REGISTERED NUMBER: 05355439 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 NOVEMBER 2024

FOR

1066 SALES LIMITED

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Intangible assets

5

11,580

11,400

Tangible assets

6

10,478

12,248

22,058

23,648

CURRENT ASSETS

Stocks

180,618

299,462

Debtors

7

1,876

9,084

Cash at bank

8,396

27,596

190,890

336,142

CREDITORS

Amounts falling due within one year

8

221,288

289,778

NET CURRENT (LIABILITIES)/ASSETS

(30,398

)

46,364

TOTAL ASSETS LESS CURRENT LIABILITIES

(8,340

)

70,012

CREDITORS

Amounts falling due after more than one year

9

(68,854

)

(51,579

)

PROVISIONS FOR LIABILITIES

10

-

(1,945

)

NET (LIABILITIES)/ASSETS

(77,194

)

16,488

CAPITAL AND RESERVES

Called up share capital

11

100

100

Retained earnings

(77,294

)

16,388

SHAREHOLDERS' FUNDS

(77,194

)

16,488

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2024 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 26 November 2025 and were signed on its behalf by:

Mr S Kirkwood - Director

Mrs M Kirkwood - Director

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.

The accounts have been prepared on a going concern basis however material uncertainty exists over the company's ability to continue trading. This is due to a significant drop in turnover and increased cost of sales resulting in cashflow issues affecting the company's ability to pay its debts. The company has continued to trade in an attempt to realise as much as possible from the stock held and reduce liabilities.

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.

The website asset concerned is now being 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.

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.

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 (2023 - 5 ) .

5.	INTANGIBLE FIXED ASSETS

Website

costs

£

COST

At 1 December 2023

11,400

Additions

1,233

At 30 November 2024

12,633

AMORTISATION

Amortisation for year

1,053

At 30 November 2024

1,053

NET BOOK VALUE

At 30 November 2024

11,580

At 30 November 2023

11,400

6.	TANGIBLE FIXED ASSETS

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 December 2023

57,825

83,680

141,505

Additions

2,129

-

2,129

At 30 November 2024

59,954

83,680

143,634

DEPRECIATION

At 1 December 2023

56,049

73,208

129,257

Charge for year

1,281

2,618

3,899

At 30 November 2024

57,330

75,826

133,156

NET BOOK VALUE

At 30 November 2024

2,624

7,854

10,478

At 30 November 2023

1,776

10,472

12,248

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

964

-

Corporation tax recoverable

-

7,566

Prepayments and accrued income

912

1,518

1,876

9,084

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

10,567

29,393

Other loans

27,798

62,774

Trade creditors

10,914

23,701

Corporation tax

-

5,566

PAYE and social security

276

788

VAT

15,581

15,352

Other creditors

82,146

82,146

Pension contributions payable

457

623

Directors' current account

71,403

67,121

Accruals and deferred income

2,146

2,314

221,288

289,778

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Other loans - 1-2 years

30,089

11,104

Other loans - 2-5 years

38,765

40,475

68,854

51,579

10.	PROVISIONS FOR LIABILITIES

2024

2023

£

£

Deferred tax

Accelerated capital allowances

-

2,327

Tax losses carried forward

-

(382

)

-

1,945

Deferred

tax

£

Balance at 1 December 2023

1,945

Credit to Profit and Loss Account during year

(1,945

)

Balance at 30 November 2024

-

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

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