What years are covered by the audited financial statements for Caring Senior Service?
Caring_Senior_Service Franchise · 2025 FDDAnswer from 2025 FDD Document
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.
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 53)
What This Means (2025 FDD)
According to Caring Senior Service's 2025 Franchise Disclosure Document, the audited financial statements include data for the years 2022, 2023, and 2024. These financial statements consist of balance sheets as of December 31 for each of these years, along with related statements of operations, changes in partners' capital, and cash flows for the years then ended.
These audited financial statements offer prospective franchisees an overview of Caring Senior Service's financial performance over the past three years. Reviewing these statements can help potential franchisees understand the franchisor's financial stability, profitability trends, and cash flow management. This information is crucial for assessing the overall health and sustainability of the Caring Senior Service franchise system.
The inclusion of three years' worth of data allows for a more comprehensive analysis of financial trends, rather than relying on a single year's snapshot. This helps potential franchisees identify patterns and assess the consistency of Caring Senior Service's financial performance. Furthermore, the independent auditor's report provides an additional layer of assurance regarding the accuracy and reliability of the financial statements.
It's important for prospective franchisees to carefully examine these financial statements and consult with a financial advisor to fully understand the implications. Paying close attention to the notes within the financial statements is also crucial, as they provide additional context and explanations of specific items, such as the restatement mentioned in Note 10 regarding accounts receivable and revenue adjustments.