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 turns over more than most FTSE 250 firms yet holds almost no cash on its balance sheet.

£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 took £2.79bn in revenue in FY2025 — yet its cash balance was £7.5m, roughly what a mid-sized corner shop might hold. Profits are climbing sharply: operating profit rose 17% to £112.6m, and profit after tax jumped 23% to £103.3m. The business is clearly healthy, but the cash tells a different story — one typical of a tightly managed subsidiary that sweeps surplus funds upstream to its parent, Apple Inc., which owns between 75% and 100% of the shares. Currency note: the brief did not confirm the reporting currency — figures are rendered in GBP but this should be verified against the filed accounts.
Explore 02Financials 03Review 05People 07Detailed findings 08Filings 09Verification
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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.

Billions In, Almost Nothing Left

The gap between what this company turns over and what it keeps as cash is the first thing to understand.

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

A company processing nearly £2.8 billion in sales but holding £7.5 million in cash is not in trouble — it is almost certainly sweeping funds to its parent on a near-daily basis. That is a normal treasury arrangement for a wholly-owned subsidiary of a cash-rich global corporation. The filing does not disclose intercompany cash movements explicitly.

Source · P&L FY2025; Balance Sheet FY2025

Profit Is Accelerating

Revenue grew 8%, but profit after tax grew nearly three times faster.

+23%
Profit after tax FY2024 £84m FY2025 £103m
The source detail

Turnover added £209 million year-on-year — solid for a mature retailer. But the profit line moved faster, with operating profit up 17% and profit after tax up 23% to £103.3m. That gap between revenue growth and profit growth suggests costs are being held tighter than sales are rising.

Source · P&L FY2024 and FY2025

Who Really Controls This Company

One parent, total control — Apple Inc. sits at the top of the ownership chain.

  • Ultimate parent Apple Inc.
  • UK operating entity (this filing) Apple Retail UK Limited
  • Subsidiaries (not disclosed in this filing)

Source · PSC Register; Directors register

The Balance Sheet Is Strengthening

Net assets grew and current liabilities fell — the balance sheet moved in the same direction as profit.

Net assets

FY2024 £318m
FY2025 £339m
The source detail

Current liabilities fell from £429.2m to £411.6m while net assets rose to £338.7m, up 7%. Fixed assets grew 15% to £135.7m — likely store fit-outs and equipment across Apple's UK retail estate. Long-term liabilities also rose 15%, from £35.3m to £40.5m, though the brief does not specify what they relate to.

Source · Balance Sheet FY2024 and FY2025

Filing History and filing evidence summary

Accounts are up to date, but the compliance dimension of the filing evidence summary flags a gap.

  • Jun 2004 Renamed Apple Retail UK Limited
  • Jul 2011 Resolutions filed (Companies House)
  • Dec 2003 Incorporated as Apple Computer Sales UK Limited
  • Apr 2026 Most recent accounts filed

Source · Companies House filing history; Verif-AI filing evidence summary breakdown

The brief

Five questions, answered

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

Q1 What does the filing disclose about short-term obligations?

On the face of it, yes.

Current assets of £665.2m comfortably exceed current liabilities of £411.6m, giving a current ratio above 1.6x. Cash itself is just £7.5m — extremely low for a company this size — but that almost certainly reflects routine sweeping of cash to Apple Inc. rather than a liquidity problem. The filing does not disclose an operating cash flow statement, so cash generation from operations cannot be independently verified here.

Source · Balance Sheet FY2025

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

Both — but the margins are thin relative to turnover.

Gross profit of £466.5m on turnover of £2.79bn gives a gross margin of roughly 16.7%. Operating profit of £112.6m represents a 4% operating margin. Profit after tax of £103.3m grew 23% year-on-year. For a physical retailer of consumer electronics, single-digit operating margins are not unusual, and the direction of travel is clearly improving.

Source · P&L FY2024 and FY2025

Q3 Who owns and controls the business, really?

Apple Inc. is the sole Person with Significant Control, holding between 75% and 100% of shares and voting rights, with the right to appoint and remove directors.

There is no disclosed intermediate holding entity between Apple Inc. and this UK company. The three current directors — Alia Azmi, Eamonn Clancy, and Jamie Wonji Wong — were all appointed between January 2023 and December 2024. Control is entirely concentrated at the US parent level.

