As of this FDD, where can I find the financial statements for Cornwell Quality Tools?
Cornwell_Quality_Tools Franchise · 2025 FDDAnswer from 2025 FDD Document
Independent Auditor's Report
Board of Directors of Cornwell Quality Tools Company and Subsidiary
Opinion
We have audited the accompanying consolidated financial statements of Cornwell Quality Tools Company and Subsidiary (an Ohio corporation), which comprise the consolidated balance sheet as of December 31, 2024 and 2023, and the related consolidated statements of operations, shareholders' equity, and cash flows for the years then ended, and the related notes to the consolidated financial statements.
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Cornwell Quality Tools Company and Subsidiary as of December 31, 2024 and 2023, 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 Consolidated Financial Statements section of our report. We are required to be independent of Cornwell Quality Tools Company and Subsidiary 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.
Responsibilities of Management for the Consolidated Financial Statements
Management is responsible for the preparation and fair presentation of the consolidated 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 consolidated financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about Cornwell Quality Tools Company and Subsidiary's ability to continue as a going concern within one year after the date that the consolidated financial statements are available to be issued.
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 100)
What This Means (2025 FDD)
According to Cornwell Quality Tools' 2025 Franchise Disclosure Document, Item 23 includes the Independent Auditor's Report on the consolidated financial statements. These statements comprise the consolidated balance sheets as of December 31, 2024 and 2023, along with the consolidated statements of operations, shareholders' equity, and cash flows for the years then ended, and related notes.
The auditor's report expresses an opinion on the fairness of Cornwell Quality Tools' financial position and results of operations as of those dates, in accordance with accounting principles generally accepted in the United States of America. The report indicates that the audits were conducted according to auditing standards generally accepted in the United States of America.
Additionally, the financial statements include accompanying notes that provide further details and explanations of the figures presented. These notes are integral to understanding the complete financial picture of Cornwell Quality Tools. A prospective franchisee should carefully review these audited financial statements and accompanying notes, along with the auditor's opinion, to assess the financial health and stability of the company.