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REGISTERED NUMBER: 03849924 (England and Wales)







STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

FOR

HATHAWAY INVESTMENT MANAGEMENT LIMITED

HATHAWAY INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 03849924)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 15


HATHAWAY INVESTMENT MANAGEMENT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTORS: S R G Englefield
G A J Englefield
J Pearce





REGISTERED OFFICE: Grosvenor House
14 Bennetts Hill
Birmingham
West Midlands
B2 5RS





REGISTERED NUMBER: 03849924 (England and Wales)





AUDITORS: Prime
Chartered Accountants
Statutory Auditor
161 Newhall Street
Birmingham
B3 1SW

HATHAWAY INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 03849924)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024


The directors present their strategic report for the year ended 30 April 2024.

REVIEW OF BUSINESS
In the year, the capital markets in which we hold securities continued to be affected by national and international events, the general stock market returning 7.5%, but gilts minus 4.0% - both figures with dividends included - while the economy emerged from a short period of high inflation as price rises softened, although tight monetary conditions prevailed.

Meanwhile, clients' investment portfolios generally put in a lacklustre performance once again, continuing to be held back by certain stocks exposed to the international crisis etc, but this was only partly reflected in our unit trust's report card: the IFSL Hathaway Fund posted an overall return of 4.5% in the twelve months, ahead of rising prices.

The equity and bond vehicle remained close to its sector's summit over the long haul: by 30th April 2024, its total return since launch in 2002 stood at 344.5%, well ahead of inflation (80%) and its comparator target - a proxy for a balanced mixture of both general equities (371%) and government bonds (86%); its long-term nature, and the corresponding stamina of our company's wider proposition to investors, is underlined by those numbers.

Buttressed by that long-term performance, we enjoyed a stable client list in the year.

PRINCIPAL RISKS AND UNCERTAINTIES
Although investment performance remains robust over the long term, clearly the principal risk facing the company in the short term is its vulnerability to the ever present stock market uncertainty, although the outlook for quoted equities remains positive. However, governments and their debts and taxation play an unwelcome role and inflation (only ever in remission) is likely to remain a continuing challenge.

KEY PERFORMANCE INDICATORS
The key performance indicators are turnover and profit before taxation.

MARKET AND REGULATORY ENVIRONMENT
Details of the company's Pillar 3 disclosures, required under Chapter 11 of the Financial Conduct Authority's Prudential Sourcebook of Banks, Building Societies and Investment Firms ("BIPRU"), may be obtained from the company's registered office.

FUTURE PROSPECTS
The company is now a well-established independent investment manager with emphasis placed on quality and accuracy and it has a growing profile. The company maintains a high level of personal attention to its clients. The company continues to pursue new business opportunities and remains fortunate in its committed teams at all levels. The IFSL Hathaway Fund continues to develop deserved custom and interest.

ON BEHALF OF THE BOARD:





S R G Englefield - Director


13 August 2024

HATHAWAY INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 03849924)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 APRIL 2024


The directors present their report with the financial statements of the company for the year ended 30 April 2024.

PRINCIPAL ACTIVITY
The company acts as investment manager for a wide range of clients, including individuals, trusts, companies, charities, pension funds and the IFSL Hathaway Fund, an authorised unit trust.

DIVIDENDS
Two interim dividends that totalled £40 (2023: £120) per share were paid to ordinary shareholders during the year. The directors do not recommend the payment of a final dividend.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 May 2023 to the date of this report.

S R G Englefield
G A J Englefield
J Pearce

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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;
-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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

HATHAWAY INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 03849924)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 APRIL 2024


AUDITORS
Prime, were appointed auditors by the company and will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





S R G Englefield - Director


13 August 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HATHAWAY INVESTMENT MANAGEMENT LIMITED


Opinion
We have audited the financial statements of Hathaway Investment Management Limited (the 'company') for the year ended 30 April 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 30 April 2024 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 Auditors' 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 in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 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 the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HATHAWAY INVESTMENT MANAGEMENT LIMITED


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 identified material misstatements in the Strategic Report or the Report of the Directors.

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 three, 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HATHAWAY INVESTMENT MANAGEMENT LIMITED


Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the industry sector;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC and other relevant parties.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HATHAWAY INVESTMENT MANAGEMENT LIMITED


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 a Report of the Auditors 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.




