Iqbal Ltd started trading on 1 January 2002. During the first five years of trading, the following occurred:

Year ended Trading profit/ Profit/(loss) on sale of Upward revaluation of 31 December (loss) non-current assets non-current assets

£ £ £

2002 (15,000) – –

2003 8,000 – 10,000 2004 15,000 5,000 –

2005 20,000 (6,000) –

2006 22,000 – –

Required:

Assume that the company paid the maximum legal dividend each year. Under normal circumstances, how much would each year’s dividend be?