Full text of BANCROFT CAPITAL, LLC's X-17A-5 filed 2024-03-28 (period 2023-12-31). Broker-dealer annual report from SEC EDGAR — readable, searchable, and available as markdown for AI agents.
{0}------------------------------------------------  # BANCROFT CAPITAL, LLC FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES PURSUANT TO RULE 17A-5 OF THE SECURITIES EXCHANGE ACT OF 1934 YEAR ENDED DECEMBER 31, 2023 {1}------------------------------------------------ *TABLE OF CONTENTS* | | PAGE(S) | |------------------------------------------------------------|---------| | REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING<br>FIRM | 1 | | FINANCIAL STATEMENTS | | | STATEMENT OF FINANCIAL CONDITION | 2 | | NOTES TO FINANCIAL STATEMENTS | 3-9 | {2}------------------------------------------------ #### *STATEMENT OF FINANCIAL CONDITION* December 31, 2023 | ASSETS | | |------------------------------------|------------------| | Cash and cash equivalents | \lt;br>6,116,541 | | Receivables from non-customers | 327,398 | | Certificate of deposit | 5,012,521 | | Securities owned, at market value | 245,111 | | Property and equipment, net | 37,538 | | Clearing deposit | 250,000 | | Security deposits | 20,744 | | Right-of-use asset, net | 431,934 | | Other assets | 106,634 | | Total assets | \lt;br>12,548,421 | | | | | LIABILITIES AND MEMBERS'<br>EQUITY | | #### LIABILITIES | Accounts payable, accrued expenses and | | |------------------------------------------|------------------| | other liabilities | \lt;br>574,747 | | Distributions payable | 37,808 | | Operating<br>lease liability | 461,821 | | Total liabilities | 1,074,026 | | MEMBERS'<br>EQUITY | 11,474,395 | | Total liabilities and members'<br>equity | \lt;br>12,548,421 | {3}------------------------------------------------ ## *NOTES TO FINANCIAL STATEMENTS* December 31, 2023 # **1. NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** #### *Nature of Business* Bancroft Capital, LLC (the "Company"), a Pennsylvania limited liability company ("LLC"), is a broker-dealer registered with the Securities and Exchange Commission (the "SEC") and licensed by the Financial Industry Regulatory Authority ("FINRA"). The Company is owned by Cauldon D. Quinn (51%) and Bancroft Holdings, LLC (49%), (the "Members"). The Company is registered as a securities broker-dealer and Pennsylvania investment adviser. The Company clears all transactions through its clearing organization on a fully-disclosed basis. #### *Accounting Estimates* The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to ma…Read the full text as markdown