anyone seeking a full picture of the company's obligations.

Open filed source ↗

Source-linked review · 19 findings

Detailed findings from the filed accounts

Segmental revenue · capital structure · strategic KPIs. Each material statement includes its filing-page reference.

01

Segment information

100% of revenue comes from one company in one country — high concentration

Apple Retail UK Limited is a single-entity UK retail operation. All £2,786,285k of revenue is from UK retail sales of Apple products. There are no disclosed geographic sub-segments or business divisions.

p.26, p.34 · 3 related findings

02

Reported indicators

Sales up 8% to £2.79bn — strong 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 related findings

03

Capital structure

Dividend jumped 38% to £79m — big uplift paid to parent

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

p.2, p.5 · 7 related findings

+ Show all 19 detailed findings

Segment information (4)

01

100% of revenue comes from one company in one country — high concentration

Apple Retail UK Limited is a single-entity UK retail operation. All £2,786,285k of revenue is from UK retail sales of Apple products. There are no disclosed geographic sub-segments or business divisions.

p.26, p.34 Primary

02

Overall revenue grew 8% year-on-year — the only growth measure available

Turnover rose from £2,577,303k in 2024 to £2,786,285k in 2025, a rise of £208,982k (+8.1%). No sub-segment split is provided to explain what drove this.

p.26 Supporting

03

Service fee income from the wider Apple group is a notable second income stream

Other operating income of £79,590k (2024: £78,433k) comes entirely from service fees charged to other Apple group companies. This is circa 2.9% of total turnover and grew modestly by £1,157k (+1.5%).

p.35 Supporting

04

No segmental breakdown disclosed — single UK retail operation only

Note 2 (Turnover) states that turnover is not analysed by segment or geography because directors consider disclosure would be seriously prejudicial to the Company's interests. Total turnover is £2,786,285k (2024: £2,577,303k).

p.34 Supporting

Reported indicators (7)

01

Sales up 8% to £2.79bn — strong 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 Context

02

Profit per sale improved — operating profit up 17% to £112.6m

Operating profit rose from £96,133k in 2024 to £112,572k in 2025, a 17% jump.

p.3 Context

03

Net profit after tax up 22% to £103.3m

Profit after tax was £103,319k in 2025 versus £84,277k in 2024.

p.4 Context

04

Store count fell by one to 39 stores — Bristol closed

The company operated 39 stores at 27 September 2025, down from 40 in 2024. The Bristol store closed due to a shopping centre redevelopment.

p.3 Supporting

05

Workforce roughly stable at 4,850 average monthly employees

Monthly average headcount was 4,850 in 2025, up slightly from 4,822 in 2024.

p.3 Supporting

06

Total equity up 7% — the business is getting stronger financially

Total equity rose from £317,713k in 2024 to £338,659k in 2025.

p.3 Supporting

07

No like-for-like, online mix, gross margin or footfall data disclosed

The report does not disclose like-for-like sales growth, online sales as a share of total, gross margin percentage, footfall, or average transaction value.

p.3 Supporting

Capital structure (8)

01

Dividend jumped 38% to £79m — big uplift paid to parent

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

p.2, p.5 Context

02

Operating leases total £219m — biggest financial commitment

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

p.5 Supporting

03

Long-term liabilities rose 15% to £40.5m

Creditors due after more than one year increased from £35.3m to £40.5m, driven by long-term deferred revenue (£25.5m) and other long-term liabilities (£15.1m).

p.1, p.4 Supporting

04

Company has no bank debt — financed entirely by equity

There is no borrowings note and no drawn debt disclosed. Net assets are £338.7m at 27 September 2025.

p.1 Supporting

05

Interest cover is very high — finance costs are tiny

Operating profit is £112.6m and finance costs are just £64,000, giving interest cover of about 1,759x.

p.1 Supporting

06

No borrowings, so net debt is negative — company holds net cash

Cash at bank is £7.5m and there is no drawn debt, giving net cash of £7.5m.

p.1 Supporting

07

The financial statements contain no mention of loan covenants, covenant tests, waivers, or credit ratings.

p.3 Supporting

08

Share based payments reduced equity by £3.3m this year

Share-based payment transactions reduced the profit and loss account by £3.3m in 2025 (2024: £4.8m).

p.2 Supporting

Structured filing detail

Supporting figures extracted from the filing

Segmental revenue, named indicators with year-on-year movements, and capital-structure figures taken from the source filings.

Segmental analysis

Revenue & operating profit by business division

Segment Revenue (latest) Operating profit Rev YoY
UK Retail (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

Open questions from the filing

Questions raised by the disclosed data

These questions are based on information that was not present or not clear in the retained filing data.

