What were the total assets for Kitchen Solvers as of December 31, 2024?
Kitchen_Solvers Franchise · 2025 FDDAnswer from 2025 FDD Document
| Balance Sheets | ||||||
|---|---|---|---|---|---|---|
| December 31, 2024, 2023, and 2022 | ||||||
| Assets | 2024 | 2023 | 2022 | |||
| Current assets: | ||||||
| Cash | $ 409,936 | $ 192,541 | $ 60,708 | |||
| Accounts receivable | 63,672 | 138,673 | 140,562 | |||
| Accounts receivable - related party | 174,152 | - | - | |||
| Contract assets - Current | 138,404 | 118,404 | 98,129 | |||
| Advances receivable | - | - | 74,472 | |||
| Other receivable | - | - | 3,260 | |||
| Inventory | 28,642 | 14,106 | - | |||
| Prepaid expenses | 2,277 | 2,293 | - | |||
| Total current assets | 817,083 | 466,017 | 377,131 | |||
| Property and equipment: | ||||||
| Equipment and fixtures | 34,201 | 34,201 | 34,201 | |||
| Technology equipment and software | 109,640 | 109,640 | 109,640 | |||
| Machinery and equipment | 86,429 | 73,253 | - | |||
| Vehicles | 6,500 | - | - | |||
| Leasehold improvements | 33,841 | - | - | |||
| Totals | 270,611 | 217,094 | 143,841 | |||
| Less - Accumulated depreciation | ( 156,768) | ( 145,888) | ( 139,333) | |||
| Net property and equipment | 113,843 | 71,206 | 4,508 | |||
| Other assets: | ||||||
| Territory held for sale | 12,798 | 12,798 | 12,798 | |||
| Contract assets | 787,811 | 746,214 | 659,193 | |||
| Right of use asset - Operating leases | 13,203 | 53,324 | 63,586 | |||
| Goodwill | 366,651 | 366,651 | 366,651 | |||
| Total other assets | 1,180,463 | 1,178,987 | 1,102,228 | |||
| TOTAL ASSETS | Liabilities and Members' Equity | $ 2,111,389 | $ 1,716,210 | $ 1,483,867 |
Source: Item 23 — Receipts (FDD pages 49–190)
What This Means (2025 FDD)
According to Kitchen Solvers' 2025 Franchise Disclosure Document, the company's total assets as of December 31, 2024, were $2,111,389. This figure represents the sum of Kitchen Solvers' current assets, net property and equipment, and other assets at that specific point in time. Current assets, which are assets expected to be converted to cash within a year, totaled $817,083 and included cash, accounts receivable, contract assets, advances receivable, inventory, and prepaid expenses. Net property and equipment, representing the depreciated value of physical assets, amounted to $113,843. Other assets, a broader category including items like territory held for sale, contract assets, right-of-use assets related to operating leases, and goodwill, totaled $1,180,463.
It's important to note that these assets are presented alongside liabilities and members' equity, reflecting the fundamental accounting equation where assets equal the sum of liabilities and equity. The liabilities section details Kitchen Solvers' obligations to creditors, while members' equity represents the owners' stake in the company. The balance sheet provides a snapshot of Kitchen Solvers' financial position at the end of 2024, offering insights into its liquidity, solvency, and overall financial health.
Prospective franchisees should carefully examine these figures and compare them to previous years to identify trends and assess the company's financial stability. Analyzing the composition of assets, such as the proportion of liquid assets versus less liquid assets, can provide a better understanding of Kitchen Solvers' ability to meet its short-term obligations. Additionally, comparing these figures to those of other franchises in the kitchen remodeling industry can help potential franchisees gauge Kitchen Solvers' relative financial strength and performance.
It is also important to note that the document includes balance sheets for 2023 and 2022, allowing for a comparative analysis of Kitchen Solvers' assets over time. This historical perspective can be valuable in assessing the company's growth trajectory and identifying any significant changes in its asset base.