(1)The company’s last annual accounts means the company’s individual accounts—
(a)that were last circulated to members in accordance with section 423 (duty to circulate copies of annual accounts and reports), or
(b)if in accordance with section 426 the company provided a summary financial statement instead, that formed the basis of that statement.
(2)The accounts must have been properly prepared in accordance with this Act, or have been so prepared subject only to matters that are not material for determining (by reference to the items mentioned in section 836(1)) whether the distribution would contravene this Part.
(3)Unless the company is exempt from audit and the directors take advantage of that exemption, the auditor must have made his report on the accounts.
(4)If that report was qualified—
(a)the auditor must have stated in writing (either at the time of his report or subsequently) whether in his opinion the matters in respect of which his report is qualified are material for determining whether a distribution would contravene this Part, and
(b)a copy of that statement must—
(i)in the case of a private company, have been circulated to members in accordance with section 423, or
(ii)in the case of a public company, have been laid before the company in general meeting.
(5)An auditor’s statement is sufficient for the purposes of a distribution if it relates to distributions of a description that includes the distribution in question, even if at the time of the statement it had not been proposed.
(1)Interim accounts must be accounts that enable a reasonable judgment to be made as to the amounts of the items mentioned in section 836(1).
(2)Where interim accounts are prepared for a proposed distribution by a public company, the following requirements apply.
(3)The accounts must have been properly prepared, or have been so prepared subject to matters that are not material for determining (by reference to the items mentioned in section 836(1)) whether the distribution would contravene this Part.
(4)“Properly prepared” means prepared in accordance with sections 395 to 397 (requirements for company individual accounts), applying those requirements with such modifications as are necessary because the accounts are prepared otherwise than in respect of an accounting reference period.
(5)The balance sheet comprised in the accounts must have been signed in accordance with section 414.
(6)A copy of the accounts must have been delivered to the registrar.
Any requirement of Part 35 of this Act as to the delivery of a certified translation into English of any document forming part of the accounts must also have been met.
(1)Initial accounts must be accounts that enable a reasonable judgment to be made as to the amounts of the items mentioned in section 836(1).
(2)Where initial accounts are prepared for a proposed distribution by a public company, the following requirements apply.
(3)The accounts must have been properly prepared, or have been so prepared subject to matters that are not material for determining (by reference to the items mentioned in section 836(1)) whether the distribution would contravene this Part.
(4)“Properly prepared” means prepared in accordance with sections 395 to 397 (requirements for company individual accounts), applying those requirements with such modifications as are necessary because the accounts are prepared otherwise than in respect of an accounting reference period.
(5)The company’s auditor must have made a report stating whether, in his opinion, the accounts have been properly prepared.
(6)If that report was qualified—
(a)the auditor must have stated in writing (either at the time of his report or subsequently) whether in his opinion the matters in respect of which his report is qualified are material for determining whether a distribution would contravene this Part, and
(b)a copy of that statement must—
(i)in the case of a private company, have been circulated to members in accordance with section 423, or
(ii)in the case of a public company, have been laid before the company in general meeting.
(7)A copy of the accounts, of the auditor’s report and of any auditor’s statement must have been delivered to the registrar.
Any requirement of Part 35 of this Act as to the delivery of a certified translation into English of any of those documents must also have been met.