accountant - sec.gov facing page information required of brokers and dealers pursuant to section 17

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  • 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 12/01/12

    MM/DD/YY

    AND ENDING 11/30/13 MM/DDIYY

    REGISTRANT IDENTIFICATION

    NAME OF BROKER-DEALER Sapeno Inc OFFICIAL USE ONLY

    ADDRESS OF PRINCIPAL PLACE OF BUSINESS Do not use P.O Box No FIRM 1.0 NO

    Old Park Lane

    No and Street

    London United Kingdom W1K 1QR City State Zip Code

    NAME AND TELEPHONE NUMBER OF PERSON TO CONTACT IN REGARD TO THIS REPORT

    Richard Malpas 44 20 33289468 Area Code Telephone Number

    ACCOUNTANT IDENTIFICATION

    INDEPENDENT PUBLIC ACCOUNTANT whose opinion is contained in this Report

    Rnsenfielil Rr Cnmpny P1.1 .C Name if individual state last first middle name

    301 Pine Street Suite 975 Orlando FL 32801

    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 statement offacts and circumstances relied on as the basis for the exemption See Section 240.1 7a-5e2

    Potential persons who are to respond to the collection of information contained in this form are not required to respond

    unless the form displays currently valid 0MB control number

    UNITED STATES

    20114 FE 12 UR1TIES AND EXCHANGE COMMISSION Washington D.C 20549

    lIIIII 11111 II llliii 1111 IiIII till ejf/3

    14047373

    0MB APPROVAL

    0MB Number 3235-01 23

    Expires March 312016

    Estimated average burden

    hours per response 12.00

    SEC FILE NUMBER

    8- 65721

    SEC 1410 06-02

  • -S

    10 \4

  • OATh OR AF FIRMATIO

    Richard N4apaS _______ sss ear or affirm that to the

    best of ms knoss edge and he ef the ac ompans tng fnatieial statement attd suppot ting schedules pet taini ng to thc

    film of

    Sapetlo Inc

    No ember 3O are true and correct further sss eat ot affirm that

    neither the company nor any partner proprietot pt incipal officer or directot has an pt opr elars inlet est it ans

    ieco Lint eIasi ed olel\ that of cutoniet except as follows

    Signat itre

    Title

    Notary

    Public

    report contains check il applicable boxes

    up Page

    Statement of Itnattcial Condition

    Statement of Income Loss Id Statement of hanges in inaneial Condition

    Statemettt off hanges Stockholders quity or Partners or Sole Propt ietors Capital

    13 Statement of Changes in Liahili ties Subordinated to latms of Creditors

    Co nputation of Net Capital

    Ii Computation bar Determination of Reserve Requirements Pursuant to Rule SeS

    Itibarmattoti Relating to the Possession or Control Requitements nder Rule

    It Reconciliation including appropt iate explanation oftlie Computation of Net Capital nder Rule 5c and lie

    omputation for Determination of the Resers Requirements Lndcr Exhibit of Rule Sc

    IL Reconciliation between the audited and unaudited Statements of inancial Condition ss ith respect to

    metl ods of

    coti so Ii dali on

    An Oath ot Affirmation

    ml copy of the SIPC Supplemental Report

    pott describing any material inadequacies found to exist or found to has existed since the date ofthe

    pres ioiis audit

    lol 0/uhf ions of oo/uleiOwl Irctitnient of ci lain poiiioii of this filing see ection 240