Source · PSC Register; Directors register

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

The most recent accounts were filed on 13 April 2026 — no overdue or late filing signal is present.

The company changed its name once, from Apple Computer Sales UK Limited to Apple Retail UK Limited, in June 2004 — shortly after incorporation. A resolutions filing was made in July 2011; the brief does not detail its content. No amended or replacement accounts are flagged. The Compliance sub-score of 50/100 in the filing evidence summary is noted but the underlying reason is not disclosed in the brief.

Source · Companies House filing history; Verif-AI filing evidence summary

Q5 Which note disclosures merit attention?

The filing brief does not include note-level detail — no charges register entries, no going-concern disclosures, no intercompany loan terms, and no explanation of the long-term liabilities that grew 15% to £40.5m.

Those items would need to be checked directly in the filed accounts on Companies House.

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

The accounts disclose no segmental split, no gross margin percentage, no online/store revenue mix, and no like-for-like sales data, which makes it impossible to judge the quality or source of revenue growth.

Which note disclosures merit attention?

The filing brief does not include note-level detail — no charges register entries, no going-concern disclosures, no intercompany loan terms, and no explanation of the long-term liabilities that grew 15% to £40.5m. Those items would need to be checked directly in the filed accounts on Companies House.

Origin

Apple Retail UK Limited

Apple Retail UK Limited operates Apple's retail store network in the United Kingdom, selling hardware, software, and services directly to consumers and businesses. It is a wholly-owned subsidiary of Apple Inc., the US-listed technology group.

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

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, marking a significant labour relations milestone for the company.

2019 08 of 20

Leadership change

Deirdre O'Brien Takes Over Retail

Following Angela Ahrendts' departure, Deirdre O'Brien expanded her role to encompass retail operations worldwide, consolidating leadership of People, Sales, and Retail under one executive.

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

Flagship Store Redesigned as Town Square

Apple unveiled a dramatically redesigned Union Square store in San Francisco, co-designed by Jony Ive and Angela Ahrendts, introducing the 'town square' concept with Genius Grove, The Forum, and The Plaza that would be rolled out globally.

2013 11 of 20

Leadership change

Angela Ahrendts Joins from Burberry

Apple hired Angela Ahrendts, former CEO of Burberry, as senior vice president of retail, bringing luxury brand expertise to reshape the Apple Store experience.

2012 12 of 20

Leadership change

John Browett Replaces Johnson

Apple transferred retail leadership to John Browett in January 2012, but his cost-cutting measures—reducing hires and limiting staff hours—led to his dismissal after just six months.

2008 13 of 20

Expansion

First Store Opens in China

Apple opened its first mainland China store in Sanlitun, Beijing, entering one of the world's largest consumer markets and beginning what would grow to a 50-store presence.

2004 14 of 20

Expansion

UK Retail Expansion Begins

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 annually.

2004 15 of 20

Notable event

Billion Dollar Sales Milestone

Apple Stores reached $1 billion in annual sales in 2004, making it the fastest retailer in history to achieve that benchmark and silencing early predictions of failure.

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 Japan

Apple opened its first store outside North America in Ginza, Tokyo, beginning the company's international retail expansion strategy.

2001 19 of 20

Founding milestone

First Apple Stores Open

Apple opened its first two physical retail stores simultaneously at Tysons Corner Center, Virginia and Glendale Galleria, California, attracting over 7,700 visitors and $599,000 in sales in the opening weekend.

2000 20 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, bringing in the key architect of what would become the Apple Store concept.

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 (PDF accounts)

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 (PDF accounts) · 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) £59.9m* £65.7m* £53.6m* £58.1m* £62.0m* £67.2m* £122.2m* £132.8m* ▲ 9%
Balance sheet
GBP
Metric FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025 Δ YoY
Intangible assets £0 £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 £80.2m £107.4m £46.4m £60.5m £81.0m £87.2m £83.9m £73.7m ▼ 12%
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 -£15.6m -£24.4m -£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 — £946k — — — — — — —
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 6 filed items Listed from the screening output Auditor Audited — unqualified opinion Ernst & Young Filed disclosures 7 principal disclosures recorded From the filed accounts

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 Going concern · ConfirmedGoing concern · Clean 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.

