What years are covered by the audited balance sheets for Bumper Man, Inc.?
Bumper_Man Franchise · 2025 FDDAnswer from 2025 FDD Document
I have audited the accompanying balance sheets of Bumper Man, Inc. (a corporation), which comprise the balance sheet as of December 31, 2024, December 31, 2023 and December 31, 2022 and the related statements of income and retained earnings and cash flows for the years then ended, and the related notes to the financial statements.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance with U.S. generally accepted accounting principles; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.
Auditor's Responsibility
My responsibility is to express an opinion on these financial statements based on my audit. I conducted my audit in accordance with U.S. generally accepted auditing standards. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. Accordingly, I express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.
I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my audit opinion.
Opinion
Source: Item 23 — RECEIPTS (FDD pages 45–180)
What This Means (2025 FDD)
According to Bumper Man's 2025 Franchise Disclosure Document, the audited balance sheets cover the financial years 2022, 2023, and 2024. Specifically, the independent auditor's report states that the audit encompasses the balance sheets as of December 31 for each of these years, along with related statements of income, retained earnings, and cash flows. This provides prospective franchisees with a three-year view of Bumper Man's financial performance.
The auditor, Kyle E. Patton, C.P.A., conducted the audit in accordance with U.S. generally accepted auditing standards, ensuring a reasonable level of assurance that the financial statements are free from material misstatement. This audit includes procedures to obtain evidence about the amounts and disclosures in the financial statements, evaluating accounting policies, and assessing significant estimates made by management. The auditor's opinion indicates that the financial statements present fairly the financial position of Bumper Man, Inc. for these years.
Furthermore, the notes to the financial statements also reference these years, such as in Note A regarding accounting policies and Note C concerning related party transactions. For example, Note A mentions that fiscal years 2022 through 2024 remain subject to examination by the Internal Revenue Service. Note C states that $240,000 was paid to a related party each year during the years ended December 31, 2024, 2023, and 2022. This consistent coverage across the financial statements and notes reinforces the scope and reliability of the financial information provided to potential franchisees.