# SPURRIER CAPITAL PARTNERS LLC X-17A-5 (2018-03-01) — Broker-dealer annual report - Company: SPURRIER CAPITAL PARTNERS LLC - Form: X-17A-5 - Filed: 2018-03-01 - Period: 2017-12-31 - Accession: 0001621966-18-000001 - CIK: 1621966 - File #: 8-69540 - Material weakness: No - Auditor: LERNER & SIPKIN CPAS, LLP - Auditor location: NEW YORK, NY - Contact: JOHN FULVIO - Phone: 212-490-3113 - Email: lslpkln@leroerslpklo.com - Website: leroerslpklo.com - Signed by: CLARK SPURRIER (CEO) Original filing: https://www.sec.gov/Archives/edgar/data/1621966/000162196618000001/scppublic.pdf --- {0}------------------------------------------------ # SPURRIER CAPITAL PARTNERS LLC # STATEMENT OF FINANCIAL CONDITION FOR THE YEAR ENDED DECEMBER 31, 2017 {1}------------------------------------------------ UNITEOSTATES SECURITIESAND EXCHANGECOMMISSION Washington, D.C. 20549 OMB APPROVAL OMB Number: 3235-0123 Expires: August 31, 2020 Estimated average burden hours per response ...... 12.00 SEC FILE NUMBER S-69540 # **ANNUAL AUDITED REPORT FORM X-17A-5 PART Ill** FACING PAGE | DING December 31
AND E
A. REGISTRANT IDENTIFICATION
ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use P.O. Box No.)
10022
(Zip Code)
D TELEPHONE NUMBER OF PERSON TO CONTACT IN REGARD TO THIS REPORT | , 2017
MM/DOIYY
OFFICIAL USE ONLY
FIRM l.D. NO. | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (Area Code - Telephone umber) | | B. ACCOUNTANT IDENTIFICATION | | | I DEPE DENT PUBLIC ACCOUNT ANT whose opinion is contained in this Report* | | | | | | NY | 10038 | | (State) | (Zip Code) | | | | | | ame - if individual. state last. first. middle name)
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. I 7a-5(e)(2)* > 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. {2}------------------------------------------------ ### OATH OR AFFIRMATION | ---
l Clark Spurrier
, | • swear (or affirm) that, to the best of | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | my knowledge and belief the accompanying financial statement and supporting schedules pertaining to the firm of
Spurrier Capital Partners LLC | , as | | of December 31 | • 20 17
• are true and correct. I further swear (or affirm) that | | classified solely as that of a customer, except as follows: | neither the company nor any partner, proprietor, princ;pal officer or director has any proprietary interest in any account | | ALLISON POON
Notary Publlc, State of NewYork
No.01PCMS301036
QuaJlfled In New York County
CommlNlon Explree April 14, 2018
~·-- | CEO
Title | | Public
This report ** contains (check all applicable boxes):
0 (a) Facing Page .
./ (b) Statement of Financial Condition.
(c) Statement of Income (Loss).
(d) Statement of Changes in Financial Condition.
(e) Statement of Changes in Stockholders' Equity or Partners' or Sole Proprietors' Capital.
(t) Statement of Changes in Liabilities Subordinated to Claims of Creditors.
(g) Computation of Net Capital.
(h) Computation for Determination of Reserve Requirements Pursuant to Rule l 5c3-3.
(i) Information Relating to the Possession or Control Requirements Under Rule l 5c3-3.
(J)
Computation for Determination of the Reserve Requirements Under Exhibit A of Rule I 5c3-3.
consolidation.
§ (I) An Oath or Affirm.ation.
(m) A copy of the SJPC Supplemental Report. | A Reconciliation, including appropriate explanation of the Computation ofNet Capital Under Rule l 5c3-I and the
0 (k) A Reconciliation between the audited and unaudited Statements of Financial Condition with respect to methods of
(n) A report describing any material inadequacies found to exist or found to have existed since the date of the previous audit. | | **For conditions of confidential treatment of certain portions of this filing, see section 240. I 7a-5(e){3). | | {3}------------------------------------------------ # SPURRIER CAPTTAL PARTNERS LLC STATEMENT OF FINANCIAL CONDITION DECEMBER 31, 2017 ### ASSETS | Cash and cash equivalents | \$
1,967,975 | |-----------------------------------------------------------------|-----------------| | Security deposit | 347,948 | | Furniture and equipment, and capitalized web site costs (net of | | | accumulated depreciation and amortization of \$264, 192) | 222,952 | | Other assets | 361,400 | | Prepaid expenses | 75,386 | | TOT AL ASSETS | 3,743,595 | | LIABILITIES & MEMBER'S EQUITY | | | LIABILITIES | | | Accrued expenses and other liabilities | \$
119,941 | | Deferred rent | 29,264 | | TOTAL LIABILITIES | 149,205 | | MEMBER'S EQUITY | 3,594,390 | | TOT AL LIABILITIES AND MEMBER'S EQUITY | \$
3,743,595 | The accompanying notes are an integral part of this statement. {4}------------------------------------------------ ### SPURRIER CAPITAL PARTNERS LLC NOTES TO FINANCIAL ST A TEMENTS FOR THE YEAR ENDED DECEMBER 31, 2017 ### 1. NOTES ON SIGNIFICANT BUSINESS ACTIVITIES Spurrier Capital Partners LLC, (the "Company") was organized under the Limited Liability Company Laws of the State of New York in May 2009. The Company is a registered broker-dealer with the Securities and Exchange Commission and a member of the Financial Industry Regulatory Authority ("FINRA'). The principal source of the Company's income is through investment advisory services and private placements of securities. ### 2. SIGNIFICANT ACCOUNTING POLICIES The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions in determining the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from these estimates. The Company maintains cash and cash equivalents with financial institutions. Funds deposited with a single bank are insured up to \$250,000 in the aggregate by the Federal Deposit Insurance Corporation ("FDIC"). Cash deposited with a single brokerage institution are insured up to \$500,000 per customer, including up to \$250,000 for cash deposits, by the Securities Investor Protection Corp. ("SIPC"). The Company considers all highly liquid instruments purchased with a maturity date of three months or less when purchased to be cash equivalents ### 3. