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Registered number:
FOR THE YEAR ENDED 31 JANUARY 2026
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D.R.WAKEFIELD & COMPANY LIMITED
CONTENTS
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D.R.WAKEFIELD & COMPANY LIMITED
COMPANY INFORMATION
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D.R.WAKEFIELD & COMPANY LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2026
The directors present their strategic report for D.R. Wakefield & Company Limited (the "Company") and its
subsidiaries (the "Group") for the year ended 31 January 2026. Principal activities The principal activity of the Group in the year under review was that of a coffee merchant.
The directors report a good year of trading considering the various challenges associated with import/export of a tropical agricultural product. Coffee commodity reference prices (C Market) continued to trade in a very high range (250 - 380 c/lb) bringing challenges to our suppliers and customers alike. The continued volatility within the price range meant that valuing commodity hedge instruments again skewed the reported results as hedges are marked to market well in advance of the associated physical contracts profit being reported. The results for the year, therefore, reflect the realisation of physical profits matching hedge losses recorded in previous periods. They should therefore be interpreted over that longer period of both years.
Our European business was not exempt from these reference price issues but continued to show underlying stability in volumes and margins.
The principal risks and uncertainties impacting the Group are set out below.
Price risk
The Group's results are sensitive to fluctuations in the world coffee price and cash price differentials, which are driven by economic factors affecting world supply and demand for coffee, as well as the general economic and political climate in the countries in which the company trades.
These exposures are mitigated by entering into commodity derivative instruments. The Group uses these instruments exclusively to hedge these underlying risks in their physical commodity merchanting business. The hedge effectiveness and reconciliation of these instruments against the underlying risks are continually monitored. The Group does not adopt hedge accounting in the financial statements. Foreign exchange risk
The Group's financial statements are reported in pounds sterling and those results may be affected by fluctuations in exchange rates. A substantial proportion of the Group’s imports and some customer business is conducted in US dollars and Euros. The Group buys foreign currency forwards to mitigate the currency risk associated with these exposures.
Liquidity risk
The Group is exposed to liquidity risk including the risk that borrowing facilities are not available to meet cash requirements and the risk that financial assets cannot be readily converted to cash without loss of value. Failure to manage liquidity risk could have a material impact upon the Group's cash flow, balance sheet and financial performance. The Group manages liquidity risk by ensuring that adequate bank facilities are maintained, supported by the provision of suitable cash flow forecasting and regular management information to the bank.
Commodity trading companies most significant risk is the inability to meet margin calls or other cash requirements from day-to-day activities. The nature of a physical commodity trading company includes the hedging of commodity price positions and exposures to foreign currency transactions. To mitigate this risk, commodity traders hedge all exposures. In entering these hedges, the Group is required to meet daily margin calls for movements in the market against the hedge position.
The Group manage this risk via scenario planning cash impacts of positions at various market levels and ensure it has adequate free cash flow to meet potential margin calls.
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D.R.WAKEFIELD & COMPANY LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
Credit risk
The Group is exposed to credit risk arising from sales that would be recognised if customers fail or are otherwise unable to meet their payment obligations. The Group manages its risk by analysing the financial position of customers prior to trading with them and by adopting rigorous credit control management including credit reference agencies. This risk is further mitigated with the use of credit insurance cover. The Group operates basis credit sales and seeks to insure and finance the majority of such risks on a non- recourse basis. Irrespective of this, officers of the Group regularly review aged debtors and credit facilities provided to customers and use third party credit reference agencies to assess the overall risk to the Group.
Staff turnover
The nature of coffee trading involves personal contacts and relationship building. Whilst customers buy from the Group, the individual trading decisions are between employees of the Group and customers. Excessive staff turnover would compromise the Group’s ability to maintain sales volume and as such expose the Group to potential financial difficulties. To mitigate this risk the Group adopts an open approach to remuneration, personal development and career planning with all staff. This coupled with succession planning serve to reduce the impact of staff turnover on the continued operations of the Group. Other risks The Group continues to work closely with producers, customers, logistics partners, certification bodies and our banks, many of whom we have worked with for many years, to ensure that business risks are closely managed to facilitate growth and recovery. For general risk exposures the Group has extensive insurance policies.
