# DORSET PEAK SECURITIES LLC X-17A-5 (2024-02-28) — Broker-dealer annual report - Company: DORSET PEAK SECURITIES LLC - Form: X-17A-5 - Filed: 2024-02-28 - Period: 2023-12-31 - Accession: 0001640471-24-000003 - CIK: 1852503 - File #: 8-70684 - Type: Broker-dealer - Material weakness: No - Auditor: Warren Averett LLC - Auditor location: Birmingham, AL - Contact: Shari Rothenberg - Phone: 908-743-1307 - Signed by: Jack Leventhal (CEO) Original filing: https://www.sec.gov/Archives/edgar/data/1852503/000164047124000003/dpsc23s.pdf --- {0}------------------------------------------------ #### **UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C.** 20549 # **ANNUAL REPORTS FORM X-17A-S PARTIII** | 0MB APPROVAL | | |--------------------------|--| | 0MB Number: 3235-0123 | | | Expires: Nov. 30, 2026 | | | Estimated average burden | | | hours per response: 12 | | | | | SEC FILE NUMER 8- 70684 FACING PAGE Informa tion Required Put'Suil nt to Rules l 7a-S, I 7a-I2, and 18:i-7 unde1· the Securities Exclrn nge Act of 1934 FILING FOR THE PERIOD BEGINNING 01 /01 /23 AND ENDING **12/31 /23** MM/DD/YY MM/ DD/YY ## **A. REGISTRANT IDENTIFICATION** # NAME oF FIRM: Dorset Peak Securities LLC TYPE OF REGISTRANT (check all applicable boxes): ~ Broker-dealer O Security-based swap dealer O Major security-based swap participant 0 Check here if respondent is also an OTC derivatives dealer ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) # 416 West 13th Street | | (No. and Street) | | | |------------------------------------------------|--------------------------------|----------------------------------|--| | New York | NY | 10014 | | | (City) | (State) | (L.ip Code) | | | PERSON TO CONT ACT WITH REGA RD TO THIS FILING | | | | | Shari Rothenberg | (908) 7 43-1307 | srothenberg@integrated.so1utions | | | (Name) | (Area Code - Telephone Number) | (Email Address) | | | | B. ACCOUNT ANT IDENTIFICA TTON | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this fil ing\* # Warren Averett, LLC | (Name - if individual. state last. first. and middle name) | | | | | | |------------------------------------------------------------|------------|---------|---------------------------------------------|--|--| | 2500 Acton Road | Birmingham | AL | 35243 | | | | (Address) | (City) | (Stale) | (Zip Code) | | | | 05/17/2005 | | 2226 | | | | | (Date of Registration wilh PCAOB)(if applicable) | | | (PCAOB Regis1ra1 ion Number, ifapp licable) | | | **FOR OFFIC'IAL LIS E ONLY** • Claims for exemption from the requirement that the annual reports be covered by the reports of an independent public accountam must be suppo1ted by a statement of facts and circumstances re lied on as the basis of lhe exemption. See 17 CFR 240. I 7a-5(e)( I )(ii), if applicable. Persons who ar c to respond to the collection of informa tion contained in this form a re not r equired to respond unless the fo rm d is plays a currently va lid 0MB cont rol nu mber. {1}------------------------------------------------ #### AFFIRMATION I, Jack Leventhal , swear (or affirm) that, to the best of my knowledge and belief, the financial report pertaining to Dorset Peak Securities LLC as of 12/31/23 , is true and correct. I further swear (or affirm) that neither the company nor any partner, officer, djrector, or equivalent per:son, as the case may be, has any proprietary interest in any account classifi~d solely as that of a customer. Title JUSTICE DIXON Notary Public • State of New York NO. 01010010490 M Quallfled In Bronx County Y Commission Expires Jul 3, 2027 {2}------------------------------------------------ ## **This filing\*\* contains (check all applicable boxes):** - 00 (a) Statement of financial condition. - 00 (b) Notes lo unconsolidated or consolidated statement of financial condition, as applicable. - 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. - D (e) Statement of changes in stockholders' or partners' or members' or sole proprietor's equity, as applicable. - D (t) Statement of changes in liabilities subordinated to claims of creditors. - D (g) Notes to unconsolidated or consolidated financial statements,, as applicable. - D (h) Computation of net capital under 17 CFR 240. I 5c3- 1 or 17 CFR 240.18a- l, as applicable. - D (i) Computation of tangible net worth under 17 CFR 240. l 8a-2. - D U) 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. I 5c3- 3 or Exhibit A to 17 CFR 240. I 8a-4, as applicable. - D (I) Computation for Determination of PAB Requirements under Exhibit A to§ 240. l 5c3-3. - D (m) Information relating to possession or control requirements for customers under 17 CFR 240. I 5c3-3. - D (n) Information relating to possession or control requirements for security-based swap customers under 17 CFR 240. l 5c3- 3(p)(2) or 17 CFR 240. I 8a-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. l 5c3- 1, 17 CFR 240.18a- l, or 17 CPR 240. I 8a-2, as applicable, and the reserve requirements under 17 CFR 240.15c3-3 or 17 CFR 240. I 8a-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. - 00 (q) Oath or affirmation in accordance with 17 CF'R 240. I 7a-5, 17 CF'R 240. I 7a- I 2, or 17 CFR 240. I 8a-7. as applicable. - D (r) Compliance report in accordance with 17 CFR 240.17a-5 or 17 CFR 240. I 8a-7, as applicable. - D (s) Exemption report in accordance with 17 CFR 240. l 7a-5 or 17 CFR 240. 18a-7, as applicable. - 00 (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-5, 17 CF'R 240.18a-7, or 17 CF'R240.17a-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 CF'R 240. I 7a-5 or 17 CFR 240. l 8a-7, as applicable. - D (x) Supplemental reports on applying agreed-upon procedures. in accordance with 17 CF'R 240. I 5c3-1 e or 17 CFR 240. l 7a- 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 CF'R 240. l 7a-12(k). D (z) Other:---------------------------------- - - - *\*\*To request confidential treatment of certain portions of this filing, see 17 CFR 240.17a-5(e)(3) or 17 CFR 2./0.J 8a-7(d)(2), as applicable.* {3}------------------------------------------------ (a wholly-owned subsidiary of Dorset Peak Solutions LLC) Statement of Financial Condition Pursuant to Rule 17a-5 under the Securities Exchange Act of 1934 December 31 , 2023 {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) 2500 Acton Road Birmingham AL 35243 .205.9794100 warrenaverett.com #### **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** To the Board of Directors and Member Dorset Peak Securities LLC #### **Opinion on the Financial Statement** We have audited the accompanying statement of financial condition of Dorset Peak Securities LLC as of December 31, 2023, and the related notes (collectively referred to as the financial statement). In our opinion, the statement of financial condition presents fairly, in all material respects, the financial position of Dorset Peak Securities LLC as of December 31, 2023 in conformity with accounting principles generally accepted in the United States of America. #### **Basis for Opinion** This financial statement is the responsibility of Dorset Peak Securities LLC's management. Our responsibility is to express an opinion on Dorset Peak Securities 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 Dorset Peak Securities 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 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. Warren Averett, LLC We have served as Dorset Peak Securities LLC's auditor since 2021 . Birmingham, AL February 20, 2024 {5}------------------------------------------------ **(a wholly-owned subsidiary of Dorset Peak Solutions** LLC) ## **Statement of Financial Condition December 31, 2023** | Assets
Cash | \$
429,178 | |-----------------------------------------------------------------------------------|-------------------------| | Prepaid expenses | 13,244 | | Total assets | \$
442,422 | | Liabilities and Me
mbe r's Equity | | | Liabilities:
Subordinated Liabilities
Accow1ts payable and accrued expenses | \$
137.500
26,469 | | Total Liabilities | 163,969 | | Member's equity | 278,453 | | Total liabilities and member's equity | \$
442.422 | The accompanying notes are an integral part of these financial statements. {6}------------------------------------------------ **(a wholly-owned subsidiary of Dorset Peak Solutions LLC)** ## **Notes to Financial Statement December 31 , 2023** #### **l. Organization and Nature of Business** Dorset Peak Securities LLC (the .. Company"), a Delaware limited liability company, is a brokerdealer registered with the Securities and Exchange Commission (the ''SEC") and is a member of the Financial Industry Regulatory Authority. The Company is a wholly-owned subsidiary of Dorset Peak Solutions LLC (the "Parent''). The Company provides services for mergers and acquisitions, capital raising and other strategic transact ions. #### **2. Summary of Significant Accounting Policies** #### **Basis of presentation** This financial statement was prepared in conformity with accounting principles generally accepted in the United States of America 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 statement and the amounts of revenues and expenses during the reporting period. Actual resu lts could differ from these estimates. #### **Cash** All cash deposits are held by one financial