What was the reported amount for accounts payable for Aunt Millies Bakeries in 2024?
Aunt_Millies_Bakeries Franchise · 2025 FDDAnswer from 2025 FDD Document
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Reporting Entity: The consolidated financial statements contain the accounts of Perfection Bakeries, Inc., Perfection Distribution LLC, Perfection Associates LLC, and First Capital Acceptance Corporation, (collectively, the "Company") which operate under common management and are of common ownership. Perfection Distribution LLC, Perfection Associates LLC, and First Capital Acceptance Corp., are all 100% wholly owned subsidiaries of Perfection Bakeries, Inc. Perfection Bakeries, Inc. produces and distributes various bread, bun and bakery products throughout the Midwest, predominantly in Indiana, Michigan, Illinois, Kentucky, Wisconsin, and Ohio. The Company also sells its product nationally and internationally through its Bakehouse division, which is the Company's frozen baked goods division, representing approximately 23% and 21% of the Company's total net sales for the years ended September 30, 2024 and 2023, respectively. Perfection Distribution LLC operates as the transportation distribution function for Perfection Bakeries, Inc. as a "carrier for hire" and results in maximizing savings related to sales and use tax. Effective December 1, 2023, Perfection Bakeries, Inc. and Perfection Associates LLC entered into an agreement and plan of merger Perfection Associates LLC merged with and into Perfection Bakeries, Inc. Prior to December 1, 2023, Perfection Associates LLC functioned as an employee leasing company, which leases employees back to Perfection Bakeries, Inc. and Perfection Distribution LLC. First Capital Acceptance Corporation serves as the finance company for the routes that are sold to independent distributors (see Note 4).
All significant intercompany account balances and transactions have been eliminated in the consolidated financial statements.
Source: Item 23 — RECEIPT (FDD pages 44–196)
What This Means (2025 FDD)
I am unable to provide the accounts payable amount for Aunt Millies Bakeries in 2024, as this specific financial data is not present in the provided excerpts from the 2025 Franchise Disclosure Document. The excerpts do contain information on the company's accounting practices and financial structure, including the consolidation of financial statements for Perfection Bakeries, Inc. and its subsidiaries. It also describes the purchase of receivables from distributors by Aunt Millie's.
While the excerpts detail how Aunt Millie's manages its financial relationships with distributors and outlines some of its accounting policies, it does not include a balance sheet or income statement that would list specific figures for accounts payable or other liabilities. The FDD excerpts focus more on the operational and contractual aspects of the franchise system rather than providing a comprehensive financial overview.
A prospective franchisee would need to consult Item 21 within the 2025 Aunt Millies Bakeries FDD, or request the full financial statements from the franchisor, to obtain the specific accounts payable figure for 2024. Understanding this figure, along with other financial metrics, is crucial for assessing the financial health and stability of Aunt Millies Bakeries.