Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31truetrue2truetruetruetruetruetrue2023-01-01falseoperation and mangement of supply vessels and the provision of transportation services from onshore supply bases to offshore oil drilling and production operations2truefalsefalse 09170357 2023-01-01 2023-12-31 09170357 2022-01-01 2022-12-31 09170357 2023-12-31 09170357 2022-12-31 09170357 2022-01-01 09170357 c:Director1 2023-01-01 2023-12-31 09170357 c:Director2 2023-01-01 2023-12-31 09170357 c:RegisteredOffice 2023-01-01 2023-12-31 09170357 d:CurrentFinancialInstruments 2023-12-31 09170357 d:CurrentFinancialInstruments 2022-12-31 09170357 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 09170357 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 09170357 d:ShareCapital 2023-12-31 09170357 d:ShareCapital 2022-12-31 09170357 d:ShareCapital 2022-01-01 09170357 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 09170357 d:RetainedEarningsAccumulatedLosses 2023-12-31 09170357 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 09170357 d:RetainedEarningsAccumulatedLosses 2022-12-31 09170357 d:RetainedEarningsAccumulatedLosses 2022-01-01 09170357 c:OrdinaryShareClass1 2023-01-01 2023-12-31 09170357 c:OrdinaryShareClass1 2023-12-31 09170357 c:OrdinaryShareClass1 2022-12-31 09170357 c:FRS102 2023-01-01 2023-12-31 09170357 c:Audited 2023-01-01 2023-12-31 09170357 c:FullAccounts 2023-01-01 2023-12-31 09170357 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 09170357 2 2023-01-01 2023-12-31 09170357 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 09170357














GULFMARK UK INTERNATIONAL LTD





ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 
GULFMARK UK INTERNATIONAL LTD
 

COMPANY INFORMATION


Directors
E M Geddes 
Q V Kneen 




Registered number
09170357



Registered office
95 Aldwych

London

WC2B 4JF




Independent auditor
Anderson Anderson & Brown Audit LLP

Kingshill View

Prime Four Business Park

Kingswells

Aberdeen

AB15 8PU





 
GULFMARK UK INTERNATIONAL LTD
 

CONTENTS



Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 15


 
GULFMARK UK INTERNATIONAL LTD
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Results and dividends

The profit for the year, after taxation, amounted to £4,000 (2022 - £7,000).

The directors do not propose the payment of an ordinary dividend for the year (2022 - £Nil).

Directors

The directors who served during the year were:

E M Geddes 
Q V Kneen 

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditor is aware of that information.

Auditor

The auditor, Anderson Anderson & Brown Audit LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





E M Geddes
Director

Date: 30 September 2024

Page 1

 
GULFMARK UK INTERNATIONAL LTD
 

DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

 In preparing these financial statements, the directors are required to:

select suitable accounting policies for the company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 2

 
GULFMARK UK INTERNATIONAL LTD
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GULFMARK UK INTERNATIONAL LTD
 

Opinion


We have audited the financial statements of GulfMark UK International Ltd (the 'company') for the year ended 31 December 2023, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 3

 
GULFMARK UK INTERNATIONAL LTD
 

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GULFMARK UK INTERNATIONAL LTD (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' report has been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' report and from the requirement to prepare a Strategic report.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.


Page 4

 
GULFMARK UK INTERNATIONAL LTD
 

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GULFMARK UK INTERNATIONAL LTD (CONTINUED)

Auditor's responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements.  

The laws and regulations we considered in this context were the Companies Act 2006  and UK Taxation legislation.

We identified the greatest risk of material impact on the financial statements from irregularities including fraud to be: 
Management override of controls to manipulate the company’s key performance indicators to meet targets
Management judgement applied in calculating provisions
Compliance with relevant laws and regulations which directly impact the financial statements and those that the company needs to comply with for the purpose of trading 

Our audit procedures to respond to these risks included: 

Testing of journal entries and other adjustments for appropriateness 
Evaluating the business rationale of significant transactions outside the normal course of business
Reviewing judgements made by management in their calculation of accounting estimates for potential management bias 
Enquiries of management about litigation and claims and inspection of relevant correspondence
Reviewing legal and professional fees to identify indications of actual or potential litigation, claims and any non-compliance with laws and regulations 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.


Page 5

 
GULFMARK UK INTERNATIONAL LTD
 

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GULFMARK UK INTERNATIONAL LTD (CONTINUED)

Use of our report
 

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Derek Mair (Senior statutory auditor)
  
for and on behalf of
Anderson Anderson & Brown Audit LLP
 
Statutory Auditor
  
Kingshill View
Prime Four Business Park
Kingswells
Aberdeen
AB15 8PU

30 September 2024
Page 6

 
GULFMARK UK INTERNATIONAL LTD
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£000
£000

  

Administrative expenses
  
(7)
(4)

Operating loss
 3 
(7)
(4)

Interest receivable and similar income
 6 
11
11

Profit before tax
  
4
7

Tax on profit
 7 
-
-

Profit for the financial year
  
4
7

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 10 to 15 form part of these financial statements.

All amounts above relate to continuing operations. 

