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Registration number: 03336878

F Hayter Limited Annual Report and Financial Statements for the Year Ended 31 March 2026
Brebners Chartered Accountants & Statutory Auditor 1 Suffolk Way Sevenoaks Kent TN13 1YL

F Hayter Limited

Contents

Company Information | 1
Directors' Report | 2
Statement of Directors' Responsibilities | 3
Independent Auditor's Report | 4 to 7
Statement of Income and Retained Earnings | 8
Statement of Financial Position | 9
Statement of Changes in Equity | 10
Notes to the Financial Statements | 11 to 16

F Hayter Limited

Company Information

Directors | D.C. Buttery T.H.W. Dodwell P. C. Yerbury C.H. Dodwell

Company secretary | C.H. Dodwell

Registered office | Yew Tree Cottage Witherenden Hill Burwash Etchingham TN19 7JN

Auditor | Brebners Chartered Accountants & Statutory Auditor 1 Suffolk Way Sevenoaks TN13 1YL

F Hayter Limited

Directors' Report for the Year Ended 31 March 2026

The directors present their report and the financial statements for the year ended 31 March 2026.

Directors of the company

The directors who held office during the year were as follows:

D.C. Buttery

T.H.W. Dodwell

P. C. Yerbury

C.H. Dodwell

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the director on 5 July 2026 and signed by:

.........................................
D.C. Buttery
Director

F Hayter Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities 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 apply them consistently;

• | make judgements and accounting estimates that are reasonable and prudent;

• | state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; 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.

F Hayter Limited

Independent Auditor's Report to the Members of F Hayter Limited
for the Year Ended 31 March 2026

Opinion

We have audited the financial statements of F Hayter Limited (the 'company') for the year ended 31 March 2026, which comprise the Statement of Income and Retained Earnings, Statement of Financial Position, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of 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 March 2026 and of its profit 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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

F Hayter Limited

Independent Auditor's Report to the Members of F Hayter Limited
for the Year Ended 31 March 2026

Opinions on other matters prescribed by the Companies Act 2006

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

• | the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• | the Directors' Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.

We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities (set out on page 3), 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.

F Hayter Limited

Independent Auditor's Report to the Members of F Hayter Limited
for the Year Ended 31 March 2026

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Based on our understanding of the company and the Investment industry in which it operates, we determined that the principal risks of non-compliance with laws and regulations related to the reporting framework (FRS 102 and the Companies Act 2006), UK corporate taxation laws, anti-bribery legislation and data protection legislation. These risks were communicated to our audit team and we remained alert to any indications of non-compliance throughout our audit.
We understood how the company is complying with relevant legislation by making enquiries of management who are responsible for legal and compliance procedures and conducting a review of board minutes. We also considered the results of our audit procedures and to what extent these corroborate this understanding and assessed the susceptibility of the company’s financial statements to material misstatement. This included consideration of how fraud might occur and evaluation of management’s incentives and opportunities for fraudulent manipulation of the financial statements.
We designed our audit procedures to identify any non-compliance with laws and regulations. Such procedures included, but were not limited to, inspection of any regulatory or legal correspondence; challenging assumptions and judgements made by management; identifying and testing journal entries with a focus on large or unusual transactions as determined based on our understanding of the business; and identifying and assessing the effectiveness of controls in place to prevent and detect fraud.
Owing to the inherent limitations of an audit, there remains a risk that a material misstatement may not have been detected, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance with laws and regulations and cannot be expected to detect all instances of non-compliance.

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

The primary responsibility for the detection and prevention of fraud rests with those responsible for governance and management. The further removed non-compliance with laws and regulations is from the events reflected in the financial statements, the less likely the auditor will become aware of it.
The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, collusion, omission, misrepresentation or forgery.

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.

