What years are covered by the audited financial statements of Southern Steer Franchising International, LLC?
Southern_Steer Franchise · 2025 FDDAnswer from 2025 FDD Document
n the Audit of the Financial Statements**
We have audited the accompanying financial statements of Southern Steer Franchising International, LLC, which comprise of the balance sheet as of September 30, 2024 and 2023, and the related statements of income and Stockholders deficit and cash flows for each of the two years ended September 30, 2024, and the related notes to the financial statements.
In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of Southern Steer Franchising International, LLC as of September 30,2024 and 2023 and the results of its operations and its cash flows for the years then ended September 30, 2024, in accordance with accounting principles generally accepted in the United States of America.
Basis for Opinion
We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS). 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 Southern Steer Franchising International, LLC and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audits.
Source: Item 5 — and 7 of the FDD, Section 3.1 of the Franchise Agreement and Section 4.1 of the Multi-Unit Development Agreement are hereby amended to state that payment of the initial franchise fee and development fee will be deferred until We have satisfied Our pre-opening obligations, and You have commenced business operations. (FDD pages 168–290)
What This Means (2025 FDD)
According to Southern Steer's 2025 Franchise Disclosure Document, the company provides audited financial statements for multiple years. Specifically, there is a balance sheet as of September 30, 2022, along with related statements of income and cash flows for the year then ended. Additionally, there are audited financial statements that include balance sheets as of September 30, 2024 and 2023, and related statements of income, stockholders deficit, and cash flows for each of the two years ended September 30, 2024.
These financial statements offer prospective Southern Steer franchisees insight into the company's financial performance and position over the stated periods. The inclusion of multiple years allows for a comparative analysis, which can help in identifying trends and assessing the financial stability of the franchisor.
The FDD mentions that the audit completed for the year ended September 30, 2022, was conducted by other auditors and is included separately. This suggests that Southern Steer may have changed auditors during this period. The company's financial statements are prepared in accordance with accounting principles generally accepted in the United States of America.