Suspected Nominee Directors

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

High Director Turnover

Nine director resignations against three active directors indicates potential governance instability warranting further scrutiny.

Virtual Office Address

The registered address contains 'c/o', suggesting use of a virtual or mass-registration office service.

Corporate PSC Layering

One Person with Significant Control is a corporate entity, adding a layer of ownership opacity that may obscure ultimate beneficial ownership.

Concentrated Ownership

Apple Inc. holds over 75% control, which, whilst typical of a subsidiary structure, limits independent governance oversight.

Ernst & Young on going concern

In the auditor's own words

"Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of 12 months from 26 March 2026."

Principal disclosures

As disclosed in the filed accounts

01

Retail lease and fixed cost exposure

Should the Company terminate lease commitments or close stores, substantial costs could be incurred. A high proportion of store costs are fixed (personnel, depreciation, lease expenses), so significant sales declines could result in material losses.

02

Macro-economic factors

Macro-economic factors that have a negative impact on general retail activity could adversely affect demand for the Company's products and services.

03

Store construction and operational costs

Inability to manage costs associated with store construction and operation could adversely impact financial performance.

04

Product margin pressure

Inability to sell hardware and software products at adequate margins could adversely affect the Company's results.

05

Retail location and lease renewal

Inability to obtain and renew leases in quality retail locations at a reasonable cost could adversely impact the Company's operations.

Notes to the accounts

Related-party transactions disclosed

UK accounts must disclose dealings with connected parties — usually the parent company, subsidiaries, or other group entities. These lines show how money and charges move inside the corporate family; they are filed for transparency, not because every entry signals a problem.

Group undertakings

Service Fee Income £79,590,000 FY2025

Filing context: Income the company received for services it provided to another group company — commonly management, IT, payroll, or head-office support recharged within the corporate family. Another company in the same corporate group — typically the parent, a subsidiary, or a sister company under common ownership.

Group undertakings

Interest On Amounts Owed From Group Undertakings £18,886,000 FY2025

Filing context: Interest earned on money other group companies owe this entity — income from intra-group lending rather than external bank interest. Another company in the same corporate group — typically the parent, a subsidiary, or a sister company under common ownership.

Group undertakings

Amounts Owed By Group Undertakings (Debtor) £473,724,000 FY2025

Filing context: “Amounts owed by Group undertakings (debtor)” is a related-party item disclosed in the accounts notes — dealings with a connected company that must be reported separately from normal external trade. Another company in the same corporate group — typically the parent, a subsidiary, or a sister company under common ownership.

Parent undertaking

Amounts Owed To Parent Undertaking (Creditor) £39,261,000 FY2025

Filing context: Property or equipment rented between related companies — for example a subsidiary paying rent to a group property company. Another company in the same corporate group — typically the parent, a subsidiary, or a sister company under common ownership.

Group undertakings

Amounts Owed To Group Undertakings (Creditor) £187,400,000 FY2025

Filing context: “Amounts owed to Group undertakings (creditor)” is a related-party item disclosed in the accounts notes — dealings with a connected company that must be reported separately from normal external trade. Another company in the same corporate group — typically the parent, a subsidiary, or a sister company under common ownership.

Governance & subsequent events

Who controls this entity, what's changed since year-end

Ultimate controlling party

Ownership

Apple Inc., a company incorporated in California, United States of America

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 · 17 peers

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 17 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
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
Director · active
Eamonn Clancy Irish · Ireland
1 — — 24 January 2023 —

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.

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
Eamonn Clancy 1 career appointment 1 shared board
  • Apple (Uk) Limited No. 01591116 · Director · Active
MR Frederick William Kelly 1 career appointment 1 shared board
  • Apple (Uk) Limited No. 01591116 · Director · Active

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 · 11 September 2026 · Filing evidence · 6 pages cited · Source-linked findings · 16

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

Source-linked review across 100 Companies House filings. 16 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
0
No verified key findings
Open summary →
Context
4
Context to the summary
Open filing context →
Supporting
12
Supporting facts
Open detailed findings →
Evidence
6
Distinct pages cited
Open verification →

No findings were classified as highest-priority. The report contains 4 context and 12 supporting facts.

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.