F Hayter Limited

Independent Auditor's Report to the Members of F Hayter Limited
for the Year Ended 31 March 2026

......................................
Martin Widdowson (Senior Statutory Auditor)
For and on behalf of
Brebners, Statutory Auditor
1 Suffolk Way
Sevenoaks
TN13 1YL

5 July 2026

F Hayter Limited

Statement of Income and Retained Earnings for the Year Ended 31 March 2026

| Note | 2026 £ | 2025 £
Turnover | 3 | 236,898 | 228,754
Administrative expenses |  | (33,403) | (29,249)
Profit/(Loss) on disposal of fixed asset investments |  | 3,276 | 3,639
Operating profit |  | 206,771 | 203,144
Other interest receivable and similar income | 4 | 18 | 40
Net changes in fair value of investments | 5 | 801,507 | (761,473)
|  | 801,525 | (761,433)
Profit/(loss) before tax |  | 1,008,296 | (558,289)
Taxation | 9 | (206,000) | 191,000
Profit/(loss) for the financial year |  | 802,296 | (367,289)
Retained earnings brought forward |  | 3,494,101 | 4,069,398
Dividends paid |  | (214,000) | (208,008)
Retained earnings carried forward |  | 4,082,397 | 3,494,101

F Hayter Limited

Statement of Financial Position as at 31 March 2026

| Note | 2026 £ | 2025 £
Fixed assets |  |  |
Other financial assets | 10 | 5,045,015 | 4,253,390
Current assets |  |  |
Debtors | 11 | 901 | 871
Cash at bank and in hand |  | 6,420 | 3,609
|  | 7,321 | 4,480
Creditors: Amounts falling due within one year | 13 | (5,950) | (5,780)
Net current assets/(liabilities) |  | 1,371 | (1,300)
Total assets less current liabilities |  | 5,046,386 | 4,252,090
Provisions for liabilities | 14 | (942,000) | (736,000)
Net assets |  | 4,104,386 | 3,516,090
Capital and reserves |  |  |
Called up share capital | 15 | 21,400 | 21,400
Capital redemption reserve | 17 | 589 | 589
Retained earnings | 17 | 4,082,397 | 3,494,101
Shareholders' funds |  | 4,104,386 | 3,516,090

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Approved and authorised by the Board on 5 July 2026 and signed on its behalf by:

......................................................................

D.C. Buttery

Director

Company registration number: 03336878

F Hayter Limited

Statement of Changes in Equity for the Year Ended 31 March 2026

| Share capital £ | Capital redemption reserve £ | Retained earnings £ | Total £
At 1 April 2025 | 21,400 | 589 | 3,494,101 | 3,516,090
Profit for the year | - | - | 802,296 | 802,296
Dividends | - | - | (214,000) | (214,000)
At 31 March 2026 | 21,400 | 589 | 4,082,397 | 4,104,386

| Share capital £ | Capital redemption reserve £ | Retained earnings £ | Total £
At 1 April 2024 | 21,400 | 589 | 4,069,398 | 4,091,387
Loss for the year | - | - | (367,289) | (367,289)
Dividends | - | - | (208,008) | (208,008)
At 31 March 2025 | 21,400 | 589 | 3,494,101 | 3,516,090

F Hayter Limited

Notes to the Financial Statements for the Year Ended 31 March 2026

1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Yew Tree Cottage
Witherenden Hill
Burwash
Etchingham
TN19 7JN

The principal activity of the company is that of investment management.

2 | Accounting policies

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Going concern

The company had net assets at 31 March 2026 of £4,104,386 with few fixed overheads and continues to receive dividends from its investments.
After making enquires, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors actively manage the company's investment portfolio with the advice of the company's investment managers. On the basis of the above the financial statements have been prepared on the going concern basis.

