# CRESTA WESTHALL LLP X-17A-5 (2024-09-20) — Broker-dealer annual report - Company: CRESTA WESTHALL LLP - Form: X-17A-5 - Filed: 2024-09-20 - Period: 2024-06-30 - Accession: 0001554550-24-000004 - CIK: 1554550 - File #: 8-69126 - Type: Broker-dealer - Material weakness: No - Auditor: Sanville & Company LLC - Auditor location: Dallas, TX - Contact: Douglas Fulton - Phone: 44 20 7371 9691 - Email: dougfulton@westhall.com - Website: westhall.com - Signed by: Douglas Fulton (CCO) Original filing: https://www.sec.gov/Archives/edgar/data/1554550/000155455024000004/crestpublic.pdf --- {0}------------------------------------------------ STATEMENT OF FINANCIAL CONDITION JUNE 30, 2024 {1}------------------------------------------------ #### **UNITED STATES SECURITIES AND EXCHANGE COMMISSION** Washington, D.C. **20549** ## **ANNUAL REPORTS FORM X-17A-5 PART** Ill | 0MB APPROVAL | | |--------------------------|--| | 0MB Number: 3235-0123 | | | Expires: Nov. 30, 2026 | | | Estimated average burden | | | hours per response: 12 | | SEC FILE NUMBER 8-69126 **FACING PAGE** Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934 - FILING FOR THE PERIOD BEGINNING **07/01/2023** MM/0D/YY AND ENDING **6/30/2024** MM/DD/YY **A. REGISTRANT IDENTIFICATION** NAME oF FIRM: \_C\_re\_s\_t\_a\_W\_e\_s\_th\_a\_ll\_L\_L\_P \_\_\_\_\_\_\_\_\_\_\_\_ \_ TYPE OF REGISTRANT (check all applicable boxes): ~Broker-dealer D Security-based swap dealer D Major security-based swap participant D Check here if respondent is also an OTC derivatives dealer ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) 14 Hanover Square (No. and Street) London (City) (State) PERSON TO CONTACT WITH REGARD TO THIS FILING W1S 1HN (Zip Code) Douglas Fulton 44 20 7371 9691 dougfulton@westhall.com (Name} (Area Code -Telephone Number) (Email Address) **B. ACCOUNTANT IDENTIFICATION** INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing\* Sanville & Company LLC (Name - if individual, state last, first, and middle name) 325 North Saint Paul Street, Ste 3100 Dallas TX 75201 (Address) (City) (State) (Zip **Code)** 9/18/2003 169 (Date of Registration with PCAOB)(if applicable) **(PCAOB** Registration Number, if applicable) **FOR OFFICIAL USE ONLY** • Claims for exemption from the requirement that the annual reports be covered by the reports of an independent public accountant must be supported by a statement of facts 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 the form displays a currently valid 0MB control number. {2}------------------------------------------------ #### **OATH OR AFFIRMATION** | I,
Douglas Fulton
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81-10" | | ~ (b) Notes to consolidated statement of financial condition. | | D (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 (d) Statement of cash flows. | | (e) Statement of changes in stockholders' or partners' or sole proprietor's equity.
□ | | (f) Statement of changes in liabilities subordinat ed to claims of creditors.
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(g) Notes to consolidated financial statements. | | □
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(h) Computation of net capital under 17 CFR 240.15c3-1 or 17 CFR 240.18a-1, as applicable. | | D (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 240.15c3-3. | | D
(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. | | D (I) Computation for Determination of PAB Requirements under Exhibit A to§ 240.15c3-3. | | D (m) Information relating to possession or control requirements for customers under 17 CFR 240.15c3-3. | | 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 240.15c3-1, 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. | | D (p) Summary of financial data for subsidiaries not consolidated in the statement of financial condition. | | (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.
!!ii | | D (r) Compliance report in accordance with 17 CFR 240.17a-5 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. | | (t) Independent public accountant's report based on an examination of the statement of financial condition.
