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REGISTERED NUMBER: 05355439 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 NOVEMBER 2023

FOR

1066 SALES LIMITED

1066 SALES LIMITED (REGISTERED NUMBER: 05355439)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023










Page

Balance Sheet 1

Notes to the Financial Statements 3


1066 SALES LIMITED (REGISTERED NUMBER: 05355439)

BALANCE SHEET
30 NOVEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 11,400 11,400
Tangible assets 6 12,248 16,583
23,648 27,983

CURRENT ASSETS
Stocks 299,462 400,030
Debtors 7 9,084 4,400
Cash at bank 27,596 39,509
336,142 443,939
CREDITORS
Amounts falling due within one year 8 289,778 353,910
NET CURRENT ASSETS 46,364 90,029
TOTAL ASSETS LESS CURRENT
LIABILITIES

70,012

118,012

CREDITORS
Amounts falling due after more than
one year

9

(51,579

)

(53,569

)

PROVISIONS FOR LIABILITIES 10 (1,945 ) (3,151 )
NET ASSETS 16,488 61,292

CAPITAL AND RESERVES
Called up share capital 11 100 100
Retained earnings 16,388 61,192
SHAREHOLDERS' FUNDS 16,488 61,292

1066 SALES LIMITED (REGISTERED NUMBER: 05355439)

BALANCE SHEET - continued
30 NOVEMBER 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 August 2024 and were signed on its behalf by:




Mr S Kirkwood - Director



Mrs M Kirkwood - Director


1066 SALES LIMITED (REGISTERED NUMBER: 05355439)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023


1. STATUTORY INFORMATION

1066 Sales Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 05355439

Registered office: Unit G21, Atlas Industrial Park
Rye Harbour Road
Rye
East Sussex
TN31 7TE

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


2. STATEMENT OF COMPLIANCE

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of goods, excluding Value Added Tax.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Since the Website asset concerned had not been brought into use at the year end, no amortisation has been provided for. Once the asset is in use, the cost will be amortised evenly over the estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on cost
Motor vehicles - 25% on reducing balance

All fixed assets are initially recorded at cost.

1066 SALES LIMITED (REGISTERED NUMBER: 05355439)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


3. ACCOUNTING POLICIES - continued

Government grants
The entity has adopted the use of the accruals model in respect of grants received.

Any grant that becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs shall be recognised in 'Other income', in the period to which it relates.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 or loss in the period to which they relate.

1066 SALES LIMITED (REGISTERED NUMBER: 05355439)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


3. ACCOUNTING POLICIES - continued

Financial instruments
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 entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 6 ) .

5. INTANGIBLE FIXED ASSETS
Website
costs
£   
COST
At 1 December 2022
and 30 November 2023 11,400
NET BOOK VALUE
At 30 November 2023 11,400
At 30 November 2022 11,400

1066 SALES LIMITED (REGISTERED NUMBER: 05355439)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


6. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 December 2022 57,675 83,680 141,355
Additions 150 - 150
At 30 November 2023 57,825 83,680 141,505
DEPRECIATION
At 1 December 2022 55,054 69,718 124,772
Charge for year 995 3,490 4,485
At 30 November 2023 56,049 73,208 129,257
NET BOOK VALUE
At 30 November 2023 1,776 10,472 12,248
At 30 November 2022 2,621 13,962 16,583

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Corporation tax recoverable 7,566 -
Prepayments and accrued income 1,518 4,400
9,084 4,400

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 29,393 1,159
Other loans 62,774 120,771
Trade creditors 23,701 34,055
Corporation tax 5,566 7,566
PAYE and social security 788 1,163
VAT 15,352 43,123
Other creditors 82,146 82,146
Pension contributions payable 623 441
Directors' current account 67,121 61,791
Accruals and deferred income 2,314 1,695
289,778 353,910

1066 SALES LIMITED (REGISTERED NUMBER: 05355439)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2023 2022
£    £   
Other loans - 1-2 years 11,104 53,569
Other loans - 2-5 years 40,475 -
51,579 53,569

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 2,327 3,151
Tax losses carried forward (382 ) -
1,945 3,151

Deferred
tax
£   
Balance at 1 December 2022 3,151
Provided during year (1,206 )
Balance at 30 November 2023 1,945

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
30 Ordinary A £1 30 30
30 Ordinary B £1 30 30
20 Ordinary C £1 20 20
20 Ordinary D £1 20 20
100 100