The key performance indicators used to manage the business are volumes of coffee sold, gross profit margins achieved, and operating profit achieved as a proportion of revenue. Other performance indicators include the sufficiency of the Group's bank facility headroom and the adequacy of coffee price hedging commitments and forward foreign currency requirements.
2026 2025 Gross profit margin 8.4% 10.8% Operating profit as a proportion of revenue 4.1% 5.8%
The Group have been able to rely on a strong balance sheet from retained profits and support from their long- standing relationship with HSBC during this period and continue to liaise closely with the Bank on working capital facilities to meet the Group’s trading activities as exogenous factors continue to influence liquidity requirements.
Looking forward the directors have prepared cash flow forecasts which consider alternative scenarios and assumptions to analyse the Company's and Group's headroom under the current bank facilities to ensure bank facilities are adequate and loan covenants are complied with. The directors believe the Company and the Group have adequate resources based on these forecasts and projections to meet the ongoing cash requirements of the business for a minimum of 12 months from the date of signing the financial statements. For this reason, the financial statements have been prepared on a going concern basis which assumes the realisation of assets and liabilities in the normal course of business.
Section 172 of the companies act 2006 requires a director of a company to act in the way they consider, in good
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D.R.WAKEFIELD & COMPANY LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
faith, would most likely promote the success of the Group for the benefit of its members. In doing this, section 172 requires a director to give regard, amongst other matters, to the:
Likely consequences of any decisions in the long term The directors believe they have acted in good faith with respect to the long-term consequences of decisions on the Group. Adequate provisions for replacing information technology systems have been paramount when deciding dividend policy. This investment will allow the Group to grow profitably into the future without incurring uncompetitive transaction costs. Interests of the Company's employees Commodity businesses succeed or fail based on the performance of their people. The Group consider their employees as their strongest asset and invest and nurture employees to meet current and forecast future challenges. This includes formal and informal communication on the Group’s performance and major business decisions. This year, the Group extended its non-salary benefits package to continue to foster exceptional employee relationships and wellbeing. Need to foster the Company's business relationships with suppliers, customer and others Commodity supply chains require considerable collaboration to be successful. The Group relies heavily on such collaboration which can be best demonstrated by the many long term supply and customer relationships. The directors consider they act fairly in their role as facilitators of the trade often bringing customers and suppliers together to discuss quality and any challenges to the supply of coffee. Impact of the Company's operations on the community and environment The Group and its directors consider the impact of their decisions on the wider community and environment. The Group continues to source commodities that meet the environmental, societal and sustainability requirements of their customers, which often go beyond local laws and standard industry norms. In addition, in FY26, the Group successfully applied for membership of Ecovardis, a globally recognised assessor of a company’s ESG rating. This led to the conversion of the Group’s working capital finance to green finance facilities. Desirability of the Company maintaining a reputation for high standard of business conduct The Group’s directors continued to strive to maintain the high standards of business practices associated with DRW. The Group maintains membership of B-CORP which externally validates the code of conduct associated with well-run companies. Need to act fairly as between members of the Company After weighing up all relevant factors, the directors consider which course of action best enables delivery of our strategy in the long-term interests of the Group, taking into consideration the effect on stakeholders. In doing so, the directors consider they act fairly between the Company’s members. The directors of the Company are aware of their responsibilities to promote the success of the Group in accordance with Section 172 of the Companies Act 2006 and consider they have acted in accordance with these standards.
This report was approved by the board and signed on its behalf.
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D.R.WAKEFIELD & COMPANY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2026
The directors present their report and the financial statements for the year ended 31 January 2026.
The profit for the year, after taxation, amounted to £7,335,105 (2025 - loss £60,068).
During the year dividends of £1,094,000 (2025 - £1,093,500) were paid or declared.
The directors who served during the year were:
S D Wakefield
T J M Sparling
The Group used Greenhouse Gas Protocol in calculating the above carbon emission.