Revenue recognition

Turnover comprises dividends received or receivable during the year and interest receivable on listed and unlisted investments in the ordinary course of business.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

F Hayter Limited

Notes to the Financial Statements for the Year Ended 31 March 2026

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3 | Turnover

The analysis of the company's revenue for the year from continuing operations is as follows:

| 2026 £ | 2025 £
Franked investment income | 228,145 | 221,123
Unfranked investment income | 8,753 | 7,631
| 236,898 | 228,754

4 | Other interest receivable and similar income

| 2026 £ | 2025 £
Other finance income | 18 | 40

F Hayter Limited

Notes to the Financial Statements for the Year Ended 31 March 2026

5 | Interest payable and similar expenses

| 2026 £ | 2025 £
Net changes in fair value of investments | (801,507) | 761,473

6 | Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

| 2026 £ | 2025 £
Wages and salaries | 12,000 | 12,000
Social security costs | 75 | -
| 12,075 | 12,000

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

| 2026 No. | 2025 No.
Administration and support | 4 | 4
| 4 | 4

7 | Directors' remuneration

The directors' remuneration for the year was as follows:

| 2026 £ | 2025 £
Remuneration | 12,000 | 12,000

8 | Auditor's remuneration

| 2026 £ | 2025 £
Audit of the financial statements | 4,200 | 4,100

F Hayter Limited

Notes to the Financial Statements for the Year Ended 31 March 2026

9 | Taxation

Tax charged/(credited) in the income statement

| 2026 £ | 2025 £
Deferred taxation |  |
Arising from origination and reversal of timing differences | 206,000 | (191,000)

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2025 - lower than the standard rate of corporation tax in the UK) of 25% (2025 - 25%).
The differences are reconciled below:

| 2026 £ | 2025 £
Profit/(loss) before tax | 1,008,296 | (558,289)
Corporation tax at standard rate | 252,074 | (139,572)
Effect of net revenues exempt from taxation | (51,698) | (50,796)
Other timing differences | 5,624 | (632)
| 46,074 | 51,428
Total tax (charge)/credit | (206,000) | 191,000

10 | Investments

| OEIC | Unquoted | Quoted | Total 2026
Fair value | £ | £ | £ | £
At 1 April 2025 | - | 3,356,480 | 896,909 | 4,253,389
Additions |  | - | 246,242 | 246,242
Transfer | 1,096,150 | (1,096,150) | - | -
Disposals | - | - | (256,123) | (256,123)
Fair value adjustments | - | 747,988 | 53,519 | 801,507
At 31 March 2026 | 1,096,150 | 3,008,320 | 940,545 | 5,045,015
Carrying amount |  |  |  |
At 31 March 2026 | 1,096,150 | 3,008,320 | 940,545 | 5,045,015
At 31 March 2025 | - | 3,356,480 | 896,909 | 4,253,389

The company holds unquoted shares in DC Thomson & company Limited. During the year DC Thomson created an Open Ended Investment company (OEIC). The OEIC represents a portion of the property and investment assets of the company which have now been separated out into a standalone entity without affecting the holding in DC Thomson. F Hayter Limited received 1 share in the OEIC for every share held in DC Thomson.

F Hayter Limited

Notes to the Financial Statements for the Year Ended 31 March 2026

11 | Debtors

| 2026 £ | 2025 £
Corporation tax asset | 901 | 871
Total current trade and other debtors | 901 | 871

12 | Cash and cash equivalents

| 2026 £ | 2025 £
Cash at bank | 6,420 | 3,609

13 | Creditors

| 2026 £ | 2025 £
Amounts falling due within one year |  |
Accruals | 5,950 | 5,780

14 | Provisions for liabilities

| Deferred tax £ | Total £
At 1 April 2025 | 736,000 | 736,000
Increase (decrease) in existing provisions | 206,000 | 206,000
At 31 March 2026 | 942,000 | 942,000

15 | Share capital

Allotted, called up and fully paid shares

| 2026 | 2025
| No. | £ | No. | £
Ordinary share of £0.25 each | 85,600 | 21,400 | 85,600 | 21,400

F Hayter Limited

Notes to the Financial Statements for the Year Ended 31 March 2026

16 | Dividends

Interim dividends paid

|  | 2026 £ |  | 2025 £
Interim dividend of £0.58 (2025 - £0.56) per Ordinary share |  | 49,648 |  | 47,936
Interim dividend of £1.92 (2025 - £1.87) per Ordinary share |  | 164,352 |  | 160,072
|  | 214,000 |  | 208,008

17 | Reserves

The amount of the profit and loss reserve that is non-distributable is £1,964,300 (2025: £1,368,792)