# VICENTE & PARTNERS LLC X-17A-5 (2021-02-26) — Broker-dealer annual report - Company: VICENTE & PARTNERS LLC - Form: X-17A-5 - Filed: 2021-02-26 - Period: 2020-12-31 - Accession: 0001771704-21-000003 - CIK: 1785507 - File #: 8-70392 - Material weakness: No - Auditor: Rosenfield and Company PLLC - Auditor location: New York, NY - Contact: Saule Sundetova - Phone: 212 751 4422 - Signed by: Michelle Garcia (Partner & CCO) Original filing: https://www.sec.gov/Archives/edgar/data/1785507/000177170421000003/VicentePartnersFS2020Short.pdf --- {0}------------------------------------------------ #### **VICENTE & PARTNERS LLC** #### CONSOLIDATED STATEMENT OF FINANCIAL CONDITION DECEMBER 31 , 2020 PUBLIC DOCUMENT Filed pursuant to Rule l 7a-5( e)(3) under the Securities Exchange Act of 1934. {1}------------------------------------------------ **UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549** 0MB APPROVAL 0MB Number: 3235-0123 Expires: October 31, 2023 Estimated average burden hours per response ...... 12.00 SEC FILE NUMBER 8- 70392 # **ANNUAL AUDITED REPORT FORM X-17A-5 PART Ill** **FACING PAGE** **Information Required of Brokers and Dealers Pursuant to Section 17 of the Securities Exchange Act of 1934 and Rule 17a-5 Thereunder** | 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 01/01/2020 | | AND ENDING 12/31/2020 | | | | | MM/DD /Y Y | | MM/DD/YY | | | | A. REGISTRANT IDENTIFICATION | | | | | NAME OF BROKER-DEALER: VICENTE & PARTNERS LLC | | OFFICIAL USE ONLY | | | | ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use P.O. Box No .) | | FIRM I.D. NO. | | | | 12 HAY HILL, MAYFAIR | | | | | | | (No. and Street) | | | | | LONDON | | | W1J 6DQ | | | (City) | (State) | | (Zip Code) | | | NAME AND TELEPHONE NUMBER OF PERSON TO CONTACT IN REGARD TO THIS REPORT
SAULE SUNDETOVA | | | (212) 751-4422 | | | | | | (Area Code - Telephone Number) | | | | B. ACCOUNTANT IDENTIFICATION | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose opinion is contained in this Report* | | | | | | Rosenfield and Company PLLC | | | | | | | (Name - if individual, state last, first, middle name) | | | | | One Penn Plaza 250 West 34th street Suite 1705 | New York | NY | 10119 | | | (Address) | (City) | (State) | (Zip Code) | | | CHECK ONE: | | | | | | lce rtified Public Accountant | | | | | | Public Accountant | | | | | | B
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)* > **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 0MB control number.** {2}------------------------------------------------ # **OATH OR AFFIRMATION** I, Michelle Garcia , swear (or affirm) that, to the best of my knowledge and belief the accompanying financial statement and supporting schedules pertaining to the firm of VICENTE & PARTNERS LLC ----------------------------------------------, as of DECEMBER 31 2020 are true and correct. I further swear ( or affirm) that neither the company nor any partner, proprietor, principal officer or director has any proprietary interest in any account classified solely as that of a customer, except as follows: # No exceptions Signature Partner & CCO Title Notary Public CLAUDIA TAYLOR NOTARY PUBLIC, State of **New York** No. 01TA5068172 Qualified In **Kings** Coun)V\_AA Commission Expires 10/28/...2 | | | Notes to Consolidated Financial Statement 3- 5 | | {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) # **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** To the Members of Vicente & Partners LLC # **Opinion on the Financial Statement** We have audited the accompanying consolidated statement offinancial condition of Vicente & Partners LLC,(the "Company") as of December 31, 2020, 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, 2020, in conformity with accounting principles generally accepted in the United States of America. # **Basis for Opinion** This financial statement is the responsibility of the entity'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. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits 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 entity'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. We have served as the Company's auditor since 2019. ~~ -1:, *L~r"1-?'-'"c:...