Company registration number SC333949 (Scotland)
WITHERBY PUBLISHING GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
WITHERBY PUBLISHING GROUP LIMITED
COMPANY INFORMATION
Directors
K Heathcote
I G Macneil
G Macrosson
D L Tait
Secretary
MFMAC Secretaries Limited
Company number
SC333949
Registered office
27 Stafford Street
Edinburgh
United Kingdom
EH3 7BJ
Auditor
Azets Audit Services
Quay 2
139 Fountainbridge
Edinburgh
EH3 9QG
WITHERBY PUBLISHING GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 27
WITHERBY PUBLISHING GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2025
- 1 -

The directors present the strategic report for the year ended 31 May 2025.

The principal activity of the group is that of publishing of operational guidance and technical standards for the shipping industry. In circumstances where guidance is not already published on behalf of a client industry trade association, this work is often developed in-house using subject matter experts or in conjunction with the most appropriate industry or national / international body or organisation. New relationships were established with a further 3 trade organisations across the last year.

Review of the business

The business grew its sales revenue by 37% over the last year, increasing turnover from £14.6M to £20.3M.

The number of ships using the ‘Witherby Connect’ eBook platform is >40,000, which is regarded as representing the internationally trading SOLAS fleet.

Witherbys continues to nurture its key client base of industry bodies.

Substantial reorganisation of Senior Management took place across June 2025 and continued into October 2025, with a 10% increase in staff numbers this year and key new positions created, including: Director of Technical Publishing, Director of Digital Projects and Head of Navigation, to build on the company's growth.

The company continues to actively look both for acquisition options and organic growth, optimizing the resources at its main office base in Livingston, Scotland while also looking to ramp-up development utilising their India partner office in Gurgaon, Delhi.

In support of these activities, a joint venture opportunity was assessed with a provider of CBT in Sep 2025. However, we felt there were insufficient benefits to such a move and so we have decided to pursue the project utilising existing and new internally owned resources.

During the year the company identified a historical employment tax matter which resulted in the recognition of additional liabilities and the restatement of comparative information. The Directors had previously sought professional advice in relation to these arrangements and believed the historical tax treatment applied was appropriate at the time. The adjustment increased liabilities at 31 May 2024 by £881,505, reduced opening reserves by £313,756 and increased the loss reported for the year ended 31 May 2024 by £567,749. Further details are provided in notes 22 and 24.

Following the restatement, the company has reported losses in both the current and prior year. The Directors recognise the significance of this matter and its impact on reported profitability and reserves. However, they consider that the issue relates primarily to historical compliance matters rather than the underlying trading performance of the business. The Directors' assessment of future prospects remains supported by continued revenue growth, strong cash balances and forecast trading performance. Nevertheless, the matter has been carefully considered as part of the Directors' assessment of the company's financial position and future strategy.

The company made a loss after tax for the year of £594,846 (202 4: loss after tax: £607,069). With shareholders’ funds of £5,623,883 (202 4: £6,418,729), the company remains in a strong position for the future.

Principal risks and uncertainties

Global Political Situation - while this has a business impact on the completion of new products on Passage Planning for the Red Sea and Suez Canal area, it is offset by creating further need for our growing suite of security related products.

WITHERBY PUBLISHING GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 2 -
Future developments

As Seamanship International, the company gained substantial experience and early success in Computer Based Training (CBT) and Competency Management Systems, which we stepped back from due to the acquisition of Witherbys in 2008 and the necessary focus on technical publishing. During the second half of 2025 we have made a return to the CBT sector with the finalization of an ambitious development plan for 2026-27 that focuses on competency and shipboard training and the increasing development support that is required using CBT for our industry body clients. Our head office has a 500 sq.m, 5,000 sq.ft office space available and so we are ready for the expansion of CBT development and digital projects.

Mid-2026 will see the entry into service of an 80 metre, 3,000 tonne displacement ice strengthened research vessel to assist in our goal of continuous improvement and development of products that are widely regarded as the best in the sector. These products will have a particular focus on: compliance, environmental and ship/Port State inspections, while developing further on shipboard systems, particularly cyber security. This vessel can accommodate up to 23 crew, with 4 further suites being available for marine pilots.

