# WESTBURY GROUP LLC X-17A-5 (2022-02-24) — Broker-dealer annual report - Company: WESTBURY GROUP LLC - Form: X-17A-5 - Filed: 2022-02-24 - Period: 2021-12-31 - Accession: 0001273403-22-000002 - CIK: 1273403 - File #: 8-66284 - Type: Broker-dealer - Material weakness: No - Auditor: Ohab and Company, P.A. - Auditor location: Maitland, FL - Contact: Janice Bulkley - Phone: 12038839000 - Email: jrubin@westburygroup.com - Website: westburygroup.com - Signed by: Jonathan Rubin (Managing Member) Original filing: https://www.sec.gov/Archives/edgar/data/1273403/000127340322000002/wgfinstmtsv.pdf --- {0}------------------------------------------------ #### WESTBURY GROUP LLC ## REPORT ON STATEMENT OF FINANCIAL CONDITION and Report of Independent Registered Public Accounting Firm DECEMBER 31, 2021 {1}------------------------------------------------ # **WESTBURY GROUP LLC INDEX DECEMBER 31, 2021** | Facing Page | | |---------------------------------------------------------|-----| | Report of Independent Registered Public Accounting Firm | 2 | | Statement of Financial Condition | 3 | | Notes to Statement of Financial Condition | 4-7 | {2}------------------------------------------------ | | UNITED STATES | | 0MB APPROJAL
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hours per response: 112 | |--------------------------------------------|------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | SEC FILE NUMB~R | | | | | 8-66284 | | | PART Ill | | | | | FACING PAGE | | | | | | | | | | MM/DD/VY | | MM/DD/VY | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 06880 | | | {State) | | {Zip Code) | | | | | | | | | | jrubin@westburygroup.com | | | | | I
{Email Address) | | | | | | | | | | | | | | | \
327q1 | | | | | {Zip Code) | | | | | I | | of Reg;,tratloo w;th PCAOBJ(;f applicable) | | | (PCAOB Reg;matloo N,mbe,, • •obllcable) | | | * Claims for exemption from the requirement that the annual reports be covered by the reports of an independent public | | | | | 39 RIVERSIDE AVENUE
WESTPORT | Washington, D.C. 20549
ANNUAL REPORTS
FORM X-17A-5
FILING FOR THE PERIOD BEGINNING 0 1/01 /21
NAME OF FIRM: WESTBURY GROUP LLC
TYPE OF REGISTRANT (check all applicable boxes):
□ Security-based swap dealer
D Check here if respondent is also an OTC derivatives dealer
{No. and Street)
CT
PERSON TO CONTACT WITH REGARD TO THIS FILING
203-883-9000
{Area Code -Telephone Number)
OHAB AND COMPANY, PA
100 E SYBELIAAVE, SUITE 130 MAITLAND
(City)
FOR OFFICIAL USE ONLY | SECURITIES AND EXCHANGE COMMISSION
Information Required Pursuant to Rules 17a-S, 17a-12, and 18a-7 under the Securities Exchange Act of 1934
AND ENDING 12/31 /21
A. REGISTRANT IDENTIFICATION
□ Major security-based swap participant
ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.)
