# SENAHILL SECURITIES, LLC X-17A-5 (2020-02-21) — Broker-dealer annual report
- Company: SENAHILL SECURITIES, LLC
- Form: X-17A-5
- Filed: 2020-02-21
- Period: 2019-12-31
- Accession: 0001564913-20-000001
- CIK: 1564913
- File #: 8-69215
- Material weakness: No
- Auditor: WithumSmith & Brown, PC
- Auditor location: New York, NY
- Contact: Kathy Efrem
- Phone: 212-897-1686
- Signed by: Gregg Sharenow (CFO)
Original filing: https://www.sec.gov/Archives/edgar/data/1564913/000156491320000001/SH19S.pdf
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# SENAHILL SECURITIES LLC
## STATEMENT OF FINANCIAL CONDITION AND INDEPENDENT AUDITORS' REPORT
DECEMBER 31, 2019
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| UNITED STATES |
|------------------------------------|
| SECURITIES AND EXCHANGE COMMISSION |
| Washington, D.C. 20549 |
| ANNUAL AUDITED REPORT |
|-----------------------|
| FORM X-17A-5 |
| PART III |
| | OMB APPROVAL |
|--------------------------|-----------------|
| OMB Number: | 3235-0123 |
| Expires: August 30, 2020 | |
| Estimated average burden | |
| ours per response 12.00 | |
| | SEC FILE NUMBER |
| 8 - | 68215 |
| | |
### FACING PAGE Information Required of Brokers and Dealers Pursuant to Section 17 of the Securities Exchange Act of 1934 and Rule 17a-5 Thereunder
| REPORT FOR THE PERIOD BEGINNING | 1/1/2019 | AND ENDING | 12/31/2019 |
|--------------------------------------------------------------------------|----------------------------------------------------------|------------|------------------------------|
| | MM/DD/YY | | MM/DD/YY |
| | A. REGISTRANT IDENTIFICATION | | |
| NAME OF BROKER-DEALER: | | | |
| SenaHill Securities, LLC | | | OFFICIAL USE ONLY |
| ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use P.O. Box No.) | | | FIRM ID. NO. |
| | 115 Broadway, 12th Floor
(No. and Street) | | |
| New York | NY | | 10006 |
| (City) | (State) | | (Zip Code) |
| NAME AND TELEPHONE NUMBER OF PERSON TO CONTACT IN REGARD TO THIS REPORT | | | |
| Kathy Efrem | | | 212-897-1686 |
| | | | (Area Code -- Telephone No.) |
| | B. ACCOUNTANT IDENTIFICATION | | |
| INDEPENDENT PUBLIC ACCOUNTANT whose opinion is contained in this Report* | | | |
| | WithumSmith + Brown, PC | | |
| | (Name -- if individual, state last, first, middle name ) | | |
| 1411 Broadway, 9th Floor | New York | NY | 10018 |
| (Address) | (City) | (State) | (Zip Code) |
| CHECK ONE:
Certified Public Accountant | | | |
| Public Accountant | | | |
| Accountant not resident in United States or any of its possessions | | | |
| | FOR OFFICIAL USE ONLY | | |
| | | | |
\*Claims for exemption from the requirement that the annual report be covered by the opinion of an independent public accountant must be supported by a statement of facts and circumstances relied on as the basis for the exemption. See section 240.17a-5(e)(2).
SEC 1410 (06-02) Potential 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 OMB control number.
AFFIRMATION
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#### AFFIRMATION
I. Gregg Sharenow, affirm that, to the best of my knowledge and belief, the accompanying financial statement(s) and supplemental schedule(s) pertaining to SenaHill Securities, LLC for year ended December 31, 2019, are true and correct. I further affirm that neither the Company nor any officer or director has any proprietary interest in any account classified solely as that of a customer.
Signature
Title
Notary Public
JANICE M. ROBERTS NOTARY PUBLIC STATE OF NEW JERSEY MY COMM. EXP. 6-21-2020 THIS JAND SUBSCRIBED BEFORE 2022.
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## **This report\*\* contains (check all applicable boxes):**
- [x] Report of Independent Registered Public Accounting Finn.
- [x] Facing Page.
- [ x] Statement of Financial Condition.
- [ ] Statement of Operations.
- [ ] Statement of Changes in Member's Equity.
- [ ] Statement of Cash Flows.
- [ ] Statement of Changes in Liabilities Subordinated to Claims of General Creditors (not applicable).
- [ ] Computation of Net Capital for Brokers and Dealers Pursuant to Rule 15c3-l
- under the Securities Exchange Act of 1934.
- [ ] Computation for Determination of Reserve Requirements for Brokers and Dealers Pursuant to Rule 15c3-3 under the Securities Exchange Act of 1934.
