How the Anglo-German 35 percent naval ratio worked

What did the Anglo-German Naval Agreement's 35 percent limit allow Germany to build?

It allowed 35 percent of Britain's declared tonnage in the relevant naval categories, subject to the difference between declarations and reality.

The 35 percent ratio was a category-by-category calculation covering capital ships, cruisers and destroyers. Germany's allowance depended on the tonnage Britain declared in each category. Declared and actual tonnage might not be identical, so the headline ratio did not necessarily describe the fleets in service. A real comparison therefore requires the underlying British figures as well as the percentage.