B. ACCOUNTANT IDENTIFICATION
INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing*
{Name - if individual, state last, first, and middle name)
FL
{State)
1839 | accountant must be supported by a statement offacts and circumstances relied on as the basis of the exemption. See 17 CFR 240.17a-S{e){l){ii), if applicable. Persons who are to respond to the collection of information contained in this form are not required to respond unless f he form displays a currently valid 0MB control number. {3}------------------------------------------------ #### **OATH OR AFFIRMATION** ![](_page_3_Figure_1.jpeg) *\*\*To request confidential treatment of certain portio~s of this filing, see 17 CFR 240.17a-5(e}{3} or 17 CFR 2f 0.18a-7(d}t2), as applicable.* {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) 100 E. Sybelia Ave. Suite 130 Maitland, FL 32751 *Certified Public Accountants* Email: pam@ohabco. com Telephone 407-740-73 11 Fax 407-740-644 1 ## REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Directors and Members' of Westbury Group LLC #### **Opinion on the Financial Statement** We have audited the accompanying statement of financial condition of Westbury Group LLC as of De9ember 31 , 2021, and the related notes (collectively referred to as the "financial statement"). In our opinion, the financial statement presents fairly, in all material respects, the financial position of Westbury Group LLC as of December 31, 2021 in conformity with accounting principles generally accepted in the United States of America. #### **Basis for Opinion** I This financial statement is the responsibility of Westbury Group LLC's management. Our responsibility is to express an opinion on Westbury Group LLC's financial statement based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to Westbury Group LLC in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement is free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statement, whether due to error or fraud, and performing proce?ures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding th~ amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well. as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion. Ohab and Company, PA We have served as Westbury Group LLC's auditor since 2017. Maitland, Florida February 16, 2022 {5}------------------------------------------------ # **WESTBURY GROUP LLC ST AT EM ENT OF FINANCIAL CONDITION DECEMBER 31, 2021** | Assets | |--------| | | | Cash
Accounts receivable
Prepaid expenses
Operating Lease Right of Use
Deposits
Property and equipment, net | \$ | 278,109
4,754
33,667
166,027
8,550 | |----------------------------------------------------------------------------------------------------------------------------|----------------|------------------------------------------------| | Total Assets | \$ | 491,707 | | Liabilities and Members' Equity | | | | Liabilities
Accrued expenses and other liabilities
Operating Lease Liabilities
Long Term Debt | \$
\$
\$ | 95,723
166,d21
150,000 | | Total Liabilities | | 411,750 | | Commitments | | | | fv'lembers' Equity | | 79,9,57 | | Total Liabilities and Members' Equity | \$ | 491,707 | | | | I | The accompanying notes are an integral part of these financial statements. {6}------------------------------------------------ ## **NOTE 1 - Organization** Westbury Group LLC (the "Company") was incorporated under the laws of the State of Connecticut on November 13, 2003 as a limited liability company and is a registered brokerdealer with the Securities and Exchange Commission. The business purpose of the Company is to engage as a broker-dealer in the private placement of securities. On June 18, 2004, the Company was approved as a member of the Financial Industry Regulatory Authority, In~. ## **NOTE 2 - Summary of Significant Accounting Policies** The following is summary of significant accounting policies followed by the Company: #### **Accounting Method** Assets, liabilities, revenue and expenses are recorded on the accrual basis of accounting. #### **Cash and Cash Equivalents** The Company considers all highly liquid investments with a maturity of three (3) months or less when purchased to be cash equivalents. #### **Revenues from Contracts with Customers** Revenues from contracts with customers are composed of investment banking success fees and advisory fees. Investment banking success fees are recognized at the point in time when the Company's performance under the terms of the contractual arrangement is completed, which is typically at the closing of a transaction. For advisory fees, the Company receives retainers in advance bf the transaction's closing or is paid without a corresponding success fee. In these instances, revenue is recognized over time in which the performance obligations are simultaneously provided by the Company and consumed by the customer. In some circumstances, significant judgment is needed to determine the timing and measure of progress appropriate for revenue recognition under a specific cohtract. Retainers and other fees received from customers prior to recognizing revenue are reflected as contract liabilities. At December 31, 2021, there were no contract liabilities. The following table breaks down revenue for 2021 by revenue source: | \$2,1 | 44,500 | |-------------|--------| | \$ | 37,530 | | \$ | 12,500 | | \$2,194,530 | | | | | {7}------------------------------------------------ ## **NOTE 2 - Summary of Significant Accounting Policies (Continued)** #### **Recently Adopted Accounting Guidance** Effective January 1, 2019, the Company adopted FASB ASC 842, Leases. The Company recognizes a lease liability and a right of use (ROU) asset at