!!ii | | D (u) Independent public accountant's report based on an examination of the financial report or financial statements under 17 | | CFR 240.17a-5, 17 CFR 240.18a-7, or 17 CFR 240.17a-12, as applicable. | | D
(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 240.15c3-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). | | :---------------------------------
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□ (z) Other
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- | | .,,.To request confidential treatment of certain portions of this filing, see 17 CFR 240.17o-5(e){3} or 17 CFR 240.18a-7(d}(2}, as | | applicable. | | | {3}------------------------------------------------ ## JUNE 30, 2024 ## TABLE OF CONTENTS #### Report of Independent Registered Public Accounting Firm | Financial Statements: | Page | |----------------------------------------------------|------| | Statement of Financial Condition 1 | | | Notes to the Statement of Financial Condition 2-4 | | {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) #### Report of Independent Registered Public Accounting Firm To the Partners and Those Charged With Governance of Cresta Westhall LLP #### Opinion on the Financial Statement We have audited the accompanying statement of financial condition of Cresta Westhall LLP (the Partnership) as of June 30, 2024, and the related notes (collectively, the financial statement). In our opinion, the financial statement presents fairly, in all material respects, the financial position of the Partnership as of June 30, 2024, in conformity with accounting principles generally accepted in the United States of America. #### Basis for Opinion This financial statement is the responsibility of the Partnership's management. Our responsibility is to express an opinion on the Partnership'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 Partnership in accordance with 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. The Partnership is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Partnership's internal control over financial reporting. Accordingly, we express no such opinion. 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 statement. 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 statement. We believe that our audit provides a reasonable basis for our opinion. This is the initial year we have served as the Partnership's auditor. Dallas, Texas September 13, 2024 > 325 North Saint Paul Street Suite 3100 Dallas, Texas 75201 214.738.1998 {5}------------------------------------------------ ## STATEMENT OF FINANCIAL CONDITION JUNE 30, 2024 #### ASSETS | Cash & cash equivalents | \$
345,002 | |-----------------------------------------|---------------| | Commission receivable | 950,768 | | Deposits held with FINRA | 3,428 | | Prepaid expenses | 1,393 | | Total assets | \$ 1,300,591 | | LIABILITIES AND PARTNERS' CAPITAL | | | Liabilities: | | | Accounts payable | 12,171 | | Due to affiliates | 36,778 | | | 48,949 | | Partners' Capital | 1,251,642 | | | | | Total liabilities and partners' capital | \$ 1,300,591 | | | | #### See notes to the financial statement {6}------------------------------------------------ ## NOTES TO THE STATEMENT OF FINANCIAL CONDITION JUNE 30, 2024 #### 1. ORGANIZATION AND DESCRIPTION OF BUSINESS Cresta Westhall LLP (the "Partnership") is a Limited Liability Partnership organized in the United Kingdom effective July 6, 2012. The Partnership does business on a fully disclosed basis and, therefore, does not hold or maintain any customer accounts. The Partnership engages primarily in the private placements of securities, and serves clients in the United States and abroad. The Partnership is a registered broker under the Securities Exchange Act of 1934 and is a member of Financial Industry Regulatory Authority ("FINRA") and Securities Investor Protection Corp ("SIPC"). FINRA granted the Partnership membership effective June 17, 2013. The Partnership operates under Non-Covered Firm provision of Rule 15c3-3 of the Securities Exchange Act of 1934 which provides that the Partnership will not hold customer funds or safekeep customer securities. #### 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES #### Revenue recognition The Partnership enters into arrangements with various independent Funds and earns commissions as a distributor of subscriptions to investors. Commissions are recognized as earned based on the amount of subscriptions raised at the agreed upon rate, as defined in each agreement. Fund distribution services represent a single performance obligation and are satisfied at a point in time when an investor makes an investment in a share class of the Funds and on-going commissions are based on net asset values over the investment period. #### Income taxes The Partnership is organized as a United Kingdom ("UK") Limited Liability Partnership. The members of the partnership are all UK individuals or other UK corporate