Does the Punch King Fitness FDD include audited financial statements?
Punch_King_Fitness Franchise · 2024 FDDAnswer from 2024 FDD Document
17 Beresford Court Williamsville, NY 14221 Tel: (716) 634-7253 Fax: (716) 634-0952 Email: jimdry@wddcpas.com Email: jaydry@wddcpas.com Website: www.wddcpas.com
Independent Auditor's Report
To the Board of Directors and Shareholders Punch King Fitness, Inc.
Opinion
We have audited the accompanying financial statements of Punch King Fitness, Inc., which comprise the balance sheet as of December 31, 2023, and the related statements of income and retained earnings and cash flows for the year 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 Punch King Fitness, Inc. as of December 31, 2023, and the results of its operations and its cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America.
Basis for Opinion
We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of Punch King Fitness, Inc. and to meet our other ethical responsibilities in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Source: Item 22 — CONTRACTS (FDD pages 56–215)
What This Means (2024 FDD)
Yes, the 2024 Punch King Fitness FDD includes audited financial statements. The Independent Auditor's Report states that Wittlin, Dry & Dry, LLP, certified public accountants, audited the financial statements of Punch King Fitness, Inc. The audit includes the balance sheet as of December 31, 2023, and the related statements of income and retained earnings and cash flows for the year then ended, along with related notes.
The auditor's opinion is that the financial statements present fairly, in all material respects, the financial position of Punch King Fitness, Inc. as of December 31, 2023, and the results of its operations and cash flows for the year then ended, in accordance with accounting principles generally accepted in the United States of America. The audit was conducted in accordance with auditing standards generally accepted in the United States of America, ensuring independence and adherence to ethical requirements.
Additionally, the financial statements for the year ending December 31, 2022, were also audited by the same firm, Wittlin, Dry & Dry, LLP. This audit covers the balance sheet as of that date and the related statements of income, retained earnings, and cash flows for that year. The inclusion of these audited financial statements provides prospective franchisees with a degree of confidence in the financial health and reporting practices of Punch King Fitness.