-* New York, New York I February 24, 2021 # F L ORIDA I NEW YORK I NEW JERSEY I CALIFORN IA M ~ly- .......:lll'lf'll'lbtt RSM US Alliance --■ **RSI\JI** RSM US Alliance provides its members with access to resources of RSM US LLP. RSM US Alliance member firms are separate and independent businesses and legal entities that are responsible for their own acts and omissions. and each are separate and independent from RSM US LLP. RSM US LLP is the U.S. member firm of RSM International, a global network of independent audit, tax, and consulting firms. Members of RSM US Alliance have access to RSM International resources through RSM US LLP but are not member firms of RSM International. Visit rsmus.com/aboutus for more information regarding RSM US LLP and RSM International. The RSM™ brandmark is used under license by RSM US LLP. RSM US Alliance products and services are proprietary to RSM US LLP. {5}------------------------------------------------ # VICENTE & PARTNERS LLC # co -soLIDAIBD STATElivIBN"T OF F -ANCIAL co rnmo - DECEMBER 31, 2020 | ASSETS | | | |---------------------------------------------------|--|--------------------| | Cash and cash eqtrivalents | | 3,114,973 | | ReceivaMes | | ~0Q,0001 | | Prepaid expen,s,es and other ass,ets | | 142,667 | | Def:'err,ed tax as.sets | | 15,983 | | TOTAL ASSETS | | 3,673,623 | | LIABILITIES AND MENffiERS' EQUITY
Liabilities: | | | | Acoounts payable and accrued expen~es | | 152,301 | | Income taxes payable | | 483,214 | | TOTAL LIABILITIES | | 635,5
15 | | lvIEivIBERS' EQ | | 3,038,
101
8 | | TOTAL LIABILITIES
ID ME~IBERS' E:Q ITY | | 3,.673,623 | The accompanying notes are an integral part of this financial statement {6}------------------------------------------------ ## VICENTE & PARTNERS LLC NOTES TO CONSOLIDATED FINANCIAL ST A TEMENT DECEMBER 31, 2020 # NOTE 1 DESCRIPTION OF ORGANIZATION AND BUSINESS Vicente & Partners LLC (the "Company") was formed on June 28, 2019 under the laws of the state of Delaware as a limited liability company. On May 8, 2020, the Company received approval to become a broker-dealer and as such is registered as a broker-dealer with the Securities and Exchange Commission ("SEC") and is a member of the Financial Industry Regulatory Authority ("FINRA"). The Company is a Parent to a wholly owned subsidiary Vicente & Partners Ltd. (the "Affiliate"), a UK service entity providing services for the exclusive benefit of the Company. The Company is a strategic and financial advisory firm, which focuses on the mergers & acquisitions, private placement of securities and on the planning and structuring of transactions and other significant corporate and finance activities, which may result in securities offerings. # NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES #### Basis of Presentation The Company's consolidated financial statement ("the financial statement") have been prepared in accordance with accounting principles generally accepted in the United States of America ("US GAAP"). The financial statement includes the accounts of the Company and its Affiliate. All intercompany balances and transactions are eliminated in consolidation . #### Use of Estimates The preparation of the financial statement in conformity with US GAAP requires the Company's 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. Actual results could differ from those estimates. #### Cash and cash equivalents The Company considers its investments in short-term money market accounts to be cash equivalents. The Company defines cash equivalents as short term, highly liquid investments with original maturities of less than ninety days at the time of purchase. The carrying amounts of such cash equivalents approximate the fair value due to the short-term nature of these instruments. The Company maintains deposits with high quality financial institutions in amounts that are in excess of federally insured limits, however, management does not believe it is exposed to any significant credit risk. #### Receivables Receivables are carried at the amounts billed to customers, net of an allowance for credit losses, which is an estimate for credit losses based on a review of all outstanding amounts. Management does not believe that an allowance is required as of December 31 , 2020. {7}------------------------------------------------ # VICENTE & PARTNERS LLC NOTES TO CONSOLIDATED FINANCIAL ST A TEMENT DECEMBER 31, 2020 # NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) #### Allowance for credit losses Effective January 1, 2020, the Company adopted ASC Topic 326, Financial Instruments - Credit Losses ("ASC 326"). ASC 326 impacts the impairment model for certain financial assets measured at amortized cost by requiring a current expected credit loss ("CECL") methodology to estimate expected credit losses over the entire life of the financial asset, recorded at inception or purchase. Under the accounting update, the Company has the ability to determine there are no expected credit losses in certain circumstance The Company identified receivables carried at amortized cost as impacted by the new guidance. ASC 326 specifies that the Company