# GOODBODY SECURITIES INC X-17A-5 (2025-02-27) — Broker-dealer annual report - Company: GOODBODY SECURITIES INC - Form: X-17A-5 - Filed: 2025-02-27 - Period: 2024-12-31 - Accession: 0001328730-25-000003 - CIK: 1328730 - File #: 8-66955 - Type: Broker-dealer - Material weakness: No - Auditor: DeMarco Sciaccotta Wilkens & Dunleavy, LLP - Auditor location: Frankfort, IL - Contact: Ian Huggard - Phone: 011 353 1 6419243 - Email: kevin.kennedy@mileyandmiley.ie - Website: goodbody.ie - Signed by: Ian Huggard (Director) Original filing: https://www.sec.gov/Archives/edgar/data/1328730/000132873025000003/gsi2024short.pdf --- {0}------------------------------------------------ ## GOODBODY SECURITIES INCORPORATED ## STATEMENT OF FINANCIAL CONDITION AND REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM ## DECEMBER 31, 2024 Kevin Kennedy NOTARY PUBLIC - COMMISSIONED FOR LIFE Address: 35 Molesworth Street, Dublin 2 Tel: 00 353 1 678 5122 Email: kevin.kennedy@mileyandmiley.ie Email: kevin.kennedy@mileyandmiley.ie Website www.mileyandmiley.ie Website www.mileyandmileyandmiley.ie For the County and City of Dublin and Counties of For the County and City of Dublin and Counties of Kildare, Wicklow and Meath l certify that the within document has been produced to mo this first r ourchy that the within document has been produced to me this day and represented as being the excipal has been produced to me this day. represented as being the original. Dated this ........... day of ... aay of ... aaa Kevin Kennedy Notary Public 4 - {1}------------------------------------------------ ## TABLE OF CONTENTS FACING PAGE OATH OR AFFIRMATION REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM STATEMENT OF FINANCIAL CONDITION NOTES TO THE FINANCIAL STATEMENTS {2}------------------------------------------------ | | UNITED STATES | | |--|---------------|--| ## SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ## ANNUAL AUDITED REPORT FORM X-17A-5 PART III | SEC FILE NUMBER | | |-----------------|--| 8-66955 (PCAOB Registration Number, if applicable) 12.00 OMB APPROVAL OMB Number: 3235-0123 Expires: November 30, 2026 Estimated average burden hours per response ... FACING PAGE Information Required Pursuant to Rules 17a-12, and 18a-7 under the Securities Exchange Act of 1934 | REPORT FOR THE PERIOD BEGINNING ______________________________________________________________________________________________________________________________________________ | 01/01/2024 AND ENDING
MM/DD/YY | 12/31/2024
MM/DD/YY | | | | | | | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------|----------------------------------------|-------------------------|--|--|--|--|--| | A. REGISTRANT IDENTIFICATION | | | | | | | | | | NAME OF FIRM: Goodbody Securities Incorporated
TYPE OF REGISTRANT (check all applicable boxes):
网Broker-dealer
D Check here if respondent is also an OTC derivatives dealer | | □Major security-based swap participant | | | | | | | | ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use P.O. Box No.) | | | | | | | | | | 9 - 12 Dawson St, Dublin 2, D02 YX99 | | | | | | | | | | | (No. and Street)
Dublin 4 | | Ireland | | | | | | | Dublin
(City) | (State) | | (Zip Code) | | | | | | | PERSON TO CONTACT WITH REGARD TO THIS FILING
lan Huggard +353 1 6419243 | | | ian.huggard@goodbody.ie | | | | | | | (Name) | (Area Code - Telephone Number) | | (Email Address) | | | | | | | | B. ACCOUNTANT IDENTIFICATION | | | | | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose opinion is contained in this Report* | | | | | | | | | | DeMarco, Sciaccotta, Wilkens & Dunleavy, LLP | (Name - if individual, state last, first, middle name) | | | | | | | | | 20646 Abbey Woods Ct N, Suite 201 | Frankfort | 11 | 60423 | | | | | | | (Address) | (City) | (State) | (Zip Code) | | | | | | | | | | 5376 | | | | | | 12/21/2010 (Date of Registration with PCAOB)(if applicable) {3}------------------------------------------------ #### FOR OFFICIAL USE ONLY \* Claims for exemption from the requirement that the annual reports of an independent public accountant must be \* Claims for exemption from the endines reports on the exemtion. Se 17 Cre 2013 of an macya-hield)(i)), if applicable. supported by a statement of facts and tircumstics on to supported by a statement of facts and circumstinces relied on as the casis of the Nation See 3) en Propons of Arm (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) currently valid OMB control number. {4}------------------------------------------------ ### OATH OR AFFIRMATION I, lan Huggard, swear (or affirm) that, to the best of my knowledge and belief, the financial report pertaining to the firm of Goodbody Securities, Inc., as of December 31, 2024, is true and correct. I further swear (or affirm) that neither the company nor any partner, officer, director, or equivalent person, as the case may be, has any proprietary interest in any account