See detailed findings →
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 have grown steadily to £338.7m, and fixed assets rose to £135.7m as investment in stores continues. The striking feature remains the contrast between £7.5m cash and £411.6m of short-term liabilities — a gap that only makes sense in the context of Apple Inc. group funding, not standalone operations.

Open filed source ↗
Board

Tim Cook and Peter Oppenheimer among 15 registered directors — Apple's most senior US executives hold UK board seats, signalling direct group oversight. Multiple directors (Azmi, Wong) cross-appointed across Apple (UK), Apple Studios UK — consistent with centralised governance across the Apple UK group.

Open filed source ↗
Ownership

Apple Inc. holds 75-100% of shares and votes, with the right to appoint and remove all directors — full control sits with the US parent. Abogado Nominees and Abogado Custodians appear as nominee corporate directors — a standard structure for large multinationals managing UK subsidiary governance.

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.

Billions In, Almost Nothing Left

The gap between what this company turns over and what it keeps as cash is the first thing to understand.

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

A company processing nearly £2.8 billion in sales but holding £7.5 million in cash is not in trouble — it is almost certainly sweeping funds to its parent on a near-daily basis. That is a normal treasury arrangement for a wholly-owned subsidiary of a cash-rich global corporation. The filing does not disclose intercompany cash movements explicitly.

Source · P&L FY2025; Balance Sheet FY2025

Profit Is Accelerating

Revenue grew 8%, but profit after tax grew nearly three times faster.

+23%
Profit after tax FY2024 £84m FY2025 £103m
The source detail

Turnover added £209 million year-on-year — solid for a mature retailer. But the profit line moved faster, with operating profit up 17% and profit after tax up 23% to £103.3m. That gap between revenue growth and profit growth suggests costs are being held tighter than sales are rising.

Source · P&L FY2024 and FY2025

Who Really Controls This Company

One parent, total control — Apple Inc. sits at the top of the ownership chain.

  • Ultimate parent Apple Inc.
  • UK operating entity (this filing) Apple Retail UK Limited
  • Subsidiaries (not disclosed in this filing)

Source · PSC Register; Directors register

The Balance Sheet Is Strengthening

Net assets grew and current liabilities fell — the balance sheet moved in the same direction as profit.

Net assets

FY2024 £318m
FY2025 £339m
The source detail

Current liabilities fell from £429.2m to £411.6m while net assets rose to £338.7m, up 7%. Fixed assets grew 15% to £135.7m — likely store fit-outs and equipment across Apple's UK retail estate. Long-term liabilities also rose 15%, from £35.3m to £40.5m, though the brief does not specify what they relate to.

Source · Balance Sheet FY2024 and FY2025

Filing History and filing evidence summary

Accounts are up to date, but the compliance dimension of the filing evidence summary flags a gap.

  • Jun 2004 Renamed Apple Retail UK Limited
  • Jul 2011 Resolutions filed (Companies House)
  • Dec 2003 Incorporated as Apple Computer Sales UK Limited
  • Apr 2026 Most recent accounts filed

Source · Companies House filing history; Verif-AI filing evidence summary breakdown

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 15% rise in fixed assets in [chapter 4] — likely retail store investment — is consistent with the operating margin expansion visible in [chapter 2], where costs appear controlled relative to revenue growth.

The minimal cash balance in [chapter 1] sits alongside a 23% profit after tax jump in [chapter 2] — the profit is being generated but not retained here, which is consistent with the 100% parent-owned structure described in [chapter 3].

Additional filed details

Details from the filing

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

01

Negative trade creditors across all years

Consistent with intercompany settlement patterns where prepayments or intercompany netting arrangements result in a net credit balance rather than a conventional payable. This is a typical pattern for large group subsidiaries where supplier payments are managed centrally and settled through the parent's accounts-payable function.

Open filed source ↗
02

Debtors of £584m against £7.5m cash

The debtor balance is consistent with a subsidiary that accumulates profits as intercompany receivables rather than retaining cash — a typical pattern for centralised group treasury. The UK entity is effectively 'owed' its profits by the parent rather than holding them as cash.

Open filed source ↗
03

Multiple directors also sit on Apple (UK) and Apple Studios UK boards

Consistent with a centralised governance model where Apple Inc. places the same senior executives across its UK subsidiaries — reducing duplication and ensuring consistent policy. This is standard practice for a large multinational group.

