14.32 Brazier Barkiss pic has the following capital structure at 30 April 20X6:

£

Ordinary share capital (£1 shares) 1 000 000 Reserves 2 739400 Long-term loans (10% interest rate) 2 000 000 Profit before interest and tax for the year ending 30 April 20X6 was £646 750 and interest payable was £200 000. Calculate the following ratios:

i) gearing (on the basis of debt/equity)

ii) interest cover.