Full text of SOMERSET SECURITIES, INC.'s X-17A-5 filed 2018-03-16 (period 2017-12-31). Broker-dealer annual report from SEC EDGAR — readable, searchable, and available as markdown for AI agents.
{0}------------------------------------------------ ## SOMERSET SECURITIES, INC. STATEMENT OF FINANCIAL CONDITION DECEMBER 31, 2017 # ASSETS | Cash | 14,911<br>\$ | |---------------------------------------------------------------------------------|------------------------| | Commissions receivable | 1)4,979 | | Prepaid expenses | 16,028 | | TOT AL ASSETS | \$ 145.918 | | LIABILITIES AND STOCKHOLDER'S EQUITY | | | Liabilities:<br>Commissions payable and accrued expenses | | | TOT AL LIABILITIES | 58,765<br>\lt;br>58,765 | | Stockholder's Equity | | | Common stock, \$1 par value, authorized, issued and<br>outstanding 1,000 shares | 1,000 | | Additional paid-in capital | 156,301 | | Retained earnings (deficit) | (70,148) | | TOTAL STOCKHOLDER'S EQUITY | 87,153 | | TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY | \lt;br>14~1218 | The accompanying notes are an integral part of these financial statements. {1}------------------------------------------------ ## SO:MERSET SECURITIES, lNC. NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2017 ### NOTE 1. ORGANIZATION, OPERATIONS AND SIGNIFICANT ACCOUNTING POLI-CIES Somerset Securities, Inc. (the "Company") was incorporaL~d under the laws of the Commonwealth of Massachusetts on November 1, 1996. The Company primarily sells financial products, mostly mutual funds, variable annuities, business development corporation interests, private placements and variable life insurance. The Company is registered with the Securities and Exchange Commission ("SEC") and is a member of the Financial Industry Regulatory Authority Inc. ("FINRA"). The Company receives commissions and trail fees from the sales of financial products. The Company maintains its books and records on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America. #### NOTE2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES ## Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. ### Income Taxes The amount of current and deferred taxes payable or refundable is recognized as of the date of the financial statements, utilizing…Read the full text as markdown