Open filed source ↗

Source-linked review · 16 findings

Detailed findings from the filed accounts

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

01

Reported indicators

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

Turnover rose from £2,577,303k in 2024 to £2,786,285k in 2025, an increase of £208,982k (8%).

p.3 · 6 related findings

02

Capital structure

Dividend jumped 38% to £79m — a big increase on last year

Dividends paid in 2025 were £79.1m, up from £57.3m in 2024 — a rise of £21.8m (38%).

p.2, p.5 · 7 related findings

03

Segment information

No segmental breakdown given — all revenue reported as one block

Note 2 (Turnover) on page 34 states that turnover is not analysed by segment or geography because directors believe disclosure would be seriously prejudicial to the company's interests. Total turnover is £2,786,285k (2024: £2,577,303k).

p.34

+ Show all 16 detailed findings

Reported indicators (7)

01

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

Turnover rose from £2,577,303k in 2024 to £2,786,285k in 2025, an increase of £208,982k (8%).

p.3 Context

02

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

Operating profit grew from £96,133k in 2024 to £112,572k in 2025, a rise of £16,439k (17%).

p.3 Context

03

After-tax profit up 22% to £103.3m — a very profitable year

Profit after tax was £103,319k in 2025 versus £84,277k in 2024, a jump of £19,042k (23%).

p.4 Context

04

One store closed — store count fell from 40 to 39

The Bristol store closed during the year due to redevelopment at Cabot Circus Shopping Centre, leaving 39 stores open at 27 September 2025 (2024: 40).

p.3 Supporting

05

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

Total equity increased from £317,713k in 2024 to £338,659k in 2025, a rise of £20,946k (7%).

p.3 Supporting

06

Staff headcount almost unchanged at 4,850 — stable workforce

Monthly average employees were 4,850 in 2025 versus 4,822 in 2024, a rise of just 28 (0.6%).

p.3 Supporting

07

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

The strategic report does not publish like-for-like sales growth, gross margin percentage, footfall numbers, average transaction value, or online sales mix.

p.3 Supporting

Capital structure (8)

01

Dividend jumped 38% to £79m — a big increase on last year

Dividends paid in 2025 were £79.1m, up from £57.3m in 2024 — a rise of £21.8m (38%).

p.2, p.5 Context

02

Operating lease commitments total £219m — stores are rented

Future minimum lease payments 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 to £40.5m — up from £35.3m last year

Creditors due after one year were £40.5m in 2025, up from £35.3m in 2024. These are deferred revenue (£25.5m) and other long-term liabilities (£15.1m).

p.4 Supporting

04

Company has no bank debt — funded entirely by equity

There are no borrowings disclosed. Net assets are £338.7m at 27 September 2025.

p.1 Supporting

05

Net cash position: £7.5m cash with no debt

Cash at bank was £7.5m and there are no drawn borrowings, giving net cash of £7.5m.

p.1 Supporting

06

Interest cover is very high — finance costs are tiny

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

p.1 Supporting

07

No covenants, facilities, or refinancing events disclosed

p.3 Supporting

08

Share buybacks: none disclosed

There is no mention of any share buyback programme in the financial statements.

p.2 Supporting

Segment information (1)

01

No segmental breakdown given — all revenue reported as one block

Note 2 (Turnover) on page 34 states that turnover is not analysed by segment or geography because directors believe disclosure would be seriously prejudicial to the company's interests. Total turnover is £2,786,285k (2024: £2,577,303k).

p.34 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 — no further breakdown) €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.

The accounts disclose no segmental split, no gross margin percentage, no online/store revenue mix, and no like-for-like sales data, which makes it impossible to judge the quality or source of revenue growth.

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 turns over more than most FTSE 250 firms yet holds almost no cash on its balance sheet.

FY2025 audited accounts

Open Companies House filing history ↗

Supporting filing facts

Evidence behind the summary

01

Negative trade creditors across all years

Consistent with intercompany settlement patterns where prepayments or intercompany netting arrangements result in a net credit balance rather than a conventional payable. This is a typical pattern for large group subsidiaries where supplier payments are managed centrally and settled through the parent's accounts-payable function.

02

Debtors of £584m against £7.5m cash

The debtor balance is consistent with a subsidiary that accumulates profits as intercompany receivables rather than retaining cash — a typical pattern for centralised group treasury. The UK entity is effectively 'owed' its profits by the parent rather than holding them as cash.