classified solely as that of a customer. Director Notary Public Kevin Kennedy NOTARY PUBLIC - COMMISSIONED FOR LIFE Address: 35 Molesworth Street, Dublin 2 Tel: 00 353 1 678 5122 Email: kevin.kennedy@mileyandmiley.ic Website www.milevandmiley.ie For the County and City of Dublin and Counties of Kildare, Wicklow and Meath ![](_page_4_Picture_6.jpeg) This filing\*\* contains (check all applicable boxes): - Z (a) Statement of financial condition. - 8 (b) Notes to consolidated statement of financial condition. - □ (c) Statement of income (loss) or, if there is other comprehensive income in the period(s) presented, a statement of - comprehensive income (as defined in § 210.1-02 of Regulation S-X). - □ (d) Statement of cash flows. - [ (e) Statement of changes in stockholders' or partners' or sole proprietor's equity. - [ (f) Statement of changes in liabilities subordinated to claims of creditors. - O (g) Notes to consolidated financial statements. - [ (h) Computation of net capital under 17 CFR 240.15c3-1 or 17 CFR 240.18a-1, as applicable. - □ (i) Computation of tangible net worth under 17 CFR 240.18a-2. - □ (j) Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240.15c3-3. - 口 (k) Computation for determination of security-based swap reserve requirements pursuant to Exhibit B to 17 CFR 240.15c3-3 or Exhibit A to 17 CFR 240.18a-4, as applicable. - O (I) Computation for Determination of PAB Requirements under Exhibit A to § 240.15c3-3. - | (m) Information relating to possession or control requirements for customers under 17 CFR 240.15c3-3. - □ (n) Information relating to possession or control requirements for security-based swap customers under 17 CFR 240.15c3-3(p)(2) or 17 CFR 240.18a-4, as applicable. - [] (o) Reconciliations, including appropriate explanations, of the FOCUS Report with computation of net capital or tangible net worth under 17 CFR 240.15c3-1, 17 CFR 240.18a-1, or 17 CFR 240.18a-2, as applicable, and the reserve requirements under 17 CFR 240.15c3-3 or 17 CFR 240.18a-4, as applicable, if material differences exist, or a statement that no material differences exist. - 口 (p) Summary of financial data for subsidiaries not consolidated in the statement of financial condition. - 区 (q) Oath or affirmation in accordance with 17 CFR 240.17a-5, 17 CFR 240.17a-12, or 17 CFR 240.18a-7, as applicable. - O (r) Compliance report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - | (s) Exemption report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - 区 (t) Independent public accountant's report based on an examination of the statement of financial condition. - □ (u) Independent public accountant's report based on an examination of the financial statements under 17 CFR 240.17a-5, 17 CFR 240.18a-7, or 17 CFR 240.17a-12, as applicable. - □ (v) Independent public accountant's report based on an examination of certain statements in the compliance report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - □ (w) Independent public accountant's report based on a review of the exemption report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - □ (x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.15c3-1e or 17 CFR 240.17a-12, as applicable. - (y) Report describing any material inadequacies found to exist or found to have existed since the date of the previous audit, or a statement that no material inadequacies exist, under 17 CFR 240.17a-12(k). [ (z) Other: \*\* To request confidential treatment of certain portions of this filing, see 17 CFR 240.17a-5(e)(3) or 17 CFR 240.18a-7(d)(2), as applicable. {5}------------------------------------------------ ![](_page_5_Picture_0.jpeg) ## REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Board of Directors Goodbody Securities Incorporated ## Opinion on the Financial Statement We have audited the accompanying statement of financial condition of Goodbody Securities Incorporal of themest") "Company") as of December 31, 2024, and the related notes (collectively referred to as the "financial statement"). "Company ) as of December 31, 2024, and the readed forespects, the financial position of Goodbody In our opinon, the maniell statement presents it in conformity with accounting principles generally accepted in the United States of America. ### Basis for Opinion This financial statement is the responsibility of the Company's management. Our responsibility is to expess and I his mancial statement is the responsibility of the Outputer. We are a public accounting firm resisted with opinion on the Company Accounting ourself Board (United States) (PCAOB) and are required to be independent the Public Company 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 we conducted our alludi in accordance about whether the financial statement is statement is siges of material misstatement, whether due to error or fraul. Our audit included performing procedures that misstatement of the financial statement, whether