Admiral Financial 10-K 27 Sep 17 2017 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Jun. 30, 2017	Sep. 25, 2017
Document And Entity Information
Entity Registrant Name	Admiral Financial Corp
Entity Central Index Key	828,530
Document Type	10-K
Document Period End Date	Jun. 30, 2017
Amendment Flag	false
Current Fiscal Year End Date	--06-30
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Public Float		$ 0
Entity Common Stock, Shares Outstanding		10,985,046
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2,017

Balance Sheets

Balance Sheets - USD ($)	Jun. 30, 2017	Jun. 30, 2016
CURRENT ASSETS
Cash	$ 0	$ 0
Prepaid expenses and other assets	0	0
Net assets of Haven Federal Savings and Loan Association	0	0
Total assets	0	0
CURRENT LIABILITIES
Accrued expenses and other current liabilities	24,000	24,000
Net liabilities of Haven Federal Savings and Loan Association	0	0
Total liabilities	24,000	24,000
SHAREHOLDERS DEFICIT
Preferred stock, $0.01 par value, Authorized 6,000,000 shares; none outstanding	0	0
Common stock, $.001 par value, 50,000,000 shares authorized, 10,987,000 shares issued	11,000	11,000
Treasury stock, 1,954 at June 30, 2017 and 1,954 shares at June 30, 2016, at cost	0	0
Additional paid in capital	681,000	681,000
Deficit	(716,000)	(716,000)
Total shareholders (deficit) equity	(24,000)	(24,000)
Total liabilities and shareholders (deficit) equity	$ 0	$ 0

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2017	Jun. 30, 2016
Statement of Financial Position [Abstract]
Preferred shares, par value	$ 0.01	$ 0.01
Preferred shares, shares authorized	6,000,000	6,000,000
Preferred shares, issued and outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	10,987,000	10,987,000
Treasury Stock, shares issued	1,954	1,954

Statements of Operations

Statements of Operations - USD ($)	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015
Income
Interest income	$ 0	$ 0	$ 0
Other, net	0	0	0
Total income	0	0	0
Expenses
Employee compensation	0	0	0
Other	0	0	0
Total expenses	0	0	0
Loss from discontinued operation	0	0	0
Net loss	$ 0	$ 0	$ 0
Loss per share	$ 0	$ 0	$ 0
Dividend per share	$ 0	$ 0	$ 0
Weighted average number of shares outstanding	10,985,046	10,985,046	10,985,046

Shareholders Equity

Shareholders Equity - USD ($)	Common Stock Issued and Outstanding	Additional Paid-In Capital	Retained Earnings Deficiency
Beginning Balance (Shares) at Jun. 30, 1987
Beginning Equity Balance (Equity) at Jun. 30, 1987
Receivership of Subdidiary Net Assets and Liabilities
Net Loss
Ending Balance (Shares) at Jun. 30, 1988	10,985,046
Ending Balance (Equity) at Jun. 30, 1988	$ 11,000	681,000
Receivership of Subdidiary Net Assets and Liabilities
Net Loss			(13,813,000)
Ending Balance (Shares) at Jun. 30, 1989	10,985,046
Ending Balance (Equity) at Jun. 30, 1989	$ 11,000	681,000	(13,813,000)
Receivership of Subdidiary Net Assets and Liabilities			13,238,000
Net Loss			(79,000)
Ending Balance (Shares) at Jun. 30, 1990	10,985,046
Ending Balance (Equity) at Jun. 30, 1990	$ 11,000	681,000	(654,000)
Net Loss			(21,000)
Ending Balance (Shares) at Jun. 30, 1991	10,985,046
Ending Balance (Equity) at Jun. 30, 1991	$ 11,000	681,000	(675,000)
Net Loss			(2,000)
Ending Balance (Shares) at Jun. 30, 1992	10,985,046
Ending Balance (Equity) at Jun. 30, 1992	$ 11,000	681,000	(695,000)
Net Loss			(2,000)
Ending Balance (Shares) at Jun. 30, 1993	10,985,046
Ending Balance (Equity) at Jun. 30, 1993	$ 11,000	681,000	(716,000)
Net Loss
Ending Balance (Shares) at Jun. 30, 1994	10,985,046
Ending Balance (Equity) at Jun. 30, 1994	$ 11,000	681,000	(716,000)
Net Loss
Ending Balance (Shares) at Jun. 30, 1995	10,985,046
Ending Balance (Equity) at Jun. 30, 1995	$ 11,000	681,000	(716,000)
Net Loss
Ending Balance (Shares) at Jun. 30, 1996	10,985,046
Ending Balance (Equity) at Jun. 30, 1996	$ 11,000	681,000	(716,000)
Net Loss
Ending Balance (Shares) at Jun. 30, 1997	10,985,046
Ending Balance (Equity) at Jun. 30, 1997	$ 11,000	681,000	(716,000)
Net Loss
Ending Balance (Shares) at Jun. 30, 1998	10,985,046
Ending Balance (Equity) at Jun. 30, 1998	$ 11,000	681,000	(716,000)
Net Loss
Ending Balance (Shares) at Jun. 30, 1999	10,985,046
Ending Balance (Equity) at Jun. 30, 1999	$ 11,000	681,000	(716,000)
Net Loss
Ending Balance (Shares) at Jun. 30, 2000	10,985,046
Ending Balance (Equity) at Jun. 30, 2000	$ 11,000	681,000	(716,000)
Net Loss
Ending Balance (Shares) at Jun. 30, 2001	10,985,046
Ending Balance (Equity) at Jun. 30, 2001	$ 11,000	681,000	(716,000)
Net Loss
Ending Balance (Shares) at Jun. 30, 2002	10,985,046
Ending Balance (Equity) at Jun. 30, 2002	$ 11,000	681,000	(716,000)
Net Loss
Ending Balance (Shares) at Jun. 30, 2003	10,985,046
Ending Balance (Equity) at Jun. 30, 2003	$ 11,000	681,000	(716,000)
Net Loss
Ending Balance (Shares) at Jun. 30, 2004	10,985,046
Ending Balance (Equity) at Jun. 30, 2004	$ 11,000	681,000	(716,000)
Net Loss
Ending Balance (Shares) at Jun. 30, 2005	10,985,046
Ending Balance (Equity) at Jun. 30, 2005	$ 11,000	681,000	(716,000)
Net Loss
Ending Balance (Shares) at Jun. 30, 2006	10,985,046
Ending Balance (Equity) at Jun. 30, 2006	$ 11,000	681,000	(716,000)
Net Loss
Ending Balance (Shares) at Jun. 30, 2007	10,985,046
Ending Balance (Equity) at Jun. 30, 2007	$ 11,000	681,000	(716,000)
Net Loss
Ending Balance (Shares) at Jun. 30, 2008	10,985,046
Ending Balance (Equity) at Jun. 30, 2008	$ 11,000	681,000	(716,000)
Net Loss
Ending Balance (Shares) at Jun. 30, 2009	10,985,046
Ending Balance (Equity) at Jun. 30, 2009	$ 11,000	681,000	(716,000)
Net Loss
Ending Balance (Shares) at Jun. 30, 2010	10,985,046
Ending Balance (Equity) at Jun