# CILLIAN HOLDINGS, LLC X-17A-5 (2022-05-25) — Broker-dealer annual report - Company: CILLIAN HOLDINGS, LLC - Form: X-17A-5 - Filed: 2022-05-25 - Period: 2021-12-31 - Accession: 0001490302-22-000001 - CIK: 1490302 - File #: 8-68572 - Type: Broker-dealer - Material weakness: No - Auditor: Tuttle & Bond, PLLC - Auditor location: Fredericksburg, TX - Contact: Jeremy O'Friel - Phone: 212-406-3610 - Email: jeremy@belmontinvestments.com - Website: belmontinvestments.com - Signed by: Jeremy O'Friel (CEO) Original filing: https://www.sec.gov/Archives/edgar/data/1490302/000149030222000001/BelmontPublic21.pdf --- {0}------------------------------------------------ # BELMONT CAPITAL STATEMENT OF FINANCIAL CONDITION DECEMBER 31, 2021 {1}------------------------------------------------ | |

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| | | | | :# \$*&)/\$'+ &%)&\$+)(, )\$%++++%%,#)'&)+*&-)0+)'&)+*&% %'%%+',# | | | | | &,%+%+\$,\*+\*,''&)+0\*++\$%+&+\*% ),\$\*+%\*)# &%\*+\* \*&+/\$'+ &%3<@ =>;3<@5?898<98 91 ''# #3 **&'#"'+#&(#&'\$#"(#(# (#"#"#&!(#"#"(""('#&!&"#(&%)&(#&'\$#")" ''(#&! '\$ -')&&"( -\* #"(&# ")!&/** {2}------------------------------------------------ ### **OATH OR AFFIRMATION** | Jeremy O'Friel
I, | | | swear (or affirm) that, to the best of my knowledge and belief, the | |--------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------|------------------------------------------------------------------------------------------------------------------------------------------| | financial report pertaining to the firm of | 2~
Belmont Capital | | . as of | | December 31 | | | is true and correct. I further swear (or affirm) that neither the company nor any | | as that of a customer. | Anluanel Concha
NOTARY PUBLIC- STATE OF NEW YORK
No. 01COi213859
ualifled in Nassau County
ion expires on November 23, 2025
in Kings, New York and Queens Counties | Signature:
Title: CEO | partner, officer, director, or equivalent person, as the case may be, has any proprietary interest in any account classified solely
~ | | Notary Public | | |---------------|--| |---------------|--| ### **This filing\*\* contains (check all applicable boxes):** - IXl (a) Statement of financial condition. - IXI (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 5-X). - D (d) Statement of cash flows. - □ (e) Statement of changes in stockholders' or partners' or sole proprietor's equity. - D (f) Statement of changes in liabilities subordinated to claims of creditors. - D (g) Notes to consolidated financial statements. - D (h) Computation of net capital under 17 CFR 240.1Sc3-1 or 17 CFR 240.18a-1, as applicable. - □ (i) Computation of tangible net worth under 17 CFR 240.18a-2. - D (j) Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240.1Sc3-3. - D (k) Computation for determination of security-based swap reserve requirements pursuant to Exhibit B to 17 CFR 240.1Sc3-3 or Exhibit A to 17 CFR 240.18a-4, as applicable. - D (I) Computation for Determination of PAB Requirements under Exhibit A to§ 240.1Sc3-3. - D (m) Information relating to possession or control requirements for customers under 17 CFR 240.1Sc3-3. - D (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. - D (o) Reconciliations, including appropriate explanations, of the FOCUS Report with computation of net capital or tangible net worth under 17 CFR 240.1Sc3-l, 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. - D (p) Summary of financial data for subsidiaries not consolidated in the statement of financial condition. - IXl (q) Oath or affirmation in accordance with 17 CFR 240.l 7a-S, 17 CFR 240.17a-12, or 17 CFR 240.18a-7, as applicable. - D (r) Compliance report in accordance with 17 CFR 240.17a-S or 17 CFR 240.18a-7, as applicable. - D (s) Exemption report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - \xi (t) Independent public accountant's report based on an examination of the statement of financial condition. - D (u) Independent public accountant's report based on an examination of the financial report or financial statements under 17 CFR 240.17a-S, 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. - D (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. - D (x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.1Sc3-le or 17 CFR 240.17a-12, as applicable. - D (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.* {3}------------------------------------------------ # BELMONT CAPITAL FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2021 ## Table of Contents | Report of Independent Registered Public Accounting firm | | |---------------------------------------------------------|-----| | Statement of Financial Condition | | | Notes to Financial Statement | 3-5 | {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) ### **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 7RWKH&(2DQG0DQDJLQJ3DUWQHURI%HOPRQW&DSLWDO ### **Opinion on The Financial Statements** We have audited the accompanying statement of financial condition of %HOPRQW &DSLWDO (the "Company") as of 'HFHPEHU 31, 202, and the related QRWHV (collectively referred to as WKH "financial statement"). In our opinion, EDVHG RQ RXU DXGLW DQG WKH UHSRUW RI RWKHU DXGLWRUV the financial FRQGLWLRQ presentV fairly, in all material respects, the financial position of the Company as of 'HFHPEHU 31, 202, in conformity with accounting principles generally accepted in the United States of America. ### **Basis for Opinion** 7KLV financial statement LV the responsibility of the Company's management. Our responsibility is to express an opinion on the Company'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 the 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 WKHstandards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement LV free RI 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 procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the 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 RXU audit DQGWKHUHSRUWRIWKHRWKHUDXGLWRUVprovides a reasonable basis for our opinion. )UHGHULFNVEXUJ, Texas **0D\ , 202** We have served as %HOPRQW&DSLWDO's auditor since 202. {5}------------------------------------------------ # BELMONT CAPITAL # STATEMENT OF FINANCIAL CONDITION December 31, 2021 ### ASSETS | Cash | \$ 20,947 | |---------------------|-----------| | Accounts receivable | 5,169 | | Prepaid expenses | 1,202 | | Due from affiliate | 47,985 | | Total assets | \$ 75.303 | ## LIABILITIES AND MEMBER'S CAPITAL # Liabilities: | Accounts payable and accrued expenses | \$ 30,330 | |---------------------------------------|-----------| | Capital | 44.973 | | Total liabilities and capital | \$ 75.303 | The accompanying notes are an integral part of this financial statement. {6}------------------------------------------------ # BELMONT CAPITAL NOTES TO FINANCIAL STATEMENT DECEMBER 31, 2021 #### Note 1 -Nature of Business Cillian Holdings, LLC, dba Belmont Capital, a Limited Liability Company ("The Company"), is a New York company conducting business as a broker/dealer in securities. The Company is a sponsor of private investment funds that are registered as exempted companies with limited liability under the laws of the Caymen Islands. The Company is registered as a Commodity Pool Operator with the National Futures Association ("NFA"). The Company amended its membership agreement with FINRA on October 2, 2020 and will not claim exemption from the provisions of Rule 15c3-3 of the SEC, in reliance on footnote 74 to SEC Release 34-70073. #### Note 2 - Summary of Significant Accounting Policies #### Revenue Recognition a) The Company enters into arrangements with pooled investment vehicles (funds) to distribute shares to investors. The Company receives sponsor fees paid by the fund over time based upon the value of the funds. The Company believes that its performance obligation is the continued investment from investors and as such this is fulfilled on a continuous basis. Sponsorship fee are variable amounts recognized to the extent it is probable that a significant revenue reversal will not occur once the uncertainty is resolved. For variable amounts, as the uncertainty is dependent on the value of the shares at future points in time as well as the length of time the investor remains in the fund, both of which are highly susceptible to factors outside the Company's influence, the Company does not believe that it can overcome this constraint until the market value of the fund and the investor activities are known, which are usually monthly or quarterly. The Company earns commissions with the funds when the underlying fund manager generates commissions from its brokerage trading. The Company believes that the performance obligation is satisfied on the trade date because that is when the underlying financial instrument or purchaser is identified, the pricing is agreed upon and the risks and rewards of ownership have been transferred to/from the customer. b) Cash > The Company maintains cash in bank accounts which, at times, may exceed federally insured limits or where no insurance is provided. The Company has not experienced any losses in such accounts and does not believe it is exposed to any significant credit risk on cash and cash equivalents. #### Income Taxes c) Income taxes are not payable by, or provided for, the Company, since the Company is a Single Member Limited Liability Company. The accompanying financial statements have been adjusted to provide for unincorporated business tax based upon Company income, if applicable. {7}------------------------------------------------ # BELMONT CAPITAL NOTES TO FINANCIAL STATEMENT DECEMBER 31, 2021 ## Note 2 - Summary of Significant Accounting Policies (continued) #### Use of Estimates d) Management uses estimates and assumptions in preparing financial statements. Those estimates and assumptions affect the reported amounts of assets and liabilities, and the reported amounts of revenues and expenses. Actual results may differ from those estimates. #### e) Subsequent Events Management has evaluated subsequent events that have occurred as of May 25, 2022, the date the financial statements were issued. #### Financial Instruments with Off-Balance Sheet Credit Risk Note 3 - At December 31, 2021, the Company does not hold any financial instruments with off-balance-sheet risk. At certain times throughout the year, the Company may maintain bank account balances in excess of federally insured limits. #### Commitments and Contingencies Note 4 - The Company Leases its office space on a one-year term, ending December 31, 2021, at \$2,456 per month. Per the terms of the lease agreement, the lease automatically renewed for a one-year term, ending December 31, 2022. The lease automatically renews each year for one-year terms unless terminated by either party with a 90-day notice period. #### Related Party Transactions Note 5 - The Company is a sponsor of six investment funds and the Member of the Company is also a director of each of these funds. As a sponsor, the Company earned management and sponsor fees of \$945,724 during the fiscal year for the six funds. In addition, the Company also earned commission revenue of \$35,321. The company advanced \$47,985 to an affiliate in a non-interest bearing loan, as shown on the statement of financial condition. # Note 6 - The Company is subject to the Securities and Exchange Commission's Net Capital 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 1500%. At December 31, 2021, the Company's net capital (Deficit) of \$(9,383) which was \$(14,383) less than its required net capital of\$5,000. The Company's capital ratio was (323.24%). {8}------------------------------------------------ # BELMONT CAPITAL NOTES TO FINANCIAL STATEMENT DECEMBER 31, 2021 #### Note 7 - Risks and Uncertainties In March 2020, the World Health Organization (WHO) declared COVID-19 a global pandemic. This pandemic event has resulted in significant business disruptions and uncertainty in both global and U.S. markets. While management believes the Company is in an appropriate position to weather the potential shortterm effects of these world-wide events, the direct and long-term impact to the Company and its financial statements is undetermined at this time. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.