The Group has used the emissions to employee ratio which is 985 kWh per employee to calculate the intensity
ratio.
Engagement with suppliers and customers The nature of the Group's business is long-term supplier and customer relationship management. It is at the heart of our business strategy and forms the very basis of our existence. The Group regularly introduces suppliers to customers to foster better understanding of the products traded and the supply chain of coffee from origin to cup. The Group considers the importance of an inclusive supply chain strategy is fundamental to the success of initiatives such as Fair Trade, Organic and Rainforest Alliance certification programmes. The views of our supply chain partners are reflected regularly in representations by senior trade and management of the Group in meetings.
As permitted by s414c(11) of the Companies Act 2006, the directors have elected to disclose information,
required to be in the Directors' report by Schedule 7 of the 'Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008', in the Strategic report.
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D.R.WAKEFIELD & COMPANY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
Act 2006.
The auditor, Blick Rothenberg Audit LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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D.R.WAKEFIELD & COMPANY LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2026
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK 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 Group 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 the Group and to 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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D.R.WAKEFIELD & COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF D.R.WAKEFIELD & COMPANY LIMITED
FOR THE YEAR ENDED 31 JANUARY 2026
We have audited the financial statements of D.R. Wakefield & Company Limited (the ' Company') and its subsidiaries (the 'Group') for the year ended 31 January 2026, which comprise the Consolidated profit and loss account, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, 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 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 Group's or the Parent 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.
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D.R.WAKEFIELD & COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF D.R.WAKEFIELD & COMPANY LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.
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D.R.WAKEFIELD & COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF D.R.WAKEFIELD & COMPANY LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
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 Group financial statements.
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:
∙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 Group and parent Company through discussions
with the director and other management, and from our commercial knowledge and experience of the 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 Group and parent Company, including the Companies Act 2006, taxation legislation and environmental legislation;
∙we assessed the extent of compliance with the laws and regulations identified above through making
enquiries of management and inspecting legal correspondence; and
∙identified laws and regulations were communicated within the audit team regularly and the team remained
alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the Group and parent Company's financial statements to material mistatement including 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, suscepted 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 overrirde of controls, we:
∙performed analytical procedures to identify any unusual or unexpected relationships;
∙reviewed journal entries to identify any unusual transactions;
∙assesed whether judgements and assumptions made in determining the accounting estimates were idicative of portential bias; and
∙investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with lawas 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 potentital litigation and claims.
∙reviewing correspindence with HM Revenue and Customs and relevant regulators.
Our risk assessment findings for both non-compliance with laws and regulations and the susceptibility of the Group's and parent Company's financial statements to material mistatement arising from fraud were communicated with component auditors so that they could include them within their own risk assessment procedures and include, where appropriate audit procedures in response to such risks in their work.
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D.R.WAKEFIELD & COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF D.R.WAKEFIELD & COMPANY LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
Auditor's responsibilities for the audit of the financial statements (continued)
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 procedurees required to identify non-complainace with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondance, if any.
Material mistatements 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 Auditor's Report.
This report is made solely to the Parent 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 Parent 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 Parent Company and the Parent Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
16 Great Queen Street
Covent Garden
London
Date:
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D.R.WAKEFIELD & COMPANY LIMITED
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 JANUARY 2026
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D.R.WAKEFIELD & COMPANY LIMITED
CONSOLIDATED BALANCE SHEET
AS AT 31 JANUARY 2026
The financial statements were approved and authorised for issue by the board and were signed on its behalf:
The notes on pages 21 to 41 form part of these financial statements.
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D.R.WAKEFIELD & COMPANY LIMITED
COMPANY BALANCE SHEET
AS AT 31 JANUARY 2026
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 21 to 41 form part of these financial statements.
