What was the net income for Crab N Spice in 2023?
Crab_N_Spice Franchise · 2024 FDDAnswer from 2024 FDD Document
924 W. 75th Street Suite 120 - 189 Naperville, IL 60565 +1 (815) 348-2421 omar@napercpa.com
INDEPENDENT ACCOUNTANT AUDIT REPORT
To the Management of CRAB N SPICE GROUP
Opinion
We have audited the financial statements of CRAB N SPICE GROUP (the "Company"), which comprise the Balance Sheet as of December 31, 2023 & December 31, 2022 & December 31, 2021, the related Profit & Loss Statements, the related Statements of Cashflows, the related Statements of Shareholders' Equity, and the related notes for the twelve-month periods then ended. (collectively referred to as the "financial statements").
In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2023 & December 31, 2022 & December 31, 2021, and the results of its operations and its cash flows for the twelve-month periods 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 (GAAS). 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 Company 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 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 of 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 the Company's ability to continue as a going concern for one year after the date that the financial statements are available to be issued.
Source: Item 21 — FINANCIAL STATEMENTS (FDD pages 40–50)
What This Means (2024 FDD)
According to Crab N Spice's 2024 Franchise Disclosure Document, the financial statements include an independent accountant audit report and a profit and loss statement for the years ended December 31, 2023, December 31, 2022, and December 31, 2021. However, the provided excerpts do not contain the specific net income (or profit and loss) figures for Crab N Spice for the year 2023.
While the financial statements are mentioned and audited, the actual figures representing the net income, revenues, and expenses are not detailed in the provided excerpts. The excerpts focus on the accountant's opinion, the scope of the audit, and the responsibilities of the management in preparing the financial statements.
A prospective franchisee should request a complete copy of the audited financial statements, including the profit and loss statement, from Crab N Spice to ascertain the company's net income for 2023. This information is crucial for evaluating the financial health and stability of the franchisor before making an investment decision.