Credit Assessment: SEABROOK CRISPS LIMITED

1. Credit Opinion: DECLINE

This entity is dormant and not trading. The accounts are filed under dormant company status, indicating no significant financial transactions during the reporting period. With share capital of only £1 and no operational activity, this legal entity has no capacity to service debt obligations or honor commercial agreements. The actual trading operations of the Seabrook brand have evidently been transferred elsewhere within the corporate group structure.

Any credit exposure to this specific legal entity would be uncollectible in a default scenario, as there are no trading assets, revenue streams, or cash flows to support repayment.

2. Financial Strength: Cannot Be Assessed - Dormant Entity

• Share Capital: £1 only — negligible capital base
• No Financial Statements: Dormant filing requirements mean no balance sheet, P&L, or cash flow data is available for review
• Net Asset Position: Indeterminable, but effectively non-existent for commercial lending purposes
• Group Structure: 100% owned by Seabrook Crisps Holdings Limited (owns >75% of shares), which is likely where trading activity resides

The presence of multiple Japanese directors (Makoto Mizoguchi, Keiei Sho, Yukio Kanemitsu, and recently resigned Shinji Haruna) alongside British directors is consistent with the 2018 acquisition of Seabrook by Calbee Inc., the Japanese snack food conglomerate. This entity appears to be a legacy shell within that group structure.

3. Cash Flow Assessment: No Operating Cash Flows

• Trading Status: Dormant — no revenue generation, no operating costs, no working capital cycle
• Liquidity: Cannot be evaluated; no current assets or liabilities reported
• Debt Service Capacity: Zero — no income streams exist within this entity
• Working Capital: Not applicable to a non-trading entity

4. Monitoring Points

If a counterparty wishes to extend credit for the supply of Seabrook-branded products, the following actions are required:

1. Identify the Correct Trading Entity: Conduct a group structure search to determine which legal entity within the Calbee/Seabrook group actually conducts the crisps manufacturing and sales operations. Credit should be assessed against that entity, not this dormant shell.

2. Obtain Group Guarantees: If dealing with any entity in the Seabrook group, consider whether a parent company guarantee from Calbee Inc. or the intermediate holding company is appropriate.

3. Verify Group Financials: Request consolidated or individual accounts for Seabrook Crisps Holdings Limited and any other active trading entities in the group.

4. Monitor Corporate Actions: Watch for any changes to this entity's dormant status, which could signal restructuring or asset transfers that affect the broader group's credit profile.

5. Director Changes: Note the recent resignation of Shinji Haruna (March 2026) — monitor for further board changes that may indicate group-level restructuring.