- [ ] Information Relating to the Possession or Control Requirements for Brokers and Dealers Pursuant to Rule 15c3-3 under the Securities Exchange Act of 1934 (not
- applicable). [ ] A Reconciliation, including appropriate explanations, of the Computation of Net Capital Pursuant to RuJe 15c3-l and the Computation for Determination of Reserve
- Requirements Under Rule l 5c3-3.
- [ ] A Reconciliation Between the Audited and Unaudited Statements of Financial Condition With Respect to Methods of Consolidation (not applicable).
- [ x] An Oath or Affinnation.
- [ ] A copy of the SIPC Supplemental Report.
- [ ] A report describing any material inadequacies found to exist or found to have existed since the date of the previous audit (Supplemental Report on Internal Control).
- [ ] Independent Auditors' Report on Internal Control Required by SEC Rule **l** 7a-5(g)(l).
- [ ] Independent Auditors' Report Regarding Rule l 5c3-3 Exemption.
- [ ] Rule 15c3-3 Exemption Report
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## **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**
To the Member of SenaHill Securities, LLC
#### **Opinion on the Financial Statement**
We have audited the accompanying statement of financial condition of SenaHill Securities, LLC (the "Company"), as of December 31 , 2019, 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 the Company as of December 31 , 2019, 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 express an opinion on this 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 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 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.
We have served as the Company's auditor since 2015.
February 17, 2020
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## **SENAHil.,L SECURITIES LLC STATEMENT OF FI A CIAL CONDITION DECEMBER 31, 2019**
#### **Assets**
| Cash | \$
476,656 |
|--------------------|---------------|
| Due from affiliate | 20,000 |
| Otber assets | 5,367 |
| Total assets | \$
502,023 |
## **Liabilities and Member's Capital**
| Total liabilities and member's capital | \$
502,023 |
|----------------------------------------|---------------|
| Member's capital | 220,343 |
| Accounts payable | \$
281 680 |
| Liabilities: | |
The accompanying notes are an integral part of this financial statement.
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## **SENAHlLL SECURITIES LLC**
## **NOTES TO FINANCIAL STATEMENT DECEMBER 31, 2019**
#### **Note 1 - Organization and nature of business**
SenaHill Securities, LLC (the "Company"), is a limited liability company. The Company is a wholly-owned subsidiary of SenaHill Advisors, LLC (the "Parent"). The Company is registered with the Securities and Exchange Commission ("SEC") and is a member of the Financial Industry Regulatory Authority. The Company provides private placement of securities and other securities services.
#### **Note 2 - Summary of significant accounting policies**
## Basis of accowlting and use of estimates
These financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP") which 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 amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.
#### Accounts receivable and contract balances
Accounts receivable are comprised of receivables for fees. The Company evaluates collectability of its accounts receivable and determines if an allowance for uncollectible accounts is necessary based on historical payment information or known customer financial concerns. There was no allowance for uncollectible accounts at December 31, 2019.
As of January I, 2019 and during the year the Company had no contract assets or contract liabilities. As of December 31, 2019, the Company had no contract assets or contract liabilities.
#### Income taxes
The Company is a single member limited liability company for federal, state, and local income tax purposes. As such, it is a disregarded entity for tax purposes and does not pay any taxes, which are borne primarily by the individual owners of its Parent. The Company does not reflect any taxes in its financial statements. The Company's income or loss is taken into consideration in the tax returns of its Parent's owners.
Management has determined that the Company had no uncertain tax positions that would require financial statement recognition. This determination will be subject to ongoing reevaluation as facts and circumstances may require.
#### **Note 3** - **Compliance with Rule 1Sc3-3**
The Company does not handle cash or securities on behalf of customers and accordingly has no obligation under SEC *Rule* I 5c3-3.
#### **Note 4 - Concentrations**
The Company maintains its cash balance at one financial institution. The Company does not consider itself to be at risk with respect to its cash balance. The Company earned 79% of its revenues from two customers.
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## **SENAHlLL SECURITIES LLC**
## **NOTES TO FINANCIAL STATEMENT DECEMBER 31, 2019**
#### **Note 5** - **Regulatory requirements**
The Company is su~ject to the SEC Uniform Net Capital Rule (Rule 15c3-l), 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. At December 31, 2019, the Company had net capital of approximately \$195,000, which was approximately \$145,000 in excess of its required net capital of \$50,000.
#### **Note 6** - **Related partv transactions**
Pursuant to a service agreement, affiliates of the Company provide various services and other operating assistance to the Company. The agreement provides for professional services, compliance, legal fees and other operating expenses. The total amount borne by the affiliates under this agreement was approximately \$884,000 for the year ended December 31 , 2019.
The agreement has a term of one year and is automatically renewed annually, unless terminated or modified by wrillen notice.
Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.