The statement of financial position for Cremore Ltd at 31 December is given below ( $£ 000$ ):

2012 2011 Non-current assets Plant and equipment

$\begin{array}{ll}\text { Cost } & 800 \\ 800\end{array}$

Depreciation

(320)

(160)

Current assets Inventory $\quad 210 \quad 130$

Accounts receivable $\quad 100$

60 Cash 145

$\underline{455} \quad \underline{50}$

$\underline{240}$

$\overline{935} \quad-\quad \frac{280}{880}$

Current liabilities Trade accounts payable 80 60 Non-current liabilities

$10 \%$ loan notes $\underline{200}$

Financed by:

\begin{tabular}{ccc}

$\underline{(280)}$ & $\underline{200}$ & \\

$\underline{655}$ & $\underline{(260)}$ \\

250 & $\underline{\underline{620}}$ \\

370 & 250 \\

$\underline{35}$ & & 340 \\

$\underline{\underline{655}}$ & $\underline{\underline{620}}$

\end{tabular}

Ordinary shares $\quad 250 \quad 250$

Reserves . 370 Current cost reserve

\section*{Required:}

Using the above information, calculate the gearing adjustment percentage:

$$

\frac{L}{L+S}

$$