Key performance indicators

Key performance indicators for the group are considered by the Directors to be profitability, capital position and charitable giving. Charitable giving in the forthcoming year is expected to remain at a similar level to the last three years at approximately £250,000, although it should be noted that the principals of the business, Capt. Iain Macneil MNM, DUNIV and Kat Heathcote Macneil MBE are substantially increasing their own personal charitable giving to key projects.

Post reporting date events

There have been no significant events affecting the Company since the year end.

On behalf of the board

K Heathcote
Director
14 August 2026
WITHERBY PUBLISHING GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2025
- 3 -

The directors present their annual report and financial statements for the year ended 31 May 2025.

Principal activities

The principal activity of the company continued to be that of publishing of operational guidance and technical standards for the shipping industry.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £200,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

K Heathcote
I G Macneil
G Macrosson
D L Tait
J Machtelinckx
(Resigned 20 August 2025)
Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of the fair review of the business, future developments, post reporting date events and an assessment of the business risks and uncertainties that have affected the company.

WITHERBY PUBLISHING GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 4 -
Statement of disclosure to auditor

Each of the persons who are directors at the time when this directors' report is approved has confirmed that:

- So far as the director is aware, there is no relevant audit information of which the company's auditors are unaware, and

- the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
K Heathcote
Director
14 August 2026
WITHERBY PUBLISHING GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WITHERBY PUBLISHING GROUP LIMITED
- 5 -
Opinion

We have audited the financial statements of Witherby Publishing Group Limited (the 'company') for the year ended 31 May 2025 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 May 2025 and of its loss 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 opinion

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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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 at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

WITHERBY PUBLISHING GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WITHERBY PUBLISHING GROUP LIMITED (CONTINUED)
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

WITHERBY PUBLISHING GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WITHERBY PUBLISHING GROUP LIMITED (CONTINUED)
- 7 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Reviewing minutes of meetings of those charged with governance;

- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

David Samborek (Senior Statutory Auditor)
For and on behalf of Azets Audit Services, Statutory Auditor
Chartered Accountants
Quay 2
139 Fountainbridge
Edinburgh
EH3 9QG
14 August 2026
WITHERBY PUBLISHING GROUP LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MAY 2025
- 8 -
2025
2024
as restated
Notes
£
£
Turnover
3
20,300,583
14,552,508
Cost of sales
(9,924,167)
(6,575,129)
Gross profit
10,376,416
7,977,379
Administrative expenses
(11,157,525)
(8,650,771)
Other operating income
13,590
21,991
Operating loss
4
(767,519)
(651,401)
Interest receivable and similar income
7
132,707
135,338
Interest payable and similar expenses
8
(84,811)
(48,049)
Loss before taxation
(719,623)
(564,112)
Tax on loss
9
124,777
(42,957)
Loss for the financial year
(594,846)
(607,069)
WITHERBY PUBLISHING GROUP LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2025
- 9 -
2025
2024
as restated
£
£
Loss for the year
(594,846)
(607,069)
Other comprehensive income
-
-
Total comprehensive income for the year
(594,846)
(607,069)
WITHERBY PUBLISHING GROUP LIMITED
BALANCE SHEET
AS AT
31 MAY 2025
31 May 2025
- 10 -
2025
2024
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
12
56,310
84,062
Tangible assets
13
995,002
2,392,310
Investments
14
17,450
17,450
1,068,762
2,493,822
Current assets
Stocks
16
574,371
570,296
Debtors
17
5,354,192
3,242,982
Cash at bank and in hand
3,863,907
3,197,050
9,792,470
7,010,328
Creditors: amounts falling due within one year
18
(5,229,560)
(2,889,743)
Net current assets
4,562,910
4,120,585
Total assets less current liabilities
5,631,672
6,614,407
Provisions for liabilities
Deferred tax liability
19
7,789
195,678
(7,789)
(195,678)
Net assets
5,623,883
6,418,729
Capital and reserves
Called up share capital
21
134,500
134,500
Share premium account
960,330
960,330
Profit and loss reserves
4,529,053
5,323,899
Total equity
5,623,883
6,418,729