    10981k81 37051

    F5l do

    HI dIA 11 3HIIkI Ill

    Ii 155 LIII HbaIII 41 Il

    ormt rI de 11

  • SAPENO INC

    formerly LiabSol Inc

    FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION

    November 30 2013

  • SAPENO INC

    formerly LiabSol Inc

    November 30 2013

    CONTENTS

    REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

    FINANCIAL STATEMENTS

    Statements of Financial Condition

    Statements of Operations

    Statements of Cash Flows

    Statements of Changes in Shareholders Equity

    Notes to Financial Statements 6-9

    SUPPLEMENTARY INFORMATION

    Schedule of Computation of Net Capital for Brokers and Dealers Pursuant to Rule 15c3-l 10

    and Related Reconciliation to the Computation of Net Capital Included in Part hA

    of Form X- 7A-5

    Computation for Determination of Reserve Requirements

    for Brokers and Dealers Pursuant to Rule 15c3-3 11

    Report by Independent Registered Public Accounting Firm on Internal Control 12-13

  • PLIC

    TRADTIONAL VALUES EXTISAOITDINAITY RESULTS

    ROSENFIELD

    REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

    Board of Directors

    Sapeno Inc

    Report on the Financial Statements

    We have audited the accompanying statement of financial condition of Sapeno Inc New York corporation the Company as of

    November 30 2013 and the related statements of operations changes in stockholders equity and cash flows for the year then ended

    that you are filing pursuant to Rule 17a under the Securities Exchange Act of 1934 and the related notes to the financial statements

    Managements Responsibility for the Financial Statements

    Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting

    principles generally accepted in the United States of America this includes the design implementation and maintenance of internal

    control relevant to the preparation and fair presentation of financial statements that are free from material misstatement whether due

    to fraud or error

    Auditors Responsibility

    Our responsibility is to express an opinion on these financial statements based on our audit We conducted our audit in accordance with auditing standards generally accepted in the United States of America Those standards require that we plan and perform the

    audit to obtain reasonable assurance about whether the financial statements are free of material misstatement

    An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements The

    procedures selected depend on the auditors judgment including the assessment of the risks of material misstatement of the financial

    statements whether due to fraud or error In making those risk assessments the auditor considers internal control relevant to the

    Companys preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the

    circumstances but not for the purpose of expressing an opinion on the effectiveness of the Companys internal control Accordingly we express no such opinion An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness

    of significant estimates made by management as well as evaluating the overall presentation of the financial statements

    We believe that the audit evidence we have obtained is sufficient and appropriate to provide basis for our audit opinion

    Opinion

    In our opinion the financial statements referred to above present fairly in all material respects the financial position of Sapeno Inc at

    November 30 2013 and the results of its operations and their cash flows for the year then ended in conformity with accounting

    principles generally accepted in the United States of America

    Other Matter

    Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as whole The information

    contained in the Schedule of Computation of Net Capital for Broker Dealers Pursuant to Rule 5c3 and the Reconciliation to the

    Computation of Net Capital Included in Part hA of Form 7A and the Schedule of Computation for Determination of Reserve

    Requirements Pursuant to Rule 5c3 are presented for purposes of additional analysis and are not required part of the basic

    financial statements but are supplementary information required by rule l7a under the Securities Exchange Act of 1934 Such

    information has been subjected to the auditing procedures applied in the audits of the basic financial statements and in our opinion is

    fairly stated in all material respects in relation to the basic financial statements taken as whole

    Rosenfield Company PLLC

    January 29 2014

    Capital Plaza II 301 East Pine Street Suite 975 Orlando FL 32801

    Phone 407849.6400 Fax 407.849.6700 www.RosenfieldandCo.com

  • Sapeno Inc

    Statement of Financial Condition

    November 30 2013

    Assets

    Cash 21621

    Prepaid expenses and accrued income 1640

    Total Current Assets 23261

    Total Assets 23261

    Liabilities and Shareholders Equity

    Liabilities

    Accounts Payable and Accrued Expenses 13700

    Due to Parent Company Liability Solutions Limited 400

    Total Liabilities 14100

    Shareholders Equity

    Common stock no par value authorized 200 shares

    issued and outstanding 100 shares 5000

    Additional Paid-In Capital 2321459

    Accumulated Deficit 2317298 Total Shareholders Equity 9161

    Total Liabilities Shareholders Equity 23261

    The accompanying notes are an integral part of these financial statements

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