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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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COMPANY INFORMATION
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CONTENTS
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STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their Strategic report for the year ended 31 December 2024.
The principal activity of the company is the provision of personnel management services to the offshore marine industry. These financial statements have been prepared on a going concern basis, which the directors believe to be appropriate based on the disclosures made in note 2.
The company primarily operates in UK and Norwegian oil and gas markets in the North Sea and so demand for services is linked to the activity in the sector which is primarily driven by the market price for such commodities. The oil price started the year at c $79/bbl and ended the year at $74 /bbl, however during the year there were spikes to $93/bbl in April and dips to $70/bbl. This relatively steady price assists in creating confidence in the future direction of pricing and subsequent demand; however all parties understand the effect of the Ukraine conflict and Russian sanctions on oil supply and the price strengthening this brought.
The offshore vessel services market improved markedly through 2024. The UK saw £6 billion of investment in 2024 a marked increase for both exploration and development drilling in the North Sea. During 2024 vessel utilization increased and, subsequently, day rates began to climb with Charterers looking to fix vessels on term contracts rather than servicing their requirements from the spot market. 2024 also saw an increase in offshore renewable activities. Tidewater remains in a good position to take advantage of these opportunities and had vessels working in France on two major projects during this period. Throughout the year, the company’s subsidiaries have continued with best efforts to reduce vessel operating costs where possible whilst still providing a high quality, safe service.. The profit for the year, after taxation amounted to £79,000 (2023 – profit £127,000). This change was attributable to an increase in administrative expenses. The offshore vessel industry continues to be a challenging business environment with demand pressure mixed in with availability of crew for vessels as the labour market tightens which a number of industries have felt the impact of throughout 2024.
The directors intend to seek and obtain new contracts in the offshore sector and elsewhere within the marine industry whilst maintaining a high level of service provision to existing clients.
As mentioned above, we have seen an improvement in the market throughout 2024. The activity that is forecast for 2025 and beyond, as well as consolidation amongst Vessel Owners, should result in continued improvement for the OSV market. There remains a lack of new build vessels either under construction or on the market and this situation is expected to continue over the next 2 to 5 years. This is expected to further stimulate the market as older tonnage becomes less attractive to potential charterers. Tidewater owns and operates one of the largest fleets of offshore support vessels in the industry, with more than 65 years of experience supporting offshore energy exploration, production and offshore wind activities worldwide. In summary, the board is of the opinion that the long term outlook for the company is positive. For the fiscal year 2025, the Company will have access to funding, if required, from the ultimate parent, Tidewater Inc. Due to this fact, the Directors are of the opinion that the going concern assessment of Tidewater Personnel UK Ltd and other UK entities is not in doubt.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
As a service providing company with income solely from a management fee, the only significant risk relates to the ongoing requirement for its services. This is dependent on the activity of other UK companies in the Tidewater group which is heavily dependent on the offshore oil and gas industry.
Turnover: has remained constant at £472,000 with the management fee structure unchanged from 2021.
Operating Profit: has decreased in the year from a profit of £55,000 to a profit of £10,000 due to higher administrative expenses in the year due to increased staff wages and office operating costs. Operating Margin: this figure has decreased from 12% to 2% due to the factors noted above.
This report was approved by the board and signed on its behalf.
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DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The profit for the year, after taxation, amounted to £79,000 (2023 - £127,000).
The directors do not propose the payment of a dividend for the current financial year (2023 - £NIL).
The directors who served during the year were:
There have been no significant events affecting the Company since the year end.
The auditors, AAB Audit & Accountancy Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors are responsible for preparing the Strategic report, 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 judgments 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; and
∙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 2006. They 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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TIDEWATER PERSONNEL UK LTD
We have audited the financial statements of Tidewater Personnel UK Ltd (the 'Company') for the year ended 31 December 2024, 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 policies. The 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 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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our 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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TIDEWATER PERSONNEL UK LTD (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
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 Strategic report or the Directors' report.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TIDEWATER PERSONNEL UK LTD (CONTINUED)
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 Auditors' 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;
∙Timing and completeness of revenue recognition;
∙Management judgement applied in calculating provisions; and
∙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;
∙Testing a sample of sales transactions and reviewing revenue recognition around the year end;
∙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; and
∙Reviewing legal and professional fees to identify indications of actual or potential litigation, claims and any non-compliance with laws and regulations.
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 Auditors' report.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TIDEWATER PERSONNEL UK LTD (CONTINUED)
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 2006. Our 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 Auditors' 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.
for and on behalf of
Statutory Auditor
Kingshill View
Prime Four Business Park
Kingswells
AB15 8PU
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STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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BALANCE SHEET
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 12 to 22 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Tidewater Personnel UK Ltd ('the company') provides personnel management services to the offshore marine industry.
The company is a private company limited by shares and incorporated, domiciled and registered in England. The address of its registered office is c/o Hunters Law Llp 9 New Square, Lincoln's Inn, London, WC2A 3QN.
2.Accounting policies
All amounts in the financial statements have been rounded to the nearest £1,000.
The following principal accounting policies have been applied:
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 2024 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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The company reported a profit after tax of £79,000 for the year ended 31 December 2024 (2023 - £127,000). The company also had, as of that date, net assets of £1,492,000 (2023 - £1,413,000).
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.
Functional and presentation currency
Transactions and balances
Rendering of services Turnover is derived from management fee income which is an internal, annual charge to other Tidewater group companies.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The company contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
Basic financial assets
Impairment of financial assets
Financial liabilities
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Other financial instruments
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
Derecognition of financial instruments
Derecognition of financial assets
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
There were no factors that may affect future tax charges.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
11.Debtors (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The company has entered into share based arrangements with senior employees, under a non - HMRC approved ''Restricted stock'' scheme.
The company previously entered into share based arrangements with employees at all levels, under a HMRC approved ''free share'' scheme. This scheme was closed during 2018. The charge to the Profit and loss account is £5,000 (2023 - £6,000). In 2024 the company has been recharged an element of this, such charges having the effect of reducing the adjustment to equity. The amount charged by the parent was £5,000 (2023 - £6,000). The adjustment to equity is £NIL (2023 - £NIL). Restricted Stock Restricted stock is granted in respect of this plan by the US parent company to certain employees of the company on a discretionary basis. Awards are measured at their fair value, represented by the closing market price on the date of the grant.
Restricted stock - Free share scheme
Restricted stock is granted in respect of this plan by the US parent company to certain employees of the company on a discretionary basis. Awards are measured at their fair value, represented by the closing market price on the date of grant.
Restricted stock awards have restrictions that lapse periodically over and extended period of time, generally three years Compensation expense is recognised over the requisite service period (usually the restriction period). There are no performance conditions, the employee simply has to provide the requisite service to the company to earn the award
The company contributes towards stakeholder individual pension arrangements. The pension charge for this year represents contribution payable by the company to the scheme and amounted to £23,000 (2023 - £20,000). There is no outstanding or prepaid contributions at either the beginning or end of the financial year (2023 - £NIL).
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The immediate parent company is
Tidewater Inc, is the smallest and largest parent company preparing Group consolidated financial statements which include Tidewater Personnel UK Ltd. 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.
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