Off the top of my head I think the pre dreadnought breakdown at the time was 48:18:15:12:10
Britain, Germany, Russia, Japan, France
The Russian fleet is roughly split 5, 5, 5 between Baltic, Black, and Pacific.
We can safely assume the Japanese will account for the Pacific fleet and that the Turks will close the Black Sea.
The best recollection I have of British fleet deployments in the era in that in 1904 16 battleships were deployed at home and 10 in the med and 7 in the far east (india, singapore, ahong kong and Australia).
Imagine that major French fleet movements to the Atlantic would be shadowed by British redeployment to the home fleet.
European fleet action is probably 40 Royal Navy pre dreads against 35 continental powers vessels assuming that the continental powers didn't have any battleships in the colonies..
Furthermore I would imagine that British Eastern Fleet vessels would be rushing west as soon as possible to reinforce at leat the med in case of a Russia break out from the black sea.
All in all advantage to the islanders it depends on if Russia can get their stuff together to invade India and Korea whether they can hurt Britain and Japan enough to offer some form of reparations.