Do the financial statements for Bananas Smoothies Frozen Yogurt include notes to the financial statements?
Bananas_Smoothies_Frozen_Yogurt Franchise · 2025 FDDAnswer from 2025 FDD Document
NOTE 1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Organization
Everything Yogurt Brands, LLC (the "Company") was organized on August 14, 2003, as a Delaware limited liability company. The Company offers and sells franchises for multiconcept restaurant systems under the trade names "Greenleaf's Grille," "Everything Yogurt," "Everything Yogurt and Salad Cafe," "Everything Yogurt Express," "Bananas Frosty Fruit Shakes," "Bananas The Ultimate Juice Bar," "The Market," and "South Philly Steaks and Fries." The Company primarily operates in the United States of America.
As a limited liability company, the members are not liable for the debts, obligations, or liabilities of the Company, whether arising in contract, tort, or otherwise, unless a member has signed a specified guarantee.
Basis of presentation
The accompanying financial statements are presented in U.S. dollars and have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").
Fiscal year
The Company's fiscal year ends on the last Sunday in December. The periods ended December 29, 2024, December 31, 2023 and December 25, 2022. The current year consisted of 52 weeks and each prior year consisted of 53 and 52 weeks, respectively.
Use of estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that directly affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.
Cash equivalents
The Company considers all highly liquid instruments with an original maturity of three months or less to be cash equivalents.
Revenue recognition
Franchise fees and royalties
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 57)
What This Means (2025 FDD)
Yes, according to the 2025 FDD, the financial statements for Everything Yogurt Brands, LLC, which franchises Bananas Smoothies Frozen Yogurt, include notes to the financial statements. These notes provide additional information and context to the financial statements, offering insights into the company's accounting policies and practices. Specifically, Note 1 addresses the organization and summary of significant accounting policies.
The notes cover several key areas, including the company's organization, stating that Everything Yogurt Brands, LLC was organized on August 14, 2003, as a Delaware limited liability company and franchises multiconcept restaurant systems under various trade names, including "Bananas Frosty Fruit Shakes" and "Bananas The Ultimate Juice Bar." The notes also describe the basis of presentation, confirming that the financial statements are presented in U.S. dollars and prepared in accordance with U.S. GAAP. The fiscal year-end is defined as the last Sunday in December, with details provided for the periods ended December 29, 2024, December 31, 2023, and December 25, 2022.
Furthermore, the notes discuss the use of estimates, highlighting that management makes estimates and assumptions that affect the reported amounts in the financial statements. It also clarifies the company's approach to cash equivalents, defining them as highly liquid instruments with an original maturity of three months or less. Finally, the notes outline the revenue recognition policies, specifically addressing franchise fees and royalties. These notes are crucial for a comprehensive understanding of the financial statements, as they provide essential details about the company's accounting practices and financial reporting.