institution and therefore are subject lo the credit risk at that financial institution. The Company has not experienced any losses in such accounts and does not believe there to be any significant credit risk with respect to these deposits. #### **Income taxes** The Company is a single member limited liability company and is therefore treated as a disregarded entity for income tax reporting purposes. The Internal Revenue Code provides that any income or loss is passed through to the ultimate beneficial individual member for federal, state and local income taxes. Accordingly, the Company has not provided for federal, state and local income taxes. At December 3 I, 2023, 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. #### **The Allowance for Credit Losses** ASC Topic 326, Financial Instruments - Credit Losses ('·ASC 326") impacts the impairment model for certain financial assets by requiring a current expected credit loss ("CECL") methodology to estimate expected credit losses over the entire life of the financial asset. Under ASC 326, the Company could determine there are no expected credit losses in certain circumstances (e.g., based on the credit quality of the client). {7}------------------------------------------------ **(a wholly-owned subsidiary of Dorset Peak Solutions LLC)** ## **Notes to Financial Statement December 31 , 2023** #### **2. Summary of Significant Accounting Policies (continued)** #### **The Allowance for Credit Losses (continued)** The allowance for credit losses is based on the Company's expectation of the collectabilily of financial instruments. including fees and other receivables utilizing the CECL framework. The Company considers factors such as historical experience, credit quality. age of balances and current and future economic conditions that may affect the Company's expectation of the collectability in determining the allowance for credit losses. Under the standard, the allowance for credit losses must be deducted from the amortized cost of the financial asset to present the net amount expected to be collected. The Company has not provided an allowance for credit losses at December 31 , 2023. #### **Subordinated Liabilities** Commissions are payable to the salesperson only when the related receivables are collected. In addition, any liabilities to salespersons in this regard are subordinated to the claims of general creditors yet they are not considered part of regulatory capital. At December 3 I, 2023, the Company owed \$137,500 of subordinated liabilities to two sa lespeople. #### **Contract Assets and Contract Liabilities** The Company had the following contract assets and contract liabilities as of December 31, 2023: #### **Contract Assets Contract Liabilities** | Dece
mbe
r 3
1, 2023 | \$ | \$
[37,500 | |-------------------------------|----|---------------| | Increase | | [37,500 | | January l , 2023 | \$ | \$ | #### **3. Transactions with related party** The Company has an expense sharing agreement with Cobbs Allen CapitaL LLC whereby accounting, administrative, office space, human resources and other services are provided. Costs are allocated to the Company based on a reasonable percentage of the Company's usage of these shared resources. This will be evaluated at least annually to determine if changes need to be made based on changes in the usage of resources or additions of other categories of resources. All transactions with the related party are settled in the normal course of business. The terms of any of these arrangements may not be the same as those that would otherwise exist or result from agreements and transactions among unrelated parties. {8}------------------------------------------------ ## **Dorset Peak Securities LLC (a wholly-owned subsidiary of Dorset Peak Solutions LLC)** ## **Notes to Financial Statement December 31 , 2023** #### **4. Regulatory requirements** The Company is subject to SEC Uni fo rm Net Capital Rule I Sc3-I under the Securities Exchange Act of 1934, which requires the maintenance of minimum net capital and requires that lhe ratio of aggregate indebtedness to net capital, both as defined, shall not exceed 15 to I. At December 31, 2023. the Company had net capital of approximately \$265,000 which exceeded the r·equired net capital by approximately \$260,000. #### **5. Subsequent events** Management of the Company has evaluated events or transactions that may have occurred since December 31, 2023 and determined that there are no material events that would require disclosure in the Company's financial statements. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.