For Ledgers, what years are covered by the financial statements provided?
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.
2023 Financial Statements Restated
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 financial statements provided include balance sheets as of December 31, 2024, 2023, and 2022. These are accompanied by related statements of operations, changes in members' equity, and cash flows for the years then ended. This provides a three-year financial overview of Loyalty Business Services, LLC, formerly known as Fide Holding, LLC.
The inclusion of three years' worth of financial statements allows prospective Ledgers franchisees to review trends and assess the financial health and performance of the company over time. Analyzing these statements can help in understanding the company's revenue, expenses, profitability, and cash flow patterns.
It is important to note that the 2023 financial statements have been restated to correct a misstatement, as detailed in Note 9. This restatement involved adjustments to a note receivable and deferred revenue related to a terminated franchise agreement. While the auditor's opinion remains unmodified, prospective franchisees should carefully review Note 9 to understand the nature and impact of this prior period adjustment on the financial statements. Understanding these adjustments is crucial for an accurate assessment of Ledgers' financial performance.