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 14 August 2026 and are signed on its behalf by:
I G Macneil
Director
Company registration number SC333949 (Scotland)
WITHERBY PUBLISHING GROUP LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2025
- 11 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
As restated for the period ended 31 May 2024:
Balance at 1 June 2023
134,500
960,330
6,244,724
7,339,554
Correction of error
-
-
0
(313,756)
(313,756)
As restated
134,500
960,330
5,930,968
7,025,798
Year ended 31 May 2024:
Loss and total comprehensive income
-
-
(607,069)
(607,069)
Balance at 31 May 2024
134,500
960,330
5,323,899
6,418,729
Year ended 31 May 2025:
Loss and total comprehensive income
-
-
(594,846)
(594,846)
Dividends
10
-
-
(200,000)
(200,000)
Balance at 31 May 2025
134,500
960,330
4,529,053
5,623,883
WITHERBY PUBLISHING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
- 12 -
1
Accounting policies
Company information

Witherby Publishing Group Limited is a private company limited by shares incorporated in Scotland. The registered office is 27 Stafford Street, Edinburgh, United Kingdom, EH3 7BJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts 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.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Witherby Investments Limited. These consolidated financial statements are available from its registered office, 27 Stafford Street, Edinburgh, EH3 7BJ.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

Witherby Publishing Group Limited is a wholly owned subsidiary of Witherby Investments Limited and the results of Witherby Publishing Group Limited are included in the consolidated financial statements of Witherby Investments Limited which are available from the above registered address.

WITHERBY PUBLISHING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 13 -
1.2
Going concern

The directors have assessed the company's ability to continue as a going concern for a period of at least twelve months from the date of approval of these financial statements.true

In making this assessment, the directors have considered the historical employment tax matter identified during the year and the associated prior period adjustment disclosed in notes 22 and 24. They have also considered the losses reported in both the current and prior year (as restated), together with the company's forecast trading performance, expected cash flows and financial resources.

The directors note that the prior period adjustment principally relates to a historical compliance matter rather than the underlying trading performance of the business. The assessment has also taken account of the continued growth in revenues and the future development opportunities outlined in the Strategic Report. Having considered all available information, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and therefore continue to adopt the going concern basis of accounting in preparing these financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. Turnover represents income received from general trade publishing sales.

Revenue from the sale of goods is recognised when the significant rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Intangible fixed assets other than goodwill

Intangible assets are initially recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Publishing rights
50% on cost
Website
33% on cost
Trademark
12% on cost
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Freehold property
2% on cost
Property improvements
12.5% on cost
Plant and equipment
4% and 20% on cost
Equipment, Fixtures and fittings
33% on cost and 15% reducing balance
Library
33% on cost
WITHERBY PUBLISHING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 14 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Artwork held within equipment, fixtures and fittings is not depreciated as the residual value is equal or in excess of carrying value.

1.6
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and 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.

1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

WITHERBY PUBLISHING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 15 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.11
Equity instruments

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

1.12
Taxation

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

WITHERBY PUBLISHING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 16 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing 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 profit and loss account, 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.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

1.16
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.

WITHERBY PUBLISHING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 17 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The directors consider that there are no estimates or assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Trade publishing sales
20,300,583
14,552,508
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
3,621,250
2,457,062
Rest of Europe
9,489,629
6,025,213
Rest of the World
7,189,704
6,070,233
20,300,583
14,552,508
2025
2024
£
£
Other revenue
Interest income
132,707
135,338
Royalty income
12,924
16,459
Other operating income
666
5,532
4
Operating loss
2025
2024
Operating loss for the year is stated after charging:
£
£
Exchange losses
72
117
Fees payable to the company's auditor for the audit of the company's financial statements
25,200
24,000
Depreciation of owned tangible fixed assets
117,166
137,118
Loss on disposal of tangible fixed assets
195,300
-
Amortisation of intangible assets
27,752
35,141
Impairment of stocks recognised or reversed
122,712
92,391
Operating lease charges
84,605
82,871
WITHERBY PUBLISHING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 18 -
5
Employees

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

2025
2024
Number
Number
Staff
42
44
Directors
5
5
Total
47
49

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
6,940,044
5,331,142
Social security costs
996,440
763,163
Pension costs
72,880
63,583
8,009,364
6,157,888
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
5,223,691
3,936,110
Company pension contributions to defined contribution schemes
14,393
11,716
5,238,084
3,947,826

