What years are covered in the Buff City Soap audited financial statements?
Buff_City_Soap Franchise · 2025 FDDAnswer from 2025 FDD Document
s to the Financial Statements7−15 | |
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.
Source: Item 21 — Financial Statements (FDD page 69)
What This Means (2025 FDD)
According to the 2025 Buff City Soap Franchise Disclosure Document, the audited financial statements include data for the fiscal years 2024, 2023, and 2022. Specifically, the balance sheets are as of December 29, 2024, and December 31, 2023. The statements of operations, member's deficit, and cash flows cover the years ended December 29, 2024, December 31, 2023, and January 1, 2023.
For a prospective Buff City Soap franchisee, this means they can review the brand's financial performance over the past three fiscal years. Analyzing these statements provides insights into the company's revenue, expenses, profitability, and cash flow trends. This historical financial data can help potential franchisees assess the financial stability and growth potential of Buff City Soap.
It's important to note that the fiscal year-end dates vary slightly, with fiscal year 2024 ending on December 29, 2024, fiscal year 2023 ending on December 31, 2023, and fiscal year 2022 ending on January 1, 2023. This is because Buff City Soap's fiscal year consists of the 52 or 53 weeks ending on the Sunday closest to the last day of December. The FDD also mentions that the financial statements for the year ended January 1, 2023, were audited by other auditors, indicating a change in auditors during this period.
Prospective franchisees should carefully examine these audited financial statements and consult with a financial advisor to fully understand the financial health of Buff City Soap before making any investment decisions. Understanding these trends is a crucial part of due diligence when evaluating a franchise opportunity.