Does the Buff City Soap FDD include audited financial statements?
Buff_City_Soap Franchise · 2025 FDDAnswer from 2025 FDD Document
Report of Independent Auditors
To the Management of Buff City Soap Franchising, LLC
Opinion
We have audited the accompanying financial statements of Buff City Soap Franchising, LLC (the "Company"), which comprise the balance sheets as of December 29, 2024 and December 31, 2023, and the related statements of operations, of member's deficit and of cash flows for the years then ended, including the related notes (collectively referred to as the "financial statements").
In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company as of December 29, 2024 and December 31, 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.
Basis for Opinion
We conducted our audit in accordance with auditing standards generally accepted in the United States of America (US GAAS). Our responsibilities under those standards are further described in the Auditors' Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Other Matter
The financial statements of the Company for the year ended January 1, 2023 were audited by other auditors whose report, dated September 29, 2023, expressed an unmodified opinion on those statements.
Source: Item 6 — , Securities Offering Fee, in the amount column is revised to state the following: (FDD pages 216–303)
What This Means (2025 FDD)
Yes, the 2025 Buff City Soap FDD includes audited financial statements. The Report of Independent Auditors indicates that the financial statements of Buff City Soap Franchising, LLC, which include balance sheets as of December 29, 2024, and December 31, 2023, and related statements of operations, member's deficit, and cash flows for the years then ended, have been audited. The auditors have issued an opinion stating that these financial statements present fairly the company's financial position, results of operations, and cash flows in accordance with accounting principles generally accepted in the United States of America.
The audit was conducted following auditing standards generally accepted in the United States of America (US GAAS), and the auditors believe they have obtained sufficient and appropriate audit evidence to support their opinion. Additionally, the report mentions that the financial statements for the year ended January 1, 2023, were audited by other auditors, who also expressed an unmodified opinion on those statements.
For a prospective Buff City Soap franchisee, the inclusion of audited financial statements provides a level of assurance regarding the financial health and stability of the franchisor. This is because an independent auditor has reviewed the financial statements and provided an opinion on their fairness and accuracy. This can help the franchisee make a more informed decision about investing in the franchise. The FDD also states that the company's fiscal year is composed of the 52 or 53 weeks ending on the Sunday closest to the last day of December 31. Fiscal year 2024 consisted of the 52 weeks ended on December 29, 2024, fiscal year 2023 consisted of the 52 weeks ended on December 31, 2023, and fiscal year 2022 consisted of the 52 weeks ended on January 1, 2023.