Company registration number 13328673 (England and Wales)
WEBLEY & SCOTT LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
WEBLEY & SCOTT LIMITED
CONTENTS
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 11
WEBLEY & SCOTT LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 JUNE 2025
30 June 2025
- 1 -
2025
2024
as restated
Notes
£
£
Current assets
Trade and other receivables
3
516,223
898,475
Cash and cash equivalents
580,524
33,324
1,096,747
931,799
Current liabilities
Trade and other payables
7
620,523
422,346
Current tax liabilities
39,240
122,909
659,763
545,255
Net current assets
436,984
386,544
Net assets
436,984
386,544
Equity
Called up share capital
8
100
100
Retained earnings
436,884
386,444
Total equity
436,984
386,544

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The director of the company has elected not to include a copy of the income statement within the financial statements.

The financial statements were approved by the board of directors and authorised for issue on 12 February 2026 and are signed on its behalf by:
Mr J L Bright
Director
Company registration number 13328673 (England and Wales)
WEBLEY & SCOTT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
- 2 -
Share capital
Retained earnings
Total
£
£
£
As restated for the period ended 30 June 2024:
Balance at 1 May 2023
100
-
100
Balance at 1 May 2023
100
-
0
100
Period ended 30 June 2024:
Profit and total comprehensive income
-
386,444
386,444
Balance at 30 June 2024
100
386,444
386,544
Year ended 30 June 2025:
Profit and total comprehensive income
-
50,440
50,440
Balance at 30 June 2025
100
436,884
436,984
WEBLEY & SCOTT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
- 3 -
1
Accounting policies
Company information

Webley & Scott Limited is a private company limited by shares incorporated in England and Wales. The registered office is Bowden House, 36 Northampton Road, Market Harborough, Leicestershire, LE16 9HE. The company's principal activities and nature of its operations are disclosed in the director's report.

1.1
Reporting period

The company extended its year end from 30th April 2024 to 30 June 2024 in order that its was coterminous with it's parent and group. The comparative period's results are not entirely comparable.

1.2
Basis of preparation

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom and with the requirements of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The financial statements present information about the company as an individual entity and not about its group.

Webley & Scott Limited is a majority owned subsidiary of Fuller International Holdings Pty Ltd and the results of Webley & Scott Limited are included in the consolidated financial statements of Fuller International Holdings Pty Ltd which are available from 25 Peel Street, Adelaide, SA5000.

The financial statements are of Webley & Scott Limited as an individual entity.

1.3
Prior period error

These financial statements include corrections to reflect transactions omitted from the previous years reported financial statements. A foreign associated company is responsible for the calculation of commissions due and these calculations were made to complete the foreign companies statutory accounts which are not coterminous.

1.4
Going concern

The director has at the time of approving the financial statements, a reasonable expectation that the true company has adequate resources to continue in operational existence for the foreseeable future. Thus t he director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Revenue

Revenue comprises services provided to customers net of value added tax and other sales taxes, Revenue is recognised when performance obligations are satisfied.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

The company recognises revenue from the commissions raised on sales.

WEBLEY & SCOTT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 4 -

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Commissions received on associated company sales

1.6
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial assets

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

Financial assets at fair value through profit or loss

When any of the above-mentioned conditions for classification of financial assets is not met, a financial asset is classified as measured at fair value through profit or loss. Financial assets measured at fair value through profit or loss are recognized initially at fair value and any transaction costs are recognised in profit or loss when incurred. A gain or loss on a financial asset measured at fair value through profit or loss is recognised in profit or loss, and is included within finance income or finance costs in the statement of income for the reporting period in which it arises.

Financial assets held at amortised cost

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

Financial assets at fair value through other comprehensive income

Debt instruments are classified as financial assets measured at fair value through other comprehensive income where the financial assets are held within the company’s business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

A debt instrument measured at fair value through other comprehensive income is recognised initially at fair value plus transaction costs directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognised through other comprehensive income are directly transferred to profit or loss when the debt instrument is derecognised.

WEBLEY & SCOTT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 5 -
Impairment of financial assets

Financial assets carried at amortised cost and FVOCI are assessed for indicators of impairment at each reporting end date.

The expected credit losses associated with these assets are estimated on a forward-looking basis. A broad range of information is considered when assessing credit risk and measuring expected credit losses, including past events, current conditions, and reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

1.8
Financial liabilities

The company recogni s es financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

Other financial liabilities

Other financial liabilities, including borrowings, t rade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

WEBLEY & SCOTT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 6 -
Deferred tax

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of inventories or non-current assets.

1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
0
0
3
Trade and other receivables
2025
2024
£
£
Trade receivables
335,868
737,466
Amounts owed by associate undertakings
174,265
160,909
Other receivables
6,090
100
516,223
898,475
WEBLEY & SCOTT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 7 -
4
Trade receivables - credit risk
Fair value of trade receivables

The director considers that the carrying amount of trade and other receivables differs from fair value as follows:

Carrying value
Fair value
2025
2024
2025
2024
£
£
£
£
Trade receivables net of allowances
335,868
737,466
335,867
743,371
Other debtors
6,090
100
100
100
341,958
737,566
335,967
743,471

No significant receivable balances are impaired at the reporting end date.