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 5 (2024 - 3).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
4,225,808
3,277,950
Company pension contributions to defined contribution schemes
1,632
-
WITHERBY PUBLISHING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 19 -
7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
131,101
129,394
Other interest income
1,606
5,944
Total income
132,707
135,338
8
Interest payable and similar expenses
2025
2024
£
£
Other interest
84,811
48,049
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
62,740
10,707
Adjustments in respect of prior periods
372
44,790
Total current tax
63,112
55,497
Deferred tax
Origination and reversal of timing differences
(187,889)
(13,188)
Previously unrecognised tax loss, tax credit or timing difference
-
0
648
Total deferred tax
(187,889)
(12,540)
Total tax (credit)/charge
(124,777)
42,957
WITHERBY PUBLISHING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
9
Taxation
(Continued)
- 20 -

The actual (credit)/charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Loss before taxation
(719,623)
(564,112)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
(179,906)
(141,028)
Tax effect of expenses that are not deductible in determining taxable profit
99,094
147,441
Adjustments in respect of prior years
(13,808)
44,790
Group relief
(34,585)
(9,059)
Deferred tax adjustments in respect of prior years
-
0
648
Tax at marginal rate
-
0
(573)
Fixed asset differences
4,428
738
Taxation (credit)/charge for the year
(124,777)
42,957
10
Dividends
2025
2024
£
£
Final paid
200,000
-
0
11
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2025
2024
Notes
£
£
In respect of:
Stocks
16
122,712
92,391
Recognised in:
Cost of sales
122,712
92,391
WITHERBY PUBLISHING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 21 -
12
Intangible fixed assets
Publishing rights
Website
Trademark
Total
£
£
£
£
Cost
At 1 June 2024 and 31 May 2025
9,351
35,520
200,000
244,871
Amortisation and impairment
At 1 June 2024
9,351
31,069
120,389
160,809
Amortisation charged for the year
-
0
4,451
23,301
27,752
At 31 May 2025
9,351
35,520
143,690
188,561
Carrying amount
At 31 May 2025
-
0
-
0
56,310
56,310
At 31 May 2024
-
0
4,451
79,611
84,062
13
Tangible fixed assets
Freehold property
Property improvements
Plant and equipment
Equipment, Fixtures and fittings
Library
Total
£
£
£
£
£
£
Cost
At 1 June 2024
810,876
60,809
1,766,252
807,979
11,407
3,457,323
Additions
-
0
-
0
-
0
49,366
-
0
49,366
Disposals
-
0
-
0
(1,556,739)
(93,735)
-
0
(1,650,474)
At 31 May 2025
810,876
60,809
209,513
763,610
11,407
1,856,215
Depreciation and impairment
At 1 June 2024
48,652
51,308
242,792
710,854
11,407
1,065,013
Depreciation charged in the year
16,218
7,601
59,486
33,861
-
0
117,166
Eliminated in respect of disposals
-
0
-
0
(227,603)
(93,363)
-
0
(320,966)
At 31 May 2025
64,870
58,909
74,675
651,352
11,407
861,213
Carrying amount
At 31 May 2025
746,006
1,900
134,838
112,258
-
0
995,002
At 31 May 2024
762,224
9,501
1,523,460
97,125
-
0
2,392,310
WITHERBY PUBLISHING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 22 -
14
Fixed asset investments
2025
2024
£
£
Unlisted investments
3,850
3,850
Other investments
13,600
13,600
17,450
17,450
15
Subsidiaries

Details of the company's subsidiaries at 31 May 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Witherbys Publishing Limited
Suite 1, 7th Floor 50 Broadway, London, SW1H 0BL
Ordinary
100.00
Seamanship International Limited
27 Stafford Street, Edinburgh, EH3 7BJ
Ordinary
100.00
Witherby Digital Limited
27 Stafford Street, Edinburgh, EH3 7BJ
Ordinary
100.00
16
Stocks
2025
2024
£
£
Finished goods and consumables
574,371
570,296
17
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
2,153,866
1,143,861
Corporation tax recoverable
-
0
14,218
Amounts owed by group undertakings
1,855,644
1,598,528
Other debtors
1,197,089
338,215
Prepayments and accrued income
147,593
148,160
5,354,192
3,242,982
WITHERBY PUBLISHING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 23 -
18
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
105,276
22,032
Amounts owed to group undertakings
838,467
845,211
Corporation tax
38,447
-
0
Other taxation and social security
1,759,343
937,858
Other creditors
30,316
29,792
Accruals and deferred income
2,457,711
1,054,850
5,229,560
2,889,743

The company's assets are secured by a floating charge in favour of Handelsbanken and an unlimited intercompany composite guarantee between Witherby Estate Management Limited, Witherby Investments Limited and Witherby Publishing Group Limited in relation to certain facilities which have been made available to the company. These were satisfied and released on 21 August 2025, subsequent to the year end.

