712 Determination of available profits
Companies Act 2006 | Legislation

712  Determination of available profits

(1)     The available profits of the company are determined as follows.

(2)     First, determine the profits of the company by reference to the following items as stated in the relevant accounts—

(a)     profits, losses, assets and liabilities,

(b)     provisions of the following kinds—

(i)     where the relevant accounts are Companies Act accounts, provisions of a kind specified for the purposes of this subsection by regulations under section 396;

(ii)     where the relevant accounts are IAS accounts, provisions of any kind;

(c)     share capital and reserves (including undistributable reserves).

(3)     Second, reduce the amount so determined by the amount of—

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