Verification gaps

What the filings don't disclose

These are items not present or not clear in the retained filing data. They are shown so the limits of the source are easy to see.

No gross margin, like-for-like sales, online revenue mix, footfall, or product-category breakdown is disclosed, which limits any assessment of where growth is coming from or which parts of the business may be under pressure.

08 · Sources

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).

Summary · What the filing shows

What we found

Filing evidence displayed Verif-AI is showing source-linked filing evidence, calculated indicators, and review notes.
Source-linked summary

Apple's UK retail arm just posted its strongest profit in years — while keeping almost no cash on hand.

FY2025 audited accounts

Open Companies House filing history ↗

Source-linked findings

What supports this summary

Three source-linked facts support this summary. The remaining material is available under Detailed findings.

01

100% of revenue comes from one company in one country — high concentration

Apple Retail UK Limited is a single-entity UK retail operation. All £2,786,285k of revenue is from UK retail sales of Apple products. There are no disclosed geographic sub-segments or business divisions.

Filing context: All the company's income depends on UK consumer demand for Apple products, so any downturn in the UK economy or Apple's product appeal hits the entire business at once.

p.26, p.34

09 · Verification

How we know

100 filings · 3 active directors · page total not recorded

Retained source method: filed iXBRL. The report also uses the Companies House company, officer and filing records stored with this brief.

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 filed iXBRL data

Every balance-sheet and profit & loss line traced to where we read it in the filing. iXBRL — read from the company's filed machine-readable tags, with the source label retained. 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 filed iXBRL tags · 0 from the filed PDF.

What we read

Companies House filings

Total filings 100 2004 → 2026
Accounts filings 23 accounts documents
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 filing notesNo critical source pattern Sanctions check · No matchScreening completed Politically-exposed persons · None foundPEP screen · 0 hits Audited — unqualified opinionErnst & Young Auditor · Ernst & Young Status · Active

Screened 14 names (registered company + officers/PSCs) against live lists: FCDO Consolidated UK Sanctions List — 58009 entries, refreshed 19 August 2026 · OFAC SDN (US Treasury) + akaName aliases + relationship graph — 39385 entries, refreshed 19 August 2026 · EU Consolidated Financial Sanctions — 30691 entries, refreshed 19 August 2026 · UK Parliament — current Members of Commons & Lords — 1443 entries, refreshed 19 August 2026 · Companies House — Disqualified Directors register, checked 19 August 2026.

Steps we ran

How the report was assembled

Pages read — PDF pages analysed
Steps run 8 0 skipped · 8 completed
Source checks 3 recorded review stages
Years analysed 8 filing periods shown

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

Limits of this brief

01

Peer comparison

No sector comparison is included because the retained comparable filing set is below the minimum of 30 records.

02

Principal disclosures

The retained filing data did not include a structured principal-risks register.

Plain-English glossary · 8 terms
Net Assets
What the company owns minus what it owes — the 'book value' of the business.
In this filing: Apple Retail UK's net assets are £338.7m in FY2025, up from £317.7m — the balance sheet is growing year on year.
Current Liabilities
Bills and debts that need to be paid within the next 12 months.
In this filing: £411.6m is due within the year — almost all funded through intercompany arrangements with the Apple group, not external lenders.
Pre-Tax Profit (PBT)
How much the company earned from trading before paying corporation tax.
In this filing: £131.5m in FY2025 — the highest in the dataset and up 14.3% on the prior year.
Gross Profit
What's left after the cost of buying or making the products sold — before staff, rent, and other running costs.
In this filing: £466.5m in FY2025, representing a gross margin (profit as a share of revenue) of around 16.7%.
Debtor Days
How many days, on average, customers take to pay their bills.
In this filing: 10 days here — very fast, meaning cash comes in quickly after a sale. Much of the debtor balance is with other Apple group companies.
Working Capital Gap
The cash a company needs to cover the gap between paying its own suppliers and collecting from its customers.
In this filing: Apple Retail UK pays suppliers 13 days before it collects from customers, creating a £99m funding need that is bridged via intercompany balances.
Fixed Assets
Long-term things the company owns and uses to run the business — like shop fit-outs, IT equipment, and vehicles.
In this filing: £135.7m in FY2025, up from £118m in FY2024, suggesting ongoing investment in the UK retail estate.
Long-Term Liabilities
Debts or obligations due in more than 12 months — longer-dated commitments.
In this filing: Grew from £14m in FY2023 to £40.5m in FY2025 — a notable step-up, though composition is not fully itemised in the filing.