Would recommend a combination of adsense and targeted affiliate programs, then you'd pretty easy reach that level (£1).
The better domain name you have, the easier it is obviously. Many domains that are a few years old would make a lot more only by parking it on Sedo or DomainSponsor for instance. But from my experience, you'd see an increase between 10-25 times just by adding 1 page of text & adwords instead of using parking sites like Sedo. If you make more sub pages, add some targeted affiliate programs, and give it some back links you could see an increase between 50-100 times the parking site income.
So, when you buy a new domain check how many type-ins it get and put it on a parking site in the beginning. Then you'll see a bit of the potential