Page 7

 
GULFMARK UK INTERNATIONAL LTD
REGISTERED NUMBER:09170357

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£000
£000

  

Current assets
  

Debtors: amounts falling due within one year
 8 
344
332

Cash at bank and in hand
 9 
9
-

  
353
332

Creditors: amounts falling due within one year
 10 
(96)
(79)

Net current assets
  
 
 
257
 
 
253

Total assets less current liabilities
  
257
253

  

Net assets
  
257
253


Capital and reserves
  

Called up share capital 
 11 
1
1

Profit and loss account
  
256
252

  
257
253


The company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




E M Geddes
Director

Date: 30 September 2024

The notes on pages 10 to 15 form part of these financial statements.

Page 8

 
GULFMARK UK INTERNATIONAL LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£000
£000
£000


At 1 January 2022
1
245
246


Comprehensive income for the year

Profit for the year
-
7
7



At 1 January 2023
1
252
253


Comprehensive income for the year

Profit for the year
-
4
4


At 31 December 2023
1
256
257


The notes on pages 10 to 15 form part of these financial statements.

Page 9

 
GULFMARK UK INTERNATIONAL LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

GulfMark UK International Ltd ('the company') undertakes the operation and management of supply vessels and the provision of transportation services from onshore supply bases to offshore oil drilling and production operations.  There were no contracts in progress during the year due to the downturn in the marketplace.
The company is a private company limited by shares and incorporated, domiciled and registered in England. The address of its registered office is 95 Aldwych, London, WC2B 4JF.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
All amounts in the financial statements have been rounded to the nearest £1,000.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies. 

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Tidewater Inc. as at 31 December 2023 and these financial statements may be obtained from the internet at www.tdw.com or by writing to Tidewater Inc., 842 West Sam Houston, Parkway North, Suite 400, Houston, TX 77024..

Page 10

 
GULFMARK UK INTERNATIONAL LTD
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Going concern

The company reported a profit after tax of £4,000 for the year ended 31 December 2023 as compared to a profit after tax of £7,000 for the year ended 31 December 2022. The Company also had, as of that date, net current assets of £257,000 (2022 - £253,000) and net assets of £257,000 (2022 - £253,000). 

These financial statements have been prepared on a going concern basis, which the directors believe to be appropriate for the following reasons:

The directors, having made due and careful enquiry, are of the opinion that the company has adequate working capital to execute its operations over the next 12 months. The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

As a result, the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements.

 
2.4

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 11

 
GULFMARK UK INTERNATIONAL LTD
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Page 12

 
GULFMARK UK INTERNATIONAL LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Operating loss

The operating loss is stated after charging/(crediting):

2023
2022
£000
£000

Fees payable to the company's auditor and its associates for the audit of the company's annual financial statements
2
2


4.


Auditor's remuneration

During the year, the company obtained the following services from the company's auditor:


2023
2022
£000
£000

Fees payable to the company's auditor for the audit of the company's financial statements
2
2


5.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Directors
2
2

During the year, no directors performed any qualifying services for the company and consequently received no emoluments.


6.


Interest receivable

2023
2022
£000
£000


Interest receivable from group undertakings
11
11

Page 13

 
GULFMARK UK INTERNATIONAL LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Taxation


2023
2022
£000
£000



Total current tax
-
-

Factors affecting tax charge/(credit) for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 23.52% (2022 - 19%). The differences are explained below:

2023
2022
£000
£000


Profit on ordinary activities before tax
4
7


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
1
1

Effects of:


Expenses not deductible for tax purposes
(1)
(1)

Total tax charge for the year
-
-


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


8.


Debtors

2023
2022
£000
£000


Amounts owed by group undertakings
339
327

Tax recoverable
5
5

344
332


Included within amounts due by group undertakings is a short term loan receivable of £250,000. Interest is charged at 4.5% per annum. The loan and interest are repayable on demand.


9.


Cash and cash equivalents

2023
2022
£000
£000

Cash at bank and in hand
9
-


Page 14

 
GULFMARK UK INTERNATIONAL LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Creditors: Amounts falling due within one year

2023
2022
£000
£000

Amounts owed to group undertakings
72
71

Other creditors
15
-

Accruals and deferred income
9
8

96
79


Amounts owed to group undertakings are unsecured, non interest bearing and repayable on demand.


11.


Share capital

2023
2022
£000
£000
Allotted, called up and fully paid



1,000 (2022 - 1,000) Ordinary shares of £1.00 each
1
1



12.


Related party transactions

The company has taken advantage of paragraph 33.1a of FRS 102 (Related party disclosures) which allows exemption from disclosure of related party transactions with other wholly owned group companies.


13.


Ultimate controlling party

The company is a subsidiary undertaking of Tidewater Marine UK Ltd.  The ultimate controlling party is the shareholders of Tidewater Inc.
Tidewater Inc, is the smallest and largest parent company preparing Group consolidated financial statements which include GulfMark UK International.  A copy of its financial statement may be obtained from by writing to Tidewater Inc., 842 West Sam Houston, Parkway North, Suite 400, Houston, TX 77024 or by visiting www.tdw.com.
The ultimate parent company is not considered to have a single controlling party.

Page 15