the commencement date of the lease. The lease liability is initially and subsequently recognized based on the present value of its future lease payments. The discount rate is the implicit rate of the lease or the Company's incremental borrowing rate that it 1 would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms and in a similar economic environment. The ROU asset is subsequently measured throughout the lease term at the amount of the remeasured lease liability (i.e., present value of the remaining lease payments), plus unamortized initial direct costs, plus (minus) any prepaid (accrued) lease payments, less the unamortized balance of lease incentives received, and any impairment recodnized. Lease cost for lease payments is recognized on a straight-line basis over the lease term. #### **Use of Estimates** The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of cor tingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. #### **Accounts Receivable** Accounts receivable are recorded net of an allowance for doubtful accounts, if applicable. Management evaluates each receivable on a case-by-case basis for collectability. As of December 31, 2021 , no allowance was deemed necessary. #### **Property and Equipment** Property and equipment are recorded at cost and depreciation is computed principally on the straight-line method over one to five years. As of December 31, 2021, all prop1rty and equipment is fully depreciated. Leasehold improvements are recorded at cost and are amortized over the shorter of their useful life or the remaining term of the lease. #### **Subsequent Events** The Company has evaluated subsequent events through the date the financial stafements were issued. The Company did not identify any material subsequent events requiring adjustment to or disclosure in its financial statements. {8}------------------------------------------------ # **NOTE 3 - Property and Equipment** Property and equipment at December 31, 2021 are comprised of the following: | Leasehold improvements | \$
13,412 | | |---------------------------------------------------|--------------|--| | Furniture and fixtures | 11,123 | | | Machinery and equipment | 9,164 | | | | 33,969 | | | Less accumulated depreciation and
amortization | (33,969) | | | | \$
0 | | | | | | For the year ended December 31, 2021, depreciation and amortization expense was \$0. #### **NOTE 4 - Net Capital Requirements** The Company is subject to the Securities and Exchange Commission Uniform Net Capital Rule ("Rule 15c3-1 "), which requires the maintenance of minimum net capital and requires that the ratio of aggregate indebtedness to net capital, both as defined, shall not exceed 15 to 1 (and the rule of the "applicable" exchange also provides that equity capital may not be withdrawn or cash dividends paid if the resulting net capital ratio would exceed 10 to 1). At December 31, 2021, the Company has net capital of \$30,964, which is \$25,964 in excess of the amount required. The Company's ratio of aggregate indebtedness to net capital was 8.0 to 1 at December 31, 2021. #### **NOTE 5 - Income Taxes** No provision for income taxes has been made to the statement of operations as the Company is treated as a partnership for Federal income tax purposes. The Company's U.S. Federal and state income tax returns prior to fiscal year 2017 are closed and management continually evaluates expiring statutes of limitations, audits, proposed settlements, changes in tax law and new authoritative rulings. The Company recognizes interest and penalties associated )Nith tax matters as operating expenses and includes accrued interest and penalties with the related tax liability in the statement of financial condition. ## **NOTE 6 - Related Party Transactions** The Company paid \$596,360 of guaranteed payments to partners which are included in "bankers' fees" on the statement of operations. Guaranteed payments to partners that are designated to represent reasonable compensation for services rendered are accounted for as partnership expenses rather than as an allocation of partnership net income (loss). {9}------------------------------------------------ ## **NOTE 7 - Commitments and Contingencies** ## **Office Lease** The Company leases office space under a lease agreement that expires in June 2024. The Company classified this lease as an operating lease. Payments due under the lease contract include fixed payments plus variable payments for the Company's proportionate share of the building's property taxes, insurance, and common area maintenance. These variable lease payments are not included in lease payments used to determine lease liability and are recognized as variable costs when incurred. Future minimum lease payments will be \$68,059 in 2022, \$70,101 in 2023 and \$35,568 in 2024. The components of lease cost for the year ended December 31, 2021 are as follows: | Operating lease cost | \$66,177 | |-----------------------------|-----------| | Operating lease ROU assets | \$166,027 | | Operating lease liabilities | \$166,027 | # **NOTE 8- Long Term Debt** On June 15, 2020 the Company secured a loan of \$150,000 from the Small Business Administration under its Economic and Injury Disaster Loan program. The loan carries an interest rate of 3.75% p.a. and is secured by all the assets of the Company. Repayments commence in June 2022 with monthly instalments of \$772 applied first to accrued interest and then to principal. All balances must be repaid within 30 years of initial drawdown. 1 #### **NOTE 9 - Concentrations** One customer accounted for 57 % of the Company's total revenue in 2021. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.