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers: Topic 606 (ASU 2014-09) to supersede nearly all existing revenue recognition guidance under U.S. GAJ\P. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers: Deferral of the Effective Date (ASU 2015-014), which deferred the effective date for implementation of ASU 2014-09 by one year and is now effective for annual reporting periods beginning after December 15, 2017, with early adoption permitted but not earlier than the original effective date. The Company has not yet selected a transition method and is currently evaluating the effect that the updated standard will have on the statement of financial condition and related disclosures. #### 4. CONCENTRATION OF CREDIT RISK Four clients accounted for 92.3 I 6% of investment advisory and private placement revenue for the current year. {5}------------------------------------------------ ### SPURRIER CAPITAL PARTNERS LLC NOTES TO FINANCIAL ST A TEMENTS FOR THE YEAR ENDED DECEMBER 31, 2017 (continued) ### 5. INCOME TAXES The Company is recognized as a Limited Liability Company (an "LLC") by the Internal Revenue Service. As an LLC, the Company is not subject to income taxes except for New York City Unincorporated Business Tax. The Company's income or loss is reportable by its members on their individual tax returns. Uncertain tax positions should be recognized, measured, disclosed and presented in the financial statements. This requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Partnership's tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained "when challenged" or "when examined" by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense and liability in the current year. The tax years that remain subject to examination are 2014, 2015, 2016 and 2017. for the year ended December 31, 2017 management has determined that there are no material uncertain income tax positions. ### 6. RULE 15C3-3 The Company is exempt from the provisions of Rule 15c3-3 under paragraph (k)(2)(i) in that the Company carries no margin accounts, promptly transmits all customer funds and delivers all securities received, does not otherwise hold funds or securities for or owe money or securities to customers and effectuates all financial transactions on behalf of customers on a fully disclosed basis. ### 7. NET CAPITAL REQUIREMENTS 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 15 to 1. At December 31 , 2017, the Company had net capital of \$1,768,770 which exceeded the minimum requirement of \$13,280 by \$1,755,490. At December 31, 2017 the Company's ratio of aggregate indebtedness to net capital was 0.11 to 1. {6}------------------------------------------------ ### SPURRIER CAPITAL PARTNERS LLC NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2017 (continued) #### 8. COMMITMENTS AND CONTINGENCIES The Company leases office space in New York, NY, under a non-cancelable lease agreement. The lease, inclusive of recent term extensions, expires in 2026 and contains provisions for escalations based on increases in certain costs incurred by the lessor. Future minimum rent payments on the lease are as follows: | | Year Ended December 31 | | |------------|------------------------|-----------| | 201
8 | \$ | 695,896 | | 201
9 | | 695,896 | | 2020 | | 695;896 | | 2021 | | 700,598 | | 2022 | | 752,320 | | Thereafter | | 2,883,893 | | | \$ | 6,424,499 | #### 9. SUBSEQUENTEVENTS Events have been evaluated through the date that these financial statements were available to be issued and no further information is required to be disclosed. {7}------------------------------------------------ ![](_page_7_Picture_0.jpeg) 132 Nassau Street. New York. NY 10038 Tel 212.571.0064 /Fax 212.571.0074 Jay Lerner. C.P.A. lleroer91croerslpkln.com Joseph G. SlpkJn, C.P.A. lslpkln@leroerslpklo.com ,• ### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Members of Spurrier Capital Partners LLC *505* Park A venue, 16th floor New York, NY 10022 ### Opinion on the Financial Statement We have audited the accompanying statement of financial condition of Spurrier Capital Partners LLC as of December 31, 2017, and the related notes (collectively referred to as the financial statement). ln our opinion, the statement of financial condition presents fairly, in all material respects, the financial position of Spurrier Capital Partners LLC as of December 31, 2017 in conformity with accounting principles generally accepted in the United States of America. ### Basis for Opinion The financial statement is the responsibility of Spurrier Capital Partners LLC's management. Our responsibility is to express an opinion on Spurrier Capital Partners 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 Spurrier Capital Partners 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 PCAOB. Those standards require that we plan and perfonn 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 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. > *'tAAtl .. ,* i ,A~L CPA> Ll/J ~~;& ~CPAs, LLP Certified Public Accountants (NY) We have served as Spurrier Capital Partners LLC's auditor since 2016. New York, NY February 23, 2018 Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.