Kevin Johns FCA (Senior Statutory Auditor)
for and on behalf of Prime
Chartered Accountants
Statutory Auditor
161 Newhall Street
Birmingham
B3 1SW

15 August 2024

HATHAWAY INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 03849924)

INCOME STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024

2024 2023
Notes £    £   

TURNOVER 3 816,180 783,539

Administrative expenses 732,399 721,160
OPERATING PROFIT 5 83,781 62,379


Interest payable and similar expenses 6 150 -
PROFIT BEFORE TAXATION 83,631 62,379

Tax on profit 7 18,235 13,385
PROFIT FOR THE FINANCIAL YEAR 65,396 48,994

HATHAWAY INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 03849924)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 65,396 48,994


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

65,396

48,994

HATHAWAY INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 03849924)

BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 12,020 11,187
Investments 10 150 150
12,170 11,337

CURRENT ASSETS
Debtors 11 167,018 138,618
Cash at bank and in hand 228,214 216,542
395,232 355,160
CREDITORS
Amounts falling due within one year 12 59,727 48,218
NET CURRENT ASSETS 335,505 306,942
TOTAL ASSETS LESS CURRENT
LIABILITIES

347,675

318,279

CAPITAL AND RESERVES
Called up share capital 14 900 900
Share premium 15 299,700 299,700
Retained earnings 15 47,075 17,679
SHAREHOLDERS' FUNDS 347,675 318,279

The financial statements were approved by the Board of Directors and authorised for issue on 13 August 2024 and were signed on its behalf by:





S R G Englefield - Director


HATHAWAY INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 03849924)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 May 2022 900 76,685 299,700 377,285

Changes in equity
Dividends - (108,000 ) - (108,000 )
Total comprehensive income - 48,994 - 48,994
Balance at 30 April 2023 900 17,679 299,700 318,279

Changes in equity
Dividends - (36,000 ) - (36,000 )
Total comprehensive income - 65,396 - 65,396
Balance at 30 April 2024 900 47,075 299,700 347,675

HATHAWAY INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 03849924)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 69,489 97,632
Interest paid (150 ) -
Tax paid (13,385 ) (42,302 )
Net cash from operating activities 55,954 55,330

Cash flows from investing activities
Purchase of tangible fixed assets (8,282 ) -
Net cash from investing activities (8,282 ) -

Cash flows from financing activities
Equity dividends paid (36,000 ) (108,000 )
Net cash from financing activities (36,000 ) (108,000 )

Increase/(decrease) in cash and cash equivalents 11,672 (52,670 )
Cash and cash equivalents at
beginning of year

2

216,542

269,212

Cash and cash equivalents at end of
year

2

228,214

216,542

HATHAWAY INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 03849924)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024


1. RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM
OPERATIONS
2024 2023
£    £   
Profit for the financial year 65,396 48,994
Depreciation charges 7,449 7,162
Finance costs 150 -
Taxation 18,235 13,385
91,230 69,541
(Increase)/decrease in trade and other debtors (28,400 ) 29,186
Increase/(decrease) in trade and other creditors 6,659 (1,095 )
Cash generated from operations 69,489 97,632

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 April 2024
30.4.24 1.5.23
£    £   
Cash and cash equivalents 228,214 216,542
Year ended 30 April 2023
30.4.23 1.5.22
£    £   
Cash and cash equivalents 216,542 269,212


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.5.23 Cash flow At 30.4.24
£    £    £   
Net cash
Cash at bank and in hand 216,542 11,672 228,214
216,542 11,672 228,214
Total 216,542 11,672 228,214

HATHAWAY INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 03849924)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024


1. STATUTORY INFORMATION

Hathaway Investment Management Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The company is exempt under Section 402 of the Companies Act 2006 from the requirement to prepare consolidated financial statements as the directors consider that all of the company's subsidiaries may be excluded from consolidation for the reasons set out in note 10. These financial statements therefore present information about the company as an individual undertaking and not about its group.

Turnover
Turnover represents fees, dealing charges and net interest income, excluding value added tax. Revenue from management fees is recognised at the point of invoicing. Dealing charges and net interest income is recognised on an accruals basis.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Office Equipment - 20% on cost
Fixtures and fittings - 20% on cost
Computer equipment and software - 20% on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement.

