Does Buff City Soap include audited financial statements in Exhibit F?
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 21 — Financial Statements (FDD page 69)
What This Means (2025 FDD)
According to the 2025 FDD, Buff City Soap includes audited financial statements. The Report of Independent Auditors states that the financial statements of Buff City Soap Franchising, LLC, 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, have been audited.
The auditors' opinion is that the 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.
The financial statements for the year ended January 1, 2023, were audited by other auditors, and their report, dated September 29, 2023, expressed an unmodified opinion on those statements. This indicates that prospective Buff City Soap franchisees have access to independently audited financial information for the company, enhancing transparency and providing a more reliable basis for evaluating the franchise's financial health.