Aqua-Tots Swim School

Latest FDD: 2025-05-15EducationFitness

Aqua-Tots Swim School | Item 19 Disclosure Score

Of the franchised outlets that operated during each reporting period, and could therefore have appeared in Item 19, what percentage did the franchisor disclose in its financial performance representations?
Latest filing: 2025
No Item 19 disclosureno FPR filed

In its 2025 FDD, Aqua-Tots Swim School: This filing made no Item 19 financial performance representation at all -- the franchisor disclosed no revenue, earnings, or sales figures for its franchised outlets. Franchisors are not required to make one, but its absence leaves a prospective buyer with no disclosed financial basis to evaluate the opportunity. There is no sample to score, so this is reported as a disclosure gap, not a zero.

No Item 19 disclosure
No franchised financials were disclosed in this filing. See why this matters below.
No Item 19 financial performance representation
This filing made no Item 19 financial performance representation at all -- the franchisor disclosed no revenue, earnings, or sales figures for its franchised outlets. Franchisors are not required to make one, but its absence leaves a prospective buyer with no disclosed financial basis to evaluate the opportunity. There is no sample to score, so this is reported as a disclosure gap, not a zero.
Franchised, end of year
131
Item 20 current count
Operated during period
133
Potential disclosure base
Franchised, start of year
118
Item 20 start count
Why this matters: a franchisor is not required to make an Item 19 representation, and many choose not to. But when none is made, a prospective buyer has no franchisor-disclosed revenue, earnings, or sales figures to evaluate. It is worth asking why, and what figures the franchisor is willing to provide in writing outside the FDD.
Scoring confidenceHigh confidence
The filing was read cleanly, and no judgment calls were flagged behind this finding.
This score is produced by AI-assisted extraction followed by deterministic scoring, and an unusual filing can be misread. It is a research aid, not a substitute for the disclosure document: read Item 19's tables and footnotes and Item 20's outlet tables directly, and verify any figure against the source FDD before relying on it.

Disclosure trajectory

Every scored filing on record, with the coverage shape shown in full.
2 filings
2025
FDD 05-15
No Item 19 disclosureno FPR filed

This filing made no Item 19 financial performance representation at all -- the franchisor disclosed no revenue, earnings, or sales figures for its franchised outlets. Franchisors are not required to make one, but its absence leaves a prospective buyer with no disclosed financial basis to evaluate the opportunity. There is no sample to score, so this is reported as a disclosure gap, not a zero.

No Item 19 financial performance representation
This filing made no Item 19 financial performance representation at all -- the franchisor disclosed no revenue, earnings, or sales figures for its franchised outlets. Franchisors are not required to make one, but its absence leaves a prospective buyer with no disclosed financial basis to evaluate the opportunity. There is no sample to score, so this is reported as a disclosure gap, not a zero.
Franchised, end of year
131
Item 20 current count
Operated during period
133
Potential disclosure base
Franchised, start of year
118
Item 20 start count
Why this matters: a franchisor is not required to make an Item 19 representation, and many choose not to. But when none is made, a prospective buyer has no franchisor-disclosed revenue, earnings, or sales figures to evaluate. It is worth asking why, and what figures the franchisor is willing to provide in writing outside the FDD.
Scoring confidenceHigh confidence
The filing was read cleanly, and no judgment calls were flagged behind this finding.
This score is produced by AI-assisted extraction followed by deterministic scoring, and an unusual filing can be misread. It is a research aid, not a substitute for the disclosure document: read Item 19's tables and footnotes and Item 20's outlet tables directly, and verify any figure against the source FDD before relying on it.
2024
FDD 05-15
No Item 19 disclosureno FPR filed

This filing made no Item 19 financial performance representation at all -- the franchisor disclosed no revenue, earnings, or sales figures for its franchised outlets. Franchisors are not required to make one, but its absence leaves a prospective buyer with no disclosed financial basis to evaluate the opportunity. There is no sample to score, so this is reported as a disclosure gap, not a zero.