19
Deferred taxation

The following are the deferred tax liabilities recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
-
212,033
Retirement benefit obligations
-
(3,815)
Other timing differences
7,789
(12,540)
7,789
195,678
2025
Movements in the year:
£
Liability at 1 June 2024
195,678
Credit to profit or loss
(187,889)
Liability at 31 May 2025
7,789

WITHERBY PUBLISHING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 24 -
20
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
72,880
63,583

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

21
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
134,500
134,500
134,500
134,500

The shares constitute a single class of shares and rank pari passu in respect of voting rights, dividends, distribution of capital and redemption.

22
Financial commitments, guarantees and contingent liabilities

During the year, the company identified a historical employment tax matter relating to prior periods.The directors had previously sought professional advice in relation to these arrangements and believed the historical tax treatment applied was appropriate at the time. Following a review of the matter, liabilities which could be reliably measured have been recognised in the financial statements. These include employment tax liabilities and associated interest charges arising from prior years. The impact of which is disclosed in note 24. Certain aspects of the matter remain subject to review and agreement with the relevant tax authority. As a result, there remains uncertainty regarding whether any additional liabilities may arise. As the outcome and any associated additional liability cannot currently be determined with sufficient reliably, no provision has been recognised in respect of those matters.

WITHERBY PUBLISHING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 25 -
23
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within 1 year
34,996
34,204
Years 2-5
17,052
48,880
52,048
83,084
24
Prior period adjustment
Changes to the balance sheet
As previously reported
Adjustment
As restated at 31 May 2024
£
£
£
Creditors due within one year
Taxation
(56,353)
(881,505)
(937,858)
Capital and reserves
Profit and loss reserves
6,205,404
(881,505)
5,323,899
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 31 May 2024
£
£
£
Administrative expenses
(8,131,071)
(519,700)
(8,650,771)
Interest payable and similar expenses
-
(48,049)
(48,049)
Loss for the financial period
(39,320)
(567,749)
(607,069)
WITHERBY PUBLISHING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
24
Prior period adjustment
(Continued)
- 26 -
Reconciliation of changes in equity
1 June
31 May
2023
2024
£
£
Adjustments to prior year
Understatement of employment taxes
(306,793)
(826,493)
Associated interest charges
(6,963)
(55,012)
Total adjustments
(313,756)
(881,505)
Equity as previously reported
7,339,554
7,300,234
Equity as adjusted
7,025,798
6,418,729
Analysis of the effect upon equity
Profit and loss reserves
(313,756)
(881,505)
Reconciliation of changes in loss for the previous financial period
2024
£
Adjustments to prior year
Understatement of employment taxes
(519,700)
Associated interest charges
(48,049)
Total adjustments
(567,749)
Loss as previously reported
(39,320)
Loss as adjusted
(607,069)
Notes to reconciliation

During the year, the company identified an error in the treatment of employment tax obligations arising in prior periods. This resulted in the understatement of staff costs, employment tax liabilities and associated interest charges in the financial statements. The error has been corrected retrospectively in accordance with Section 10 of FRS 102 and the comparative figures have been restated. The resulting adjustments to the comparative financial statements and opening reserves are disclosed above. Further information regarding the remaining uncertainty associated with this matter has been disclosed in note 22.

25
Directors' transactions

During the year the company made donations totalling £181,559 (202 4: £171,638) to the Witherby Publishing Group Trust. The Trust is controlled by I G Macneil, K Heathcote and J Machtelinckx who we re all directors of the company during the current year.

WITHERBY PUBLISHING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
25
Directors' transactions
(Continued)
- 27 -

Interest free loans have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Loan
-
222
232,563
(232,570)
215
222
232,563
(232,570)
215
26
Ultimate controlling party

The company is a wholly owned subsidiary of Witherby Investments Limited, a company registered in Scotland which is the parent of the group which prepares consolidated financial statements. The company's registered office is 27 Stafford Street, Edinburgh, EH3 7BJ.

The ultimate controlling party is I G Macneil who owns 56% of the issued share capital.

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