Does the Burros Fries Franchise Disclosure Document include the Burros Fries Financial Statements?
Burros_Fries Franchise · 2024 FDDAnswer from 2024 FDD Document
[Item 21: FINANCIAL STATEMENTS]
ITEM 21 FINANCIAL STATEMENTS
Our certified, independent, audited financial statements for the period from January 1, 2021 to December 31, 2021, audited financial statements for the period from January 1, 2022 to December 31, 2022, and audited financial statements for the period from January 1, 2023 to December 31, 2023, and unaudited financials for the period of January 1, 2024 to October 31, 2024 are attached to this Disclosure Document as Exhibit G. Our fiscal year end is December 31. We have not been in business for three complete years or more and therefore cannot include all the financial statements required by the Rule for our last three fiscal years.
EXHIBIT G
Financial Statements
Prudhomme Associates CPAs
Franchimp
Document downloaded from Franchimp.com
Member: AICPA, CSCPA
A Professional Corporation
43460 Ridge Park Drive, Suite 220 Temecula, CA 92590
To the Shareholder of Burros & Fries Franchise, Inc. 4536 Bonita Rd. Bonita, CA 91902
We hereby consent to the use of our Independent Auditor's Report dated June 22, 2022, relating to the financial statements of Burros & Fries Franchise, Inc. for the period ending December 31, 2021, with the Franchise Disclosure Document which was issued by Burros & Fries Franchise, Inc. (Franchisor) on June 30, 2022, or as it may be amended, and with the Burros & Fries Franchise, Inc. Franchise Renewal Application.
andhomum Asociates CPAS
Temecula, CA June 30, 2022
Prudhomme Associates CPAs
A Professional Corporation
43460 Ridge Park Drive, Suite 220 Temecula, CA 92590
INDEPENDENT AUDITOR'S REPORT
To the Stockholders' of Burros & Fries Franchise, Inc. Bonita, California
Opinion
A Professional Corporation
43460 Ridge Park Drive, Suite 220 Temecula, CA 92590
To the Shareholder of Burros & Fries Franchise, Inc. 4536 Bonita Rd. Bonita, CA 91902
We hereby consent to the use of our Independent Auditor's Report dated December 26, 2023, relating to the financial statements of Burros & Fries Franchise, Inc. for the period ending December 31, 2022, with the Franchise Disclosure Document which was issued by Burros & Fries Franchise, Inc. (Franchisor) on November 15, 2024, or as it may be amended, and with the Burros & Fries Franchise, Inc. Franchise Application.
mushonun Asociatos CPAS
Temecula, CA
November 15, 2024
Member: AICPA, CSCPA
Prudhomme Associates CPAs
A Professional Corporation
43460 Ridge Park Drive, Suite 220 Temecula, CA 92590
INDEPENDENT AUDITOR'S REPORT
To the Stockholders' of Burros & Fries Franchise, Inc. Bonita, California
Opinion
We have audited the financial statements of Burros & Fries Franchise, Inc. (an S Corporation), which comprise the balance sheet as of December 31, 2022, and the related statement of operations and retained earnings and of cash flows for the year then ended, and the related notes to the financial statements.
In our opinion, the accompanying financial statements referred to above present fairly, in all material respects, the financial position of Burros & Fries Franchise, Inc. as of December 31, 2022 and the results of its operations and cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.
Basis for Opinion
A Professional Corporation
43460 Ridge Park Drive, Suite 220 Temecula, CA 92590
To the Shareholder of Burros & Fries Franchise, Inc. 4536 Bonita Rd. Bonita, CA 91902
We hereby consent to the use of our Independent Auditor's Report dated November 4, 2024, relating to the financial statements of Burros & Fries Franchise, Inc. for the period ending December 31, 2023, with the Franchise Disclosure Document which was issued by Burros & Fries Franchise, Inc. (Franchisor) on November 15, 2024, or as it may be amended, and with the Burros & Fries Franchise, Inc. Franchise Application.
anollomm Assectes CAS
Temecula, CA November 15, 2024
951.676.3131 • Fax 951.676.4141 • www.prudhommecpas.com
A Professional Corporation
43460 Ridge Park Drive, Suite 220 Temecula. CA 92590
INDEPENDENT AUDITOR'S REPORT
To the Stockholders' of Burros & Fries Franchise, Inc. Bonita, California
Opinion
We have audited the financial statements of Burros & Fries Franchise, Inc. (an S Corporation), which comprise the balance sheet as of December 31, 2023, and the related statement of operations and retained earnings and of cash flows for the year then ended, and the related notes to the financial statements.
In our opinion, the accompanying financial statements referred to above present fairly, in all material respects, the financial position of Burros & Fries Franchise, Inc. as of December 31, 2023 and the results of its operations and cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.
Basis for Opinion
NOTE 5– SUBSEQUENT EVENTS
Events or transactions that occurred after December 31, 2023 up through November 4, 2024, the date the Company's financial statements were available to be issued, were reviewed for subsequent event accounting and disclosure. During this period, management believes there were no material subsequent events.
Financial Statement For Burros & Fries Franchise Inc
as of October 31, 2024
By
One Plus Tax and Accounting Inc
1747 E Morten Ave Ste 306, Ste 306 Phoenix, AZ 85020 602-249-9160
November 04, 2024
To the Board of Directors:
Burros & Fries Franchise Inc
CA
The accompanying financial statements of Burros &Fries Franchise Inc as of and for the period ended October 31, 2024, were not subjected to an audit, review, or compilation engagement by us and we do not express an opinion, a conclusion, nor provide any assurance on them.
Management has elected to omit ALL of the disclosures ordinarily included in financial statements prepared in accordance with the income tax basis of accounting. If the omitted disclosures were included in the financial statements, they might influence the user's conclusions about the company's assets, liabilities, equity, revenue, and expenses. Accordingly, the financial statements are not designed for those who are not informed about such matters.
The accompanying financial statements are intended For Management Use Only.
One Plus Tax and Accounting Inc
1747 E Morten Ave Ste 306, Ste 306 Phoenix, AZ 85020 602-249-9160
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 53)
What This Means (2024 FDD)
According to the 2024 Burros Fries Franchise Disclosure Document, the financial statements are included as Exhibit G. The document includes audited financial statements for the period from January 1, 2021, to December 31, 2021, audited financial statements for the period from January 1, 2022, to December 31, 2022, and audited financial statements for the period from January 1, 2023, to December 31, 2023, as well as unaudited financials for the period of January 1, 2024, to October 31, 2024.
Because Burros Fries has not been in business for three complete years or more, the FDD does not include all the financial statements typically required for the last three fiscal years. The inclusion of these financial statements is standard practice in franchising, as it allows potential franchisees to assess the financial stability and performance of the franchisor.
The financial statements also include reports from independent auditors, such as Prudhomme Associates CPAs, who have audited the financial statements for specific periods and provided their opinions on the fairness of the presentation of Burros Fries' financial position, results of operations, and cash flows in accordance with accounting principles generally accepted in the United States of America. Additionally, there is a financial statement for Burros & Fries Franchise Inc as of October 31, 2024, prepared by One Plus Tax and Accounting Inc; however, it was not subjected to an audit, review, or compilation engagement and is intended for management use only.