adopt the new guidance prospectively by means of a cumulative-effect adjustment to the opening retained earnings as of the beginning of the first reporting period effective. The Company believes there is no impact to opening members' equity upon adoption of ASC 326. The allowance for credit losses is based on the Company's expectation of the collectability of financial instruments carried at amortized cost, including 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. The Company's expectation is that the credit risk associated with receivables is not significant until they are 90 days past due on the contractual arrangement and expectation of collection in accordance with industry standards. ### Income Taxes The Company elected to be classified as a corporation for federal, state and local income tax purposes and is therefore subject to applicable corporate income taxes. The Company files its own federal, state and local tax returns and is not part of a group tax return. Deferred taxes arise from temporary differences between the financial statement and tax bases of assets and liabilities and are measured using the enacted tax rates and laws which are expected to be in effect when the related temporary differences reverse. Deferred tax assets are evaluated for realization based on available evidence of projected future reversals of existing taxable temporary differences and certain assumptions made regarding future events. A valuation allowance is provided when it is more likely than not that some portion of the deferred tax asset will not be realized. The provision of ASC 740, Income Taxes ("ASC 740"), clarifying the accounting for uncertainty in income taxes recognized in financial statement and prescribe a recognition threshold and measurement attribute for uncertain tax positions taken or expected to be taken on a tax return. {8}------------------------------------------------ # VICENTE & PARTNERS LLC NOTES TO CONSOLIDATED FINANCIAL ST A TEMENT DECEMBER 31, 2020 #### NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) #### Leases The Company recognizes and measures its leases in accordance with F ASB ASC 842, Leases. The Company evaluated its existing vendor agreements for the recognition criteria under the existing guidance for lease accounting. It was determined that during the year ended December 31 , 2020 no agreements or arrangements existed that would be classified as a lease under the adopted guidance. # NOTE 3 REGULATORY REQUIREMENTS The Company, as a member of FINRA, is subject to the Securities and Exchange Commission ("SEC") Uniform Net Capital Rule I 5c3- I which requires the Company to maintain minimum "net capital" equal to the greater of \$5,000 or 6-2/3 percent of "aggregate indebtedness" (12-1/2 percent during the first year of operations), as defined, and a ratio of aggregate indebtedness to net capital not to exceed 15 to 1. Net capital and the related net capital ratio may fluctuate on a daily basis. At December 31 , 2020, the Company had net capital of \$2,485,135 , and net capital requirements of \$78,730 resulting in excess net capital of \$2,406,405 . # NOTE4 INCOME TAXES As of December 31, 2020, the deferred tax assets included in the Consolidated Statement of Financial Condition were \$15,983 . The deferred tax assets are primarily expenses that are not deductible for tax purposes until paid. # NOTE 5 COMMITMENTS AND CONTINGENCIES In the ordinary course of business, various legal actions may be taken against the Company. Management is not aware, based on currently available information, of any legal actions that will have a material adverse effect on the Company's Financial Statement. #### NOTE 6 RISKS AND UNCERTAINTIES During 2020, the World Health Organization declared COVID-19 to constitute a "Public Health Emergency of International Concern." This pandemic has disrupted economic markets and the economic impact, duration and spread of the COVID-19 virus is uncertain at this time. The impact on financial markets and the overall economy, all of which are highly uncertain, cannot be predicted. If the financial markets and/or the overall economy are impacted for an extended period the Company's results may be affected. The financial statement does not include any adjustments that might result from the outcome of this uncertainty. #### NOTE 7 SUBSEQUENT EVENTS The Company has evaluated events and transactions that may have occurred through the date the financial statement is available to be issued and determined there are no subsequent events requiring adjustments to or disclosure to in the financial statement. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.