What is the fiscal year end for Bombs Away?
Bombs_Away Franchise · 2024 FDDAnswer from 2024 FDD Document
We have not been in business for three years or more, and therefore cannot include all financial statements required by the Franchise Rule of the Federal Trade Commission. Exhibit C contains our audited financial statements dated December 31, 2023 and opening balance sheet dated December 31, 2022. Our fiscal year end is December 31
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 35)
What This Means (2024 FDD)
According to Bombs Away's 2024 Franchise Disclosure Document, the company's fiscal year ends on December 31. This is explicitly stated in Item 21, which discusses the company's financial statements. The financial statements included in the FDD are audited and cover the period ending December 31, 2023.
For a prospective franchisee, understanding the franchisor's fiscal year is important for several reasons. It provides a benchmark for evaluating the financial performance data presented in the FDD. Franchisees can use this information to compare Bombs Away's financial performance against other franchises in the same industry, which may operate on different fiscal calendars.
Knowing the fiscal year-end also helps franchisees align their own accounting and reporting practices with those of Bombs Away. This alignment can simplify the process of preparing financial reports for the franchisor and ensure consistency in financial data across the franchise system. Additionally, it is essential for budgeting and financial planning, as franchisees can better understand the timing of financial reporting and potential changes in franchise policies or fees that may coincide with the start of a new fiscal year.