5
Fair value of financial liabilities

Except as detailed below, the director considers that the carrying amounts of financial liabilities carried at amortised cost in the financial statements approximate to their fair values.

6
Market risk
Market risk management
Foreign exchange risk

The carrying amounts of the company's foreign currency denominated monetary assets and liabilities at the reporting date are as follows:

Assets
2025
2024
£
£
US $
335,867
743,371

Changes in foreign exchange rates will have an impact on profit.

The company's foreign exchange risk is dependent on the movement in the US dollar to sterling exchange rate. The effect of a 5% strengthening in the dollar against sterling at the reporting date on the dollar denominated balances at the date end , all other variables being held constant, have resulted in an additional unrealised exchange gain in the year of £16,793.

A 5% weakening in the exchange rate would, on the same basis, would have increased unrealised exchange losses by £16,793.

WEBLEY & SCOTT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
6
Market risk
(Continued)
- 8 -
Credit risks

At the reporting date there is a risk that the credit extended to a foreign associate will not be recovered in full.

7
Trade and other payables
2025
2024
£
£
Amounts owed to fellow group undertakings
617,523
422,346
Accruals
3,000
-
0
620,523
422,346
8
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Authorised
Ordinary of £1 each
100
100
100
100
Issued and fully paid
Ordinary of £1 each
100
100
100
100

The company has one class of ordinary shares which carry no right to fixed income.

9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report is qualified and includes the following:

WEBLEY & SCOTT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
9
Audit report information
(Continued)
- 9 -

Qualified opinion on financial statements

In our opinion, except for the effects of the matter described in the basis for Qualified Opinion paragraph, the financial statements:

- give a true and fair view of the state of the company's affairs as at 30 June 2025 and of its for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for qualified opinion

We were unable to obtain audited financial information regarding the completeness of income due from a foreign associated company, and have not received sufficient evidence to support the payment of foreign withholding tax deducted by a foreign associated company.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Matters on which we are required to report by exception

In respect solely of the limitation on our work relating to turnover and withheld tax, described above:

- we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and

- we were unable to determine whether adequate accounting records had been maintained.

Senior Statutory Auditor:
Mr Adrian Neal BA (Hons) FCA
Statutory Auditor:
TAG Berry Audit Limited
Date of audit report:
12 February 2026
10
Capital risk management

The company is not subject to any externally imposed capital requirements.

11
Controlling party

The parent company of Highland Outdoors Limited is Fuller International Holdings Pty Ltd and its registered office is 25 Peel Street, Adelaide, SA5000.

Ultimate control is held by Fuller International Trust. The trust is a discretionary trust, registered in Australia.

The accounts for the parent company can be found by using the following link:

Search Company and Other Registers (asic.gov.au)

12
Auditor's liability limitation agreement

The total aggregate liability to the company, of whatever nature, whether in contract, tort or otherwise, of the Auditor for any losses whatsoever and howsoever caused arising from or in any way connected with this engagement shall not exceed £100,000. The date of the resolution was 21 November 2025.

WEBLEY & SCOTT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 10 -
13
Prior period adjustment
Changes to the statement of financial position
At 30 June 2024
Previously reported
Adjustment
As restated
£
£
£
Current assets
Debtors due within one year
100
898,375
898,475
Bank and cash
-
33,324
33,324
Creditors due within one year
Taxation
-
(122,909)
(122,909)
Other payables
-
(422,346)
(422,346)
Net assets
100
386,444
386,544
Capital and reserves
Retained earnings
-
386,444
386,444
Total equity
100
386,444
386,544
Changes to the income statement
Period ended 30 June 2024
Previously reported
Adjustment
As restated
£
£
£
Revenue
-
776,836
776,836
Administrative expenses
-
(297,486)
(297,486)
Interest receivable and similar income
-
35,909
35,909
Taxation
-
(128,815)
(128,815)
Profit for the financial period
-
386,444
386,444
Reconciliation of changes in equity
1 May
30 June
2023
2024
Notes
£
£
Equity as previously reported
100
100
Adjustments to prior year
Reserves
-
386,444
Equity as adjusted
100
386,544
Analysis of the effect upon equity
Retained earnings
-
386,444
WEBLEY & SCOTT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
13
Prior period adjustment
(Continued)
- 11 -
Reconciliation of changes in profit for the previous financial period
2024
Notes
£
Profit as previously reported
-
Adjustments to prior year
Turnover
776,836
Expenses
(297,486)
Investment revenues
35,909
Income tax
(128,815)
Profit as adjusted
386,444
Notes to reconciliation

During the year, the Company identified revenue and expenses relating to transactions with a foreign associated company that were not recorded in the previous accounting period.

Opening retained earnings have been amended by £392,349.

The company continues to experience difficulties in receiving sufficient information from the foreign company.

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