What is the fiscal year end for Endless Summer Sweets?
Endless_Summer_Sweets Franchise · 2024 FDDAnswer from 2024 FDD Document
| We have not been in business for three years or more, and therefore cannot include | |
|---|---|
| all financial statements required by the Franchise Rule of the Federal Trade Commission. | |
| Exhibit E contains our audited opening balance sheet dated December 31, 2023. Our fiscal year | |
| end is December 31st. |
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 38)
What This Means (2024 FDD)
According to Endless Summer Sweets' 2024 Franchise Disclosure Document, the company's fiscal year ends on December 31st. This is explicitly stated in Item 21, which discusses the company's financial statements. The document also includes an audited opening balance sheet dated December 31, 2023.
For a prospective franchisee, understanding the fiscal year-end is important for several reasons. It dictates the timeline for financial reporting, including income statements, balance sheets, and cash flow statements. Franchisees will need to align their own accounting practices with this fiscal year for accurate reporting to Endless Summer Sweets.
Furthermore, the fiscal year-end is relevant for tax purposes and financial planning. Franchisees should be aware of this date to properly prepare their tax filings and understand the financial performance of their franchise within the context of Endless Summer Sweets' overall fiscal year. This information is crucial for making informed business decisions and assessing the financial health of the franchise.
Given that Endless Summer Sweets had not been in business for three years or more as of the FDD date, the document notes that it cannot include all financial statements typically required by the FTC Franchise Rule. However, the inclusion of the audited opening balance sheet and the clear statement of the fiscal year-end provide essential financial context for potential franchisees.