For Closet Storage Concepts, on what page of the financial statements can I find the Balance Sheet?
Closet_Storage_Concepts Franchise · 2025 FDDAnswer from 2025 FDD Document
INDEPENDENT AUDITORS' REPORT
To the Shareholder Closets Unlimited of New Jersey, Inc. West Berlin, New Jersey
Opinion
We have audited the accompanying financial statements of Closets Unlimited of New Jersey, Inc. (a NJ corporation), which comprise the balance sheet as of December 31, 2023, and the related statements of operations, retained earnings, and cash flows for the year 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 Closets Unlimited of New Jersey, Inc. as of December 31, 2023, and the results of its operations and their cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America.
Basis for Opinion
We conducted our audit 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 Closets Unlimited of New Jersey, Inc. and to meet our other ethical responsibilities in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for 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.
In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about Closets Unlimited of New Jersey, Inc.'s ability to continue as a going concern within one year after the date that the financial statements are available to be issued.
Page 1
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 59)
What This Means (2025 FDD)
According to Closet Storage Concepts' 2025 Franchise Disclosure Document, the balance sheet as of December 31, 2023, can be found on page 1 of the financial statements. This is indicated in the Independent Auditors' Report. The report covers the financial statements of Closets Unlimited of New Jersey, Inc., which includes the balance sheet, statements of operations, retained earnings, and cash flows for the year ending December 31, 2023, along with related notes.
The Independent Auditors' Report confirms that the financial statements present fairly the financial position of Closets Unlimited of New Jersey, Inc. as of December 31, 2023, in accordance with accounting principles generally accepted in the United States of America. This report is crucial for prospective franchisees as it provides an audited overview of the company's financial health.
For a potential Closet Storage Concepts franchisee, knowing the location of the balance sheet is essential for conducting thorough due diligence. The balance sheet offers a snapshot of the company's assets, liabilities, and equity at a specific point in time, which is a key indicator of its financial stability. Reviewing this statement, along with the other financial statements mentioned, can help a franchisee assess the financial risks and opportunities associated with investing in a Closet Storage Concepts franchise.