What statements are included in the audited financial statements of Loyalty Business Services, LLC, according to the Ledgers FDD opinion?
Ledgers Franchise · 2025 FDDAnswer from 2025 FDD Document
We have audited the accompanying financial statements of Loyalty Business Services, LLC (formerly Fide Holding, LLC) (a limited liability company), which comprise the balance sheets as of December 31, 2024, 2023 and 2022, and the related statements of operations, changes in members' equity, and cash flows for the years then ended, and the related notes to the financial statements.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Loyalty Business Services, LLC as of December 31, 2024, 2023 and 2022, 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.
As discussed in Note 9 to the financial statements, the 2023 financial statements have been restated to correct a misstatement. Our opinion is not modified with respect to this matter.
Source: Item 22 — CONTRACTS (FDD page 46)
What This Means (2025 FDD)
According to Ledgers' 2025 Franchise Disclosure Document, the audited financial statements of Loyalty Business Services, LLC include several key components. The auditor's opinion states that the financial statements comprise balance sheets as of December 31 for the years 2024, 2023, and 2022. These statements also include operations, changes in members' equity, and cash flows for the years then ended, along with related notes.
The auditor believes that these financial statements present fairly the financial position of Loyalty Business Services, LLC as of the specified dates, and the results of its operations and cash flows align with accounting principles generally accepted in the United States of America. This opinion provides a level of assurance to prospective franchisees regarding the financial health and reporting practices of Ledgers.
Additionally, the FDD notes that the 2023 financial statements were restated to correct a misstatement, but this restatement did not modify the auditor's overall opinion. This indicates that while there was an error, it was identified and corrected, and the auditor still stands by the fairness of the presented financial information. Prospective franchisees should review Note 9 to understand the nature of this restatement.