03

Multiple directors also sit on Apple (UK) and Apple Studios UK boards

Consistent with a centralised governance model where Apple Inc. places the same senior executives across its UK subsidiaries — reducing duplication and ensuring consistent policy. This is standard practice for a large multinational group.

04

Reported filing figure

£8m cash at bank and £412m current liabilities are reported in the latest filing.

05

Reported filing figure

The filing records an unqualified Ernst & Young opinion.

06

Other filed item

Sales up 8% to £2.79bn — growth across all channels. Growing sales across all routes to market shows the business is winning customers and not just relying on one channel, which is a good sign for anyone supplying or trading with Apple Retail UK.

07

Other filed item

Operating profit jumped 17% — the business is getting more efficient. Profit grew nearly twice as fast as sales, meaning the company kept tighter control of its costs — that is a strong signal for suppliers and partners that the business is well-run.

09 · Verification

How we know

100 filings · 3 active directors · 43 pages

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 29 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
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
Balance sheet
Intangible assets £8k iXBRL ✓ Ties to filing
Tangible assets £136m iXBRL ✓ Ties to filing
Fixed assets £136m 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
Shareholders' funds £339m iXBRL ✓ Ties to filing

29 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 13 names (registered company + officers/PSCs) against live lists: FCDO Consolidated UK Sanctions List — 57244 entries, refreshed 14 May 2026 · OFAC SDN (US Treasury) + akaName aliases + relationship graph — 39255 entries, refreshed 14 May 2026 · EU Consolidated Financial Sanctions — 29911 entries, refreshed 14 May 2026 · UK Parliament — current Members of Commons & Lords — 1422 entries, refreshed 14 May 2026.

Steps we ran

How the report was assembled

Pages read 43 PDF pages analysed
Steps run 9 0 skipped · 9 completed
Source checks 3 recorded review stages
Years analysed 8 filing periods shown

Pipeline — what ran on this report

Read PDF accounts 43 pages 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.

Plain-English glossary · 10 terms
Net Assets
What the company owns minus what it owes — its financial net worth.
In this filing: Apple Retail UK's net assets are £338.7m, up from £317.7m last year — the business is worth more than it was twelve months ago.
Current Liabilities
Bills and debts that must be paid within the next 12 months.
In this filing: £411.6m falls due within a year — that's a big number, but it's backed by Apple Inc. group treasury, not standalone cash.
Pre-Tax Profit (PBT)
How much profit the company made before paying corporation tax.
In this filing: PBT reached £131.5m in FY2025 — the strongest result in the company's history.
Debtor Days
How many days, on average, customers take to pay their invoices.
In this filing: Just 10 days here — customers pay Apple Retail UK very quickly, which keeps cash flowing in.
Creditor Days
How many days, on average, the company takes to pay its own suppliers.
In this filing: Negative 3 days — the company appears to be paying suppliers even before invoices are formally due, which is unusual and suggests tight intercompany settlement cycles.
Working Capital Gap
The number of days (and pounds) a business needs to fund itself between paying suppliers and receiving payment from customers.
In this filing: A 13-day gap requires £99.2m in bridging funds — this appears to be provided through Apple Inc. group intercompany arrangements.
Fixed Assets
Long-term physical things the company owns — stores, fixtures, equipment — that won't be sold within the year.
In this filing: £135.7m of fixed assets in FY2025, up from £118m — likely reflecting ongoing investment in the UK retail store network.
Long-Term Liabilities
Debts or obligations the company doesn't need to pay back for more than 12 months.
In this filing: These have grown from £14m (FY2023) to £40.5m (FY2025) — possibly reflecting lease obligations under FRS 102 Section 20, though no breakdown is disclosed.
cash / current-liability cover
How long a company's existing cash would last if it had to pay all its short-term bills straight away.
In this filing: With £7.5m cash against £411.6m of current liabilities, the standalone runway is just 0.2 months — which only makes sense in the context of Apple Inc. group treasury support.
Shareholders' Funds
The total amount that belongs to the owner(s) of the company — what's left if you sold everything and paid every debt.
In this filing: £338.7m in FY2025 — all of it belongs to Apple Inc. as the 100% shareholder.