No Item 19 financial performance representation
This filing made no Item 19 financial performance representation at all -- the franchisor disclosed no revenue, earnings, or sales figures for its franchised outlets. Franchisors are not required to make one, but its absence leaves a prospective buyer with no disclosed financial basis to evaluate the opportunity. There is no sample to score, so this is reported as a disclosure gap, not a zero.
Franchised, end of year
118
Item 20 current count
Operated during period
119
Potential disclosure base
Franchised, start of year
107
Item 20 start count
Why this matters: a franchisor is not required to make an Item 19 representation, and many choose not to. But when none is made, a prospective buyer has no franchisor-disclosed revenue, earnings, or sales figures to evaluate. It is worth asking why, and what figures the franchisor is willing to provide in writing outside the FDD.
Scoring confidenceHigh confidence
The filing was read cleanly, and no judgment calls were flagged behind this finding.
This score is produced by AI-assisted extraction followed by deterministic scoring, and an unusual filing can be misread. It is a research aid, not a substitute for the disclosure document: read Item 19's tables and footnotes and Item 20's outlet tables directly, and verify any figure against the source FDD before relying on it.

How is the Franchise Signal Disclosure Score Measured?

Neutral, reproducible, and extracted from the FDD.

Coverage is franchised units revenue metrics (individual, cohort based, average, or median) disclosed in Item 19 divided by franchised units that operated during the period (Item 20). The operated-during-period denominator is deliberate: it includes new units, transferred units, units that may not have been included by the franchisor for specific reasons, and closed units.

Coverage=Item 19 franchised units disclosedunits reporting revenue that the franchisordisclosed in the financial performance representation *Item 20 franchised units that operatedevery franchised unit open at any point during the reporting period=%This includes all units operating during the period (including new units that maynot have operated a full year, and any units closed during the period).
* What counts as a disclosed unit, and how cohort, average, and median figures are handled, is defined in the score methodology.
What does this score mean? How is it calculated? (score methodology)
FAQs

The disclosure score is the share of franchised outlets that operated during the reporting period (Item 20 base) that the franchisor actually included in its Item 19 financial performance representation. A higher share means the reported revenue figures reflect more of the real system.

It measures how much of the franchised system that actually operated during the reporting period was disclosed in the Item 19 financial performance representation. It is a disclosure-breadth measure of top-line revenue coverage, not a measure of business quality, profitability, or returns.

0% is a measured finding: a franchised base operated and none of it was disclosed in Item 19. A no-disclosure flag means the franchisor made no Item 19 financial performance representation at all - there is no sample to score, but the total absence of disclosed financials is itself flagged as a material gap for a prospective buyer rather than treated as a neutral non-event. n/a means there was genuinely nothing to score for a benign reason - no franchised base had completed the period yet, the franchised revenue was disclosed on a grain that cannot be mapped to individual outlets, or the underlying data was not retrievable from the source. A coverage figure that blends geographies is shown exactly as computed - our unit base now covers all geographies the FDD disclosed, and any residual mismatch is noted in the scoring-confidence footnote. If coverage computes above 100%, a sign the two counts are still not like-for-like, the raw figure is displayed with a caution flag and marked low confidence for review, never clamped or hidden.

Section-specific questions to raise in diligence. Always verify against the source FDD.
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Key Insights
  • This score is the share of the franchised outlets operating during the period (the Item 20 base) whose top-line revenue the franchisor disclosed in Item 19 - it tells you how much of the system the reported figures represent.
  • See "Where the missing units went" below for exactly which units were not specifically included in Item 19. New and closed units may not be included for mechanical reasons; Ask about all units excluded and how they may have impacted overall reported performance.

Understand This Score

Walk through what Aqua-Tots Swim School's Item 19 disclosure score means and add it to your diligence checklist.

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Disclosure

The Item 19 Disclosure Score measures disclosure only. It is not a recommendation and does not represent business quality or franchise performance. Franchise Signal is an independent research platform, not affiliated with or endorsed by any franchisor. Always verify against the source FDD.