entities. Accordingly, the Partnership is not subject to United States federal or state income taxes, and therefore no provision for income taxes has been recorded in the accompanying statement of operations. #### Income tax positions The Financial Accounting Standards Board ("FASB") has issued a standard that clarifies the accounting and recognition of income tax positions taken or expected to be taken in the Partnership's income tax returns. The Partnership has analyzed tax positions taken for filing with all jurisdictions where it operates. The Partnership believes that income tax positions will be sustained upon examination and does not anticipate any adjustments that would result in a material adverse effect on the Partnership's financial condition, results of operations or cash flows. Accordingly, the Partnership has not recorded any reserves or related accruals for interest and penalties for uncertain tax positions. If the Partnership incurs interest or penalties as a result of unrecognized tax positions, the policy is to classify interest accrued with interest expense and penalties thereon with operating expenses. {7}------------------------------------------------ ## NOTES TO THE STATEMENT OF FINANCIAL CONDITION JUNE 30, 2024 #### 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) #### Use of estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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 those estimates. #### Foreign currency The functional currency for all operations of the Partnership is the United States dollar. Nonmonetary assets & liabilities are remeasured at historical rates and monetary assets and liabilities are remeasured at exchange rates in effect at the end of the year. Statement of income amounts are remeasured at average rates for the year. Gains and losses from foreign currency transactions are included in current results of operations in the accompanying statement of income. #### Current Expected Credit Losses Accounting Standards Update ("ASU") No. 2016, Financial Instruments - Credit Losses (Topic 326) introduces a credit loss methodology, Current Expected Credit Losses (CECL), which requires earlier recognition of credit losses, while also providing additional transparency about credit risk. The CECL methodology utilizes a lifetime "expected credit loss" measurement objective for the recognition of credit losses for loans, held-to-maturity securities and other receivables at the time the financial asset is originated or acquired. The expected credit losses are adjusted each period for changes in expected lifetime credit losses. The methodology replaces the multiple existing impairment methods in current U.S. GAAP, which generally require that a loss be incurred before it is recognized. For financial assets measure at amortized cost, the Company has concluded that there are de minimus expected credit losses based on the nature and contractual life or expected life of the financial assets and immaterial historic and expected losses. #### Subsequent events These financial statements were approved by management and available for issuance on the date of the Report of Independent Registered Public Accounting Firm. Subsequent events have been evaluated through this date. There were no subsequent events requiring disclosure and or adjustment. {8}------------------------------------------------ ## NOTES TO THE STATEMENT OF FINANCIAL CONDITION JUNE 30, 2024 #### 3. NET CAPITAL REQUIREMENTS The Partnership is subject to the uniform net capital requirements of Rule 15c3-1 of the Securities and Exchange Act, as amended, which requires the Partnership to maintain, at all times, sufficient liquid assets to cover indebtedness. In accordance with the Rule, the Partnership is required to maintain defined minimum net capital of the greater of \$5,000 or 6 2/3% of aggregate indebtedness. At June 30, 2024, the Partnership had net capital, as defined, of \$294,962, which exceeded the required minimum net capital of \$5,000 by \$289,962. Aggregate indebtedness at June 30, 2024 totaled \$48,949. The Partnership's percentage of aggregate indebtedness to net capital was 16.59%. #### 4. RELATED PARTY TRANSACTIONS Pursuant to a management services agreement, effective September 28, 2021, between Westhall Partners LLP ("WP LLP") and the Partnership, WP LLP agreed to pay all indirect operating expenses of the Partnership in connection with its corporate offices including administrative services and facility charges as described in the agreement. The agreement also states that the Partnership will pay all of its own direct expenses, such as legal and accounting fees, filing costs, registration and membership fees, and others as deemed necessary. #### 5. CONCENTRATIONS The Partnership received 75% of its revenue from 3 customers and the other 25% from other fund managers during the year ended June 30, 2024. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.