What accounting principles were used in the preparation of the financial statements for Premium Service Brands, LLC, the parent company of 360 Painting?
360_Painting Franchise · 2025 FDDAnswer from 2025 FDD Document
We have audited the accompanying consolidated financial statements of Premium Service Brands, LLC and Subsidiaries, which comprise the consolidated balance sheets as of December 31, 2024 and 2023, and the related consolidated statements of operations, changes in members' equity, and cash flows for the years then ended, and the related notes to the financial statements.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Premium Service Brands, LLC and Subsidiaries as of December 31, 2024 and 2023, and the results of its operations and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 56)
What This Means (2025 FDD)
According to the 2025 FDD, the financial statements of Premium Service Brands, LLC and Subsidiaries were prepared in accordance with accounting principles generally accepted in the United States of America. This indicates that the company adheres to a standardized set of guidelines and practices when reporting its financial data.
For a prospective 360 Painting franchisee, this is important because it provides a level of assurance that the financial information presented is reliable and comparable to other companies that follow the same accounting principles. It means that the financial statements have been prepared using established and recognized methods, making them more credible and easier to understand.
However, it is important to note that while the financial statements are prepared in accordance with generally accepted accounting principles, they are still subject to audit. The independent auditor's report expresses an opinion on whether the financial statements present fairly the financial position of Premium Service Brands, LLC. A potential franchisee should carefully review the auditor's opinion and any qualifications or disclaimers included in the report to fully understand the reliability of the financial statements.