Where can I find the financial statements for Caring Senior Service referenced in the Disclosure Document?
Caring_Senior_Service Franchise · 2025 FDDAnswer from 2025 FDD Document
INDEPENDENT AUDITOR'S REPORT
To the Partners of Caring Senior Service Franchise Partnership, L.P.
Opinion
We have audited the accompanying financial statements of Caring Senior Service Franchise Partnership, L.P. (a Texas limited partnership) (the Partnership), which comprise the balance sheets as of December 31, 2024, 2023, and 2022, and the related statements of operations, changes in partners' capital, and cash flows for the years then ended, and the related notes to the financial statements.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Partnership as of December 31, 2024, 2023, and 2022, 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 audits in accordance with auditing standards generally accepted in the United States of America. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Partnership and to meet our other ethical responsibilities in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Restatement
As discussed in Note 10 to the financial statements, management identified accounts receivable in a prior period that were not recorded in accordance with generally accepted accounting principles. Accordingly, certain adjustments have been made to properly reflect accounts receivable and revenue in the prior period. Our opinion is not modified with respect to this matter.
Responsibilities of Management for the Financial Statements
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 53)
What This Means (2025 FDD)
According to Caring Senior Service's 2025 Franchise Disclosure Document, the independent auditor's report and the audited financial statements for Caring Senior Service Franchise Partnership, L.P. are included within the document. Specifically, the financial statements comprise the balance sheets as of December 31, 2024, 2023, and 2022, and the related statements of operations, changes in partners' capital, and cash flows for the years then ended, and the related notes to the financial statements.
The auditor's report expresses an opinion that the financial statements present fairly the financial position of the Partnership as of December 31, 2024, 2023, and 2022, 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.
It is important to note that, as discussed in Note 10 to the financial statements, management identified accounts receivable in a prior period that were not recorded in accordance with generally accepted accounting principles. Adjustments have been made to properly reflect accounts receivable and revenue in the prior period, but the auditor's opinion is not modified with respect to this matter. Prospective franchisees should carefully review these financial statements and notes, and consider discussing them with a financial advisor, to fully understand the financial condition of Caring Senior Service.