(1) Subject to the following provisions of this section, the question whether a distribution may be made by a company without contravening section 45, 46 or 47 (the relevant section) and the amount of any distribution which may be so made shall be determined by reference to the relevant items as stated in the relevant accounts, and the relevant section shall be treated as contravened in the case of a distribution unless the requirements of this section about those accounts are complied with in the case of that distribution.
(2) The relevant accounts for any company in the case of any particular distribution are -
(a) except in a case falling within paragraph (b) or (c), the last annual accounts that is to say, the accounts prepared in accordance with the requirements of the Principal Act (and, where applicable, in accordance with the requirements of Article 4 of the IAS Regulation) which were laid in respect of the last preceding financial year in respect of which accounts so prep