due to error of franch, and performing proceding the emounts and material misstatent of the manch statement, wholior on a test basis, evidence regarding the amounts and respond to most isks. Such procedures included examing, or a evaluating the accounting procipter 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. We have served as Goodbody Securities Incorporated's auditor since 2012. Frankfort, Illinois February 19, 2025 > Phone:708.489.1680 Fax:847.750.0490 I dscpagroup.com 20646 Abbey Woods Ct N, Suite 201 I Frankfort, IL 60423 {6}------------------------------------------------ ## STATEMENT OF FINANCIAL CONDITION ## As of 31st December 2024 | | S | |---------------------------------------------------------|-----------| | Assets | | | | 2,432,488 | | Cash and cash equivalents | 60,930 | | Receivables from customers | 9.537 | | Prepayments | 5.468 | | Income taxes receivable | 43,132 | | Receivable from affiliates | 2,551,555 | | Total Assets | | | Liabilities | | | | 60,930 | | Fail to receive | 42,300 | | Accounts payable and other accrued expenses | 50 | | Taxes payable | 103,280 | | Total Liabilities | | | Stockholder's Equity | | | Common stock, par value \$0.01. Authorized 3,000 shares | | | issued and outstanding 1 share at \$0.01 per share | | | | 2,057,000 | | Additional paid in capital | 391,275 | | Retained earnings | 2,448,275 | | Total stockholder's equity | | | | 2,551,555 | | Total Liabilities and Stockholder's Equity | | The accompanying notes are an integral part of these financial statements. {7}------------------------------------------------ ## Notes to Financial Statements December 31st, 2024 # 1. General Information and Summary of Significant Accounting Policies #### The Company (a) Goodbody Securities Incorporated (the "Company") was incorporated on 44 March, 2005. On 27" Goodbody Securities Incorporated (ine Company's ownership stucture, ownership structure, January 2023 FINRA approved a proposed changed than tot GBS would become the direct whereby following a reorganization of the A.L. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. Santital or f owner of the Company. The reorganization was excelled of financial impact. any changes to the Firm's existing business activities and there is no capital or financial impact. As of December 31\* 2024, the Company was a wholly owned subsidiary of Goodbody of Alliad Friday of Children of Alliad Irish Banks n Le As of December 31" 2024, the "Ounpury" was "a "molly owned subsidiary of Allied Irish Banks p.l.c. The Company is a U.S. registered broker-dealer with an office in Dublin, Ireland. GSI trades The Company is a U.S. registered broker tax an an estors. The company also distributes exclusively in Ton-OS equity securities with the more ("GBS"), its Irish affiliate, to US investors. On 24th January, 2006 the Financial Industry Regulatory Authority (FINRA) approved the On 24th January, 2006 tile Financial incorporated for membership of FINRA and as such the application of Goodbody Securities incorporation of the Securities and Exchange Act of Company is a registered broker dealer in securities under the Securities and Exchange A Company is a registered broker in Scounties of paragraph (k)(2)(i) of Rule 1503-3 of the 1934. The Company operates under the provisions of paragraphy (1) 777 Securities Exchange Act of 1934 and, accordingly, is exempt from the remaining provisions of that rule. ## (b) Basis of Preparation These Financial Statements were prepared in accordance with accounting principles generally These Financial Statements were proparia which require management to make estimates and accepted in the United States of Antence winds of assess and liabilities and disclosure of assumptions that affect the reported announts of assess and the renorted amounts assumptions that allect the reported announts on the reported amounts contingent assets and liabilities at the date of the final contingent assets and liabilities at the finances station results could differ from those estimates. ## (c) Revenue Recognition Service income is earned from an agreement with GBS whereby the Company acts as an Service income is earned from an agreement with Setween GBS and its US counterparties. introducing intermediary broker-dealer in transactions between GBS and its US satisfied introducing intermediaty broker-dealer in transactions betworld is satisfied on a The Company believes the performance obligation for provider in good standing The Company believes the performance obligation for proving the one of the company of the At the request of any of its major US institutional customers or agents of its major US institutional its research renors At the request of any of its may involusioner or agent for the distribution of its research reports. customers, GBS may invoice the customer or agent for the client. In the e customers, GBS may invoce trie customer of