Current tax
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


HATHAWAY INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 03849924)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit and loss in the period to which they relate. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the balance sheet.

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

Turnover arises solely within the United Kingdom.

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 422,520 411,173
Social security costs 43,241 46,226
Other pension costs 30,970 30,062
496,731 487,461

The average number of employees during the year was as follows:
2024 2023

Administrative 7 7

2024 2023
£    £   
Directors' remuneration 275,000 268,750
Directors' pension contributions to money purchase schemes 22,000 21,500

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 3

HATHAWAY INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 03849924)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


4. EMPLOYEES AND DIRECTORS - continued

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 99,000 96,750
Pension contributions to money purchase schemes 7,920 7,740

5. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Depreciation - owned assets 7,449 7,162
Auditors' remuneration 11,170 8,750
Operating leases - Land & buildings 30,516 30,516

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Corporation tax interest 150 -

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 18,235 13,385
Tax on profit 18,235 13,385

UK corporation tax was charged at 19.17%) in 2023.

HATHAWAY INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 03849924)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 83,631 62,379
Profit multiplied by the standard rate of corporation tax in the UK of
22.004% (2023 - 19.170%)

18,402

11,958

Effects of:
Expenses not deductible for tax purposes 64 72
Capital allowances in excess of depreciation (231 ) -
Depreciation in excess of capital allowances - 1,355

Total tax charge 18,235 13,385

8. DIVIDENDS
2024 2023
£    £   
Interim 36,000 108,000

9. TANGIBLE FIXED ASSETS
Computer
Fixtures equipment
Office and and
Equipment fittings software Totals
£    £    £    £   
COST
At 1 May 2023 68,738 27,443 67,017 163,198
Additions 8,282 - - 8,282
At 30 April 2024 77,020 27,443 67,017 171,480
DEPRECIATION
At 1 May 2023 67,074 24,520 60,417 152,011
Charge for year 1,647 2,202 3,600 7,449
At 30 April 2024 68,721 26,722 64,017 159,460
NET BOOK VALUE
At 30 April 2024 8,299 721 3,000 12,020
At 30 April 2023 1,664 2,923 6,600 11,187

HATHAWAY INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 03849924)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


10. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 May 2023
and 30 April 2024 150
NET BOOK VALUE
At 30 April 2024 150
At 30 April 2023 150

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Tempest Nominees Limited
Registered office: Grosvenor House, 14 Bennetts Hill, Birmingham, West Midlands, B2 5RS
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 143,677 106,507
Prepayments and accrued income 23,341 32,111
167,018 138,618

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 4,548 1,228
Tax 18,235 13,385
Social security and other taxes 10,644 11,902
VAT 16,840 13,953
Accrued expenses 9,460 7,750
59,727 48,218

13. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 30,516 30,516
Between one and five years 22,887 53,403
53,403 83,919

HATHAWAY INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 03849924)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


13. LEASING AGREEMENTS - continued

All operating lease commitments disclosed above were in respect of land and buildings.

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
900 Ordinary shares £1 900 900

The company has one class of ordinary shares which carry full rights to voting, dividends and return of capital on wind up of the company. The ordinary shares do not carry any right to fixed income.

15. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 May 2023 17,679 299,700 317,379
Profit for the year 65,396 - 65,396
Dividends (36,000 ) - (36,000 )
At 30 April 2024 47,075 299,700 346,775

The company's reserves are as follows:

The retained earnings reserve, which represents cumulative profits or losses net of dividends paid.

The share premium reserve, which represents the cumulative premium arising on the issue of new shares in the company.

16. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

During the year the company earned fees and commissions of £4,947 (2023: £3,727) and £489 (2023: Nil) in respect of investment management services provided to G A J Englefield and S R G Englefield respectively. The balance due to Hathaway Investment Management Limited as at 30 April 2024 was £3,097 (2023: £2,591) for G A J Englefield and £313 (2023: Nil) for S R G Englefield.

Key management personnel includes all directors of the company. The total compensation paid to key management personnel for services provided to the company was £275,000 (2023: £268,750).

17. ULTIMATE CONTROLLING PARTY

No individual has overall control of the entity.