(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 -
(a) any distribution lawfully made by the company, and
(b) any other relevant payment lawfully made by the company out of distributable profits,
after the date of the relevant accounts and before the end of the relevant period.
(4) For this purpose "other relevant payment lawfully made" includes -
(a) financial assistance lawfully given out of distributabl
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