What information can be found in the financial statements of Crepe De Licious?
Crepe_De_Licious Franchise · 2025 FDDAnswer from 2025 FDD Document
Inc.**
Financial Statements December 31, 2024 and December 31, 2023
| Independent Auditor's Report 1-3 | |
|---|---|
| Financial Statements | |
| Balance Sheets 4 | |
| Statements of Income and Retained Earnings 5 | |
| Statements of Cash Flows 6 | |
| Notes to Financial Statements 7-15 | |
| Supplementary Information 16 | |
| Schedules of General and Administrative Expenses by Revenue Source 17 |
Brock, Schechter & Polakoff, LLP
726 Exchange St. | Suite 822 | Buffalo, NY 14210 Phone: 716-854-5034 | Fax: 716-854-7195
Independent Auditor's Report
To the Shareholder Crepe Delicious Holding USA, Inc.
Report on the Audits of the Financial Statements
Opinion
We have audited the financial statements of Crepe Delicious Holding USA, Inc. (a C Corporation), which comprise the balance sheets as of December 31, 2024 and December 31, 2023, and the related statements of income and retained earnings, and cash flows for the years then ended, and the related notes to the financial statements.
In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of Crepe Delicious Holding USA, Inc. as of December 31, 2024 and December 31, 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 (GAAS). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audits of the Financial Statements section of our report. We are required to be independent of Crepe Delicious Holding USA, Inc. 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 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 Crepe Delicious Holding USA, Inc.'s ability to continue as a going concern for one year after the date that the financial statements are issued.
Auditor's Responsibilities for the Audits of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists.
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 57)
What This Means (2025 FDD)
According to the 2025 Crepe De Licious Franchise Disclosure Document, the financial statements include balance sheets as of December 31, 2024, and December 31, 2023. These statements also contain information related to income, retained earnings, and cash flows for the years then ended. The financial statements also have related notes. An independent auditor's report is included, providing an opinion on the fairness of the presentation of the financial position, results of operations, and cash flows of Crepe Delicious Holding USA, Inc. in accordance with accounting principles generally accepted in the United States of America. The audit was conducted following generally accepted auditing standards (GAAS).
The financial statements also include schedules of general and administrative expenses by revenue source for additional analysis. These schedules are derived from the underlying accounting and other records used to prepare the financial statements. The auditor's report confirms that this supplementary information is fairly stated in all material respects in relation to the financial statements as a whole.
Furthermore, the financial statements adhere to FASB ASC 326 guidance concerning credit risk and credit losses related to financial assets, specifically trade accounts receivable. The adoption of this standard, effective January 1, 2023, primarily resulted in enhanced disclosures without a material impact on the financial statements. The company also evaluates subsequent events, with the latest evaluation extending through April 1, 2024, the date the financial statements were made available for issuance. Revenue recognition policies are detailed, covering fees from franchised creperies and sales of creperie products, with a focus on contracts with franchisees and restaurant customers, including the terms, rights, and collectability of consideration.