Are the financial statements for 1 800 Packouts' Parent company audited?
1_800_Packouts Franchise · 2025 FDDAnswer from 2025 FDD Document
| 902 (401) 462-9500 | WASHINGTON Department of Financial Institutions Securities Division - 3rd Floor West 150 Israel Road, S.W. Tumwater, Washington 98501 PO Box 9033 Olympia, Washington 98507 (360) 902-8760 |
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| SOUTH DAKOTA Department of Labor and Regulation Securities Regulation Office 445 E. Capitol Avenue Pierre, South Dakota 57501-3185 (605) 773-4823 | WISCONSIN Office of the Commissioner of Securities 345 West Washington Avenue, Fourth Floor Madison, Wisconsin 53703 (608) 261-9555 |
EXHIBIT D TO THE FRANCHISE DISCLOSURE DOCUMENT FINANCIAL STATEMENTS
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FS PEP HOLDCO, LLC and SUBSIDIARIES
Consolidated Financial Statements As of December 31, 2024 and 2023 and For the Years Then Ended
Independent Auditors' Report
(1) To the Board of Managers of FS PEP Holdco, LLC
Opinion
We have audited the accompanying consolidated financial statements of FS PEP Holdco, LLC and subsidiaries (collectively, the Company), which comprise the consolidated balance sheets as of December 31, 2024 and 2023, and the related consolidated statements of operations, members' equity, and cash flows for the years then ended, and the related notesto consolidated financialstatements.
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of FS PEP Holdco, LLC and subsidiaries as of December 31, 2024 and 2023, and the results of their operations and their cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.
Due
Source: Item 21 — FINANCIAL STATEMENTS (FDD pages 65–66)
What This Means (2025 FDD)
According to the 2025 FDD, the consolidated financial statements of FS PEP Holdco, LLC and subsidiaries, the parent company of 1 800 Packouts, are indeed audited by independent auditors. The audit reports included in the FDD cover the financial years ending December 31, 2024, 2023, and 2022. These audits are conducted in accordance with generally accepted auditing standards in the United States of America.
The independent auditors' reports express an opinion on whether the financial statements present fairly, in all material respects, the financial position, results of operations, and cash flows of FS PEP Holdco, LLC and its subsidiaries. This provides a level of assurance that the financial statements are reliable and have been prepared in accordance with accounting principles generally accepted in the United States of America.
Specifically, the audit for the years 2024 and 2023 involved a retrospective combination of CMY Holdco, LLC (including Card My Yard Franchising, LLC) due to an acquisition in March 2024. The 2023 financial statements of Card My Yard Franchising, LLC, were audited by other auditors, and the principal auditors' opinion was based partly on the report of these other auditors. For the year 2022, the audit also included reviews of acquisitions such as 1-800-Packouts, LLC, and Mosquito Shield Finance Corporation, ensuring that these were accounted for in accordance with accounting standards.