We're talking here about an old, old kit from the "fit the box" period. In those days manufacturers were more interested in packaging their kits in standardized boxes than in making them to recognized standard scales.
My best guess is that the current distributors don't really know or particularly care what scale the thing is. I wouldn't be inclined to trust either of those numbers. I suspect the only way to determine the actual scale of the model would be to get hold of one, get hold of the plans of the original ship, measure both, and do the arithmetic. That method will work IF the proportions of the kit are right. If not, measuring the length, height, or breadth will give different results.
Unfortunately ship model kit manufacturers tend to take extremely cavalier attitudes regarding scale. A few days ago I posted some comments about Continental European sailing ship kits. On that occasion I went to the Model Expo website and looked up three Cutty Sark kits. In each case the website listed the scale and the overall length of the model. Doing the arithmetic established the length of the real Cutty Sark as either240', 287'6", or 297'6" - depending on which kit one picks. I suppose one could get into an arcane discussion of how the measurements were taken (do they include the jibboom? do they include the spanker boom?), but the bottom line is that the manufacturer doesn't really care. In fact I frequently wonder whether some of those manufacturers really understand the concept of scale. Caveat emptor.
Incidentally, there's at least one other kit on the market that's on 1/110 scale (and I can testify that this one really is): the Revell H.M.S. Bounty. The Revell harbor tug Long Beach (a delightful little kit recently reissued by Revell Germany) and the Revell Santa Maria are mighty close; the crew figures that come with them are the same size as those in the Bounty kit.
Youth, talent, hard work, and enthusiasm are no match for old age and treachery.