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D.R.WAKEFIELD & COMPANY LIMITED
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2026
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D.R.WAKEFIELD & COMPANY LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2026
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2025
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D.R.WAKEFIELD & COMPANY LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2026
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D.R.WAKEFIELD & COMPANY LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2026
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D.R.WAKEFIELD & COMPANY LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
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D.R.WAKEFIELD & COMPANY LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 JANUARY 2026
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D.R.WAKEFIELD & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
D.R. Wakefield & Company Limited is a private company, limited by shares, domiciled and incorporated in England and Wales (registered number: 00971152). The registered office address is Thompson House, 42-44 Dolben Street, London, SE1 0UQ.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and Loss Account in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated profit and loss account from the date on which control is obtained. They are deconsolidated from the date control ceases.
The Company and Group have continued to experience a period of sustained high global coffee prices as well as organic growth of the business. Such drivers increase the Company's and Group's working capital requirements. The Group have been able to rely on a strong balance sheet from retained profits and support from their long-standing relationship with HSBC during this period and continue to liaise closely with the Bank on working capital facilities to meet the Group's trading activities as exogenous factors continue to influence liquidity requirements.
Looking forward the directors have prepared cash flow forecasts which consider alternative scenarios and assumptions to analyse the Company's and Group's headroom under the current bank facilities to ensure bank facilities are adequate and loan covenants are complied with.
The directors believe the Company and the Group have adequate resources based on these forecasts and projections to meet the ongoing cash requirements of the business for a minimum of 12 months from the date of signing the financial statements. For this reason, the financial statements have been prepared on a going concern basis which assumes the realisation of assets and liabilities in the normal course of business.
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D.R.WAKEFIELD & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.
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D.R.WAKEFIELD & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
2.Accounting policies (continued)
Page 23
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D.R.WAKEFIELD & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
2.Accounting policies (continued)
At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
The Group adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Group. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
Page 24
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D.R.WAKEFIELD & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
The estimated useful lives range as follows:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or 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 profit or loss.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
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 10 years.
Amortisation is provided on the following bases
Software licences - 5 years
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Page 25
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D.R.WAKEFIELD & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Group 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 Group's Balance Sheet when the Group 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Page 26
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D.R.WAKEFIELD & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
2.Accounting policies (continued)
Basic 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 Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
Page 27
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D.R.WAKEFIELD & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. In the course of preparing the Group's financial statements, the judgements that may have the most significant effect on the amounts recognised in the financial statements are those involving estimations.
Analysis of turnover by country of destination:
Page 28
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D.R.WAKEFIELD & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
Page 29
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D.R.WAKEFIELD & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
Page 30
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D.R.WAKEFIELD & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
Page 31
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D.R.WAKEFIELD & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
13.Taxation (continued)
Page 32
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D.R.WAKEFIELD & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
Page 33
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D.R.WAKEFIELD & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
Page 34
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D.R.WAKEFIELD & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
16.Tangible fixed assets (continued)
Page 35
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D.R.WAKEFIELD & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
Page 36
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D.R.WAKEFIELD & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
Page 37
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D.R.WAKEFIELD & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
Some trade creditors have reserved title to goods supplied to the Group. Since the extent to which such creditors are effectively secured depends on a number of factors and conditions, some of which are not readily determinable, it is not possible to indicate how much of the above amount is secured under reservation of title.
Interest is charged at 2.4% per annum over the currency base rate. This loan is part of a £18,003,284 facility granted by the bank.
Page 38
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D.R.WAKEFIELD & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
The Group enters into futures contracts to mitigate the price risk associated with the sale and purchase of coffee. At 31 January 2026 the outstanding contracts all mature within 12 months (2025: 12 months) of the year end.
The coffee futures are measured at fair value, which is determined using valuation techniques that utilise observable inputs. The key inputs used in valuing the derivatives are the forward rates for the contracts. The fair value of the coffee futures as at 31 January 2026 was a gain of £5,548,379 (2025: loss of £3,755,772).
Page 39
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D.R.WAKEFIELD & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
23.Deferred taxation (continued)
Profit and loss account
Page 40
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D.R.WAKEFIELD & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
The Group operates a defined contribution pension scheme. The pension cost charge represents contributions payable by the Group to the fund and amounted to £180,450 (2025: £97,236). Contributions of £21,171 (2025: £914) were payable to the fund at the balance sheet date.
The ultimate controlling party is considered to be
Page 41
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