The balance sheet for Cremore Ltd at 31 December 2003 is given below (£000):

Required:

Using the above information, calculate the gearing adjustment percentage:

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Plant and equipment Cost Depreciation 2003 800 (320) 2002 800 (160) 640 480 Current assets Inventory Accounts receivable 210 100 130 60 Cash Current liabilities 145 50 455 240 Trade creditors (80) (60) 375 180 855 820 Long-term liabilities 10% debentures (200) (200) 655 620 Financed by Ordinary shares 250 250 Reserves 370 340 Current cost reserve 35 30 655 620