What was the total amount of total assets for Caring Senior Service in 2024?
Caring_Senior_Service Franchise · 2025 FDDAnswer from 2025 FDD Document
ts December 31, 2024, 2023, and 2022**
| 2024 | 2023 | 2022 | |
|---|---|---|---|
| ASSETS | |||
| Current Assets | |||
| Cash and cash equivalents | $ 519,628 | $ 257,005 | $ 130,008 |
| Acounts receivable: | |||
| Trade | 82,374 | 23,729 | 44,144 |
| Related party | 6,513 | 430 | 37,869 |
| Prepaid expenses | 3,924 | 16,484 | 63,733 |
| Total Current Assets | 612,439 | 297,648 | 275,754 |
| Property and equipment, net of depreciation | - | 5,627 | 15,271 |
| Notes receivable | 51,846 | - | 12,000 |
| TOTAL ASSETS | $ 664,285 | $ 303,275 | $ 303,025 |
| LIABILITIES AND PARTNERS' CAPITAL (DEFICIT) | |||
| Current Liabilities | |||
| Accounts payable: | |||
| Trade | $ 220,999 | $ 229,137 | $ 238,542 |
| Related party | 2,858 | 3,232 | 528 |
| Accrued state franchise taxes | 23,126 | 17,941 | 10,738 |
| Advances from related party | 95,535 | 97,126 | 54,538 |
| Current portion of interest payable | 30,900 | - | - |
| Current portion of long-term debt | 6,750 | 16,921 | 10,037 |
| Current portion of note payable from related party | 6,845 | 3,869 | - |
| Deferred franchise fees | 133,181 | 94,937 | 53,970 |
| Total Current Liabilities | 520,194 | 463,163 | 368,353 |
| Non-Current Liabilities | |||
| Interest payable | 6,312 | - | - |
| Long-term debt, net of current portion | 499,258 | 497,222 | 512,946 |
| Note payable from related party | 189,285 | 196,131 | - |
| Total Non-Current Liabilities | 694,855 | 693,353 | 512,946 |
| TOTAL LIABILITIES | 1,215,049 | 1,156,516 | 881,299 |
| Partners' Capital | |||
| Partners' Capital (Deficit) - restated | 32,875 | (386,141) | (211,174) |
| Less: receivables from partner-owned entities | (583,639) | (467,100) | (367,100) |
| Total Partners' Capital (Deficit) | (550,764) | (853,241) | (578,274) |
| TOTAL LIABILITIES AND | $ 664,285 | $ 303,275 | $ 303,025 |
Source: Item 23 — RECEIPTS (FDD pages 53–204)
What This Means (2025 FDD)
According to Caring Senior Service's 2025 Franchise Disclosure Document, the total assets for the company in 2024 were $664,285. The FDD also includes the total assets for the previous two years, with total assets of $303,275 in 2023 and $303,025 in 2022. This figure represents the sum of Caring Senior Service's current assets, property and equipment (net of depreciation), and notes receivable.
When evaluating a franchise, a prospective franchisee should consider the trend in asset values over several years. An upward trend in total assets may indicate growth and financial stability, while a downward trend could raise concerns. It is important to note that these figures reflect the financial position of the franchisor, Caring Senior Service Franchise Partnership, L.P., and not the financial performance of individual franchise units.
It is also important to consider the liabilities of Caring Senior Service. In 2024, total liabilities amounted to $1,215,049, which exceeds the total assets. This results in a negative partners' capital (deficit) of ($550,764). This could be a point of concern for potential franchisees, and further investigation into the franchisor's financial health may be warranted.
Prospective franchisees should consult with a financial advisor to fully understand the implications of the franchisor's financial statements. Understanding the franchisor's financial position can help franchisees assess the stability and potential risks associated with investing in a Caring Senior Service franchise.