agent for the client. In the event that event that GSI shall Any payments that are received by 10% of these receipts to the extent that GSI shall payments are received, GBS will pay 10% of these receipts to the extent renorts, All GBS payments are received, GBS will pay 10% of these roosple to be research reports. All GBS payments to GSI will be made quarterly in arrears. The Company accounts for revenue in accordance with ASC Topic 606, Revenue from Contracts The Company accounts for revenue in accordance the following steps: (1) identify the with Customers. Revenue recognition is ueefnine announding vin the contract; (3) determine contract(s) with a customer; (2) identify the performance obligations in the contract(s) with a customer, (2) identify the performance obligations in the the transaction price, (4) anocale the transaction proo setisfies a performance obligation. contract; and (5) recognize revenue when (or as) the entity satisfies a performan Revenue from contracts with customers includes service fee income from service arrangement. Revenue from contracts with customers includes service new assessment of individual contract The recognition and measurement of tevel the hassed on the based on the are manage obligations are terms. Significant judgement is required to recognize revenue hased on the terms. Significant judgement is Tequired to receives bevenue based on the appropriate satistied at a point in time of over time, when the constraints on variable measure of the 'Ocmpany's program of program future events. {8}------------------------------------------------ ## Notes to Financial Statements December 31st, 2024 ## 1. General Information and Summary of Significant Accounting Policies (continued) (d) Income Taxes Income taxes are accounted for under the asset and liability method. Defered tax assets and Incollie taxes are accounted for and the adset and es attijbutble to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax mancial statement carrying amounts of existing towards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which theasured using effacted tax futco expected to be recovered or settled. The effect on deferred that included those temporary uncrenood are exposized in income in the period that includes the enactment date. ## (e) Fair Value of Financial Assets and Liabilities All of the Company's financial assets and liabilities are recorded at amounts that approximate fair All of the Company's financial assets and fidblikes are receivable customer, fail to receive and accrued expenses. #### Income Taxes 2. Provision for income taxes for the year ended December 31\*, 2024 includes the following amounts (the Company reports under the accrual method for tax purposes): | \$ | |-------| | 1.476 | | 4,467 | | 25 | | 25 | | 5,998 | | 0 | | 5,993 | | | The Company's effective income tax rate is higher than what would be expected if the federal The Company's encestive income before income taxes primarily because of certain expenses for statutory rate were applied to moon's tax purposes. Deferred income taxes reflect the tinancial reporting purposes that are not adductible for tax promp amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A valuation allowance for deferred tax assets was not considered necessary at December 31%, 2024. A valuation allowance for delevel tax acoute from the Company will fully realize the total deferred income tax asset as of December 31, 2024, based upon its expected future levels of taxable income. Income lax asset as of December 31, 2027, back upon to antities for federal, state or local income taxes for periods before 2020. ### 3. Cash and Cash equivalents The Company considers all highly liquid instruments with original maturities of 3 months or less at the date of purchase to be cash equivalents. {9}------------------------------------------------ ## Notes to Financial Statements December 31st, 2024 #### ব Net Capital The Company is subject to the Securities and Exchange Commission (SEC) Uniform Net Capital Rule The Company is subject to the occurner of minimal get capital as defined. At December 31\*, 2024, 1003-1 whiler requires the mailied by the SEC Uniform Net Capital Rule 15c3-1, of \$2,390,138 which was \$2,140,138 in excess of its required net capital of \$250,000. #### Related party transactions 5. GBS charges a fee for corporate administrative services. Service fee income is charged to GBS. For the year ended December 31, 2024, corporate administrative expenses and service fee income were the year ended December of, 2021, School Company has an agreement with GBS to facilitate the distribution of third-party research produced by GBS. The Company receives a fee from OBS wor providing this service. For the year ended December 31st, 2024, total fee income from GBS was \$15,000. At December 31st 2024, the Company had a net receivable from GBS of \$43,132. #### Commitments and Contingencies 6. There were no commitments or contingencies at the year end. #### Risk and Uncertainties 7. ### Customer Transactions In the normal course of business, the Company effects transactions on behalf of customers on delivery versus payment basis. If these transactions do not settle due to failure to perform by either delivery versus payment bade: in the Company may be obligated to discharge the obligation of the pourition is different the customing party and, as a result, may incur a loss if the market value of the securities is differents is differences in morrot from the contract and, as a rosal, thay that it loss to the Company is normally limited to differences in market the nom the contract anounts. The not of hose contract amounts. At December 31,2024, there were three failed trade. ### Off-Balance Sheet Risk In the normal course of business, the Company's customer activities involve the execution, settlement, and financing of various customer securities transactions. These activities may expose the fulfil it Sement, and intencing of vanous ouclomer or other broker is unable to fulfili its Contracted obligations and the Company has to purchase or sell the financial instrument underlying the contract at a loss. The Company acts as an agent for institutional customers in the purchase and sale of foreign The Company acts as an agent for inciteans all of these foreign trades through a contractures or receint version versus obligated foreign affiliate. These trades are settled on a basis of either invalve the exception and payment. In the normal course of business, the Company's activities involve the execution and settlement of various customer securities transactions. These activities may expose the Company to off-balance sheet risk in the event a counterparty is unable to fulfili its contracted obligations and the Company has to purchase or sell the financial instrument underlying the contract at a loss. The Company monitors the credit standing of all counterparties with which it conducts business. All open Oompany monitors the orouls claiming on the no resultant loss being incurred by the Company. ### Concentration of Credit Risk Concentration of Orealt Nisk Cash consists of cash deposits held in an account at a financial institution and the maximum credit risk at the financial in the amount on deposit at this institution exceeds the maximum credit its at the lindhical institution. The animal ("FDIC"). However, the company has balance insuled by the Federal Deposit mountine Continually monitors the credit risk of financial institutions where funds are held. {10}------------------------------------------------ #### Segment Reporting 8. The Company is engaged in a single line of business as a securities broker-dealer, which is an The Company is engaged in a single microl of company acts as an introducing comprised of several classes of Scribed, Includes on San and its US counterparties as well as Internediaty broker-dealer in Transacons bother of the Company's US institutional distributing independent third-party research produced by GBS to the company's US institutio distributing Theependent Thru-party Tesearch produced of operating decision maker ("CODW"), who forecasting process clents. The Company has loentilled its of the business and predominantly in the forecasting process, uses net income to evaluate the results of the business and procession (s uses net income to evaluate the results of the badiness ancess net capital (see Note 8), which is not as to manage the Company, Auditionally, the ODM docurosis anaintaining capital adequaty, such as measure of profit and loss, to make operations one the operations constitute a single operating whener to reinvest profits of pay underlus. The CODM manages the business activities segment and therefore, a single reportable segment of oblicies used to measure the profit and using information of the Company as a Miole. The acobaning of significant accounting policies. #### Subsequent Events 9. The Company has evaluated subsequent events occurring after the statement of financial condition The Company nas evaluation subsequent overlier of the secoments were issued. Based on this date December 31, 2024, through to the following event, the Company has delermined that no evaluation, with the exception of the relise disclosure or adjustment to the financial statements. The Directors agreed that it was appropriate to close the NYCB account. The NYCB account was one of The Directors agreed that it was approphiate to on. A new bank account was operations. A Fixed therefore closed enective from 17th bank account for the Company's operations. A Fixed Ireland during 2024 and this acts as the main bank account for the from 21st. Inquary 2 freland duning 2024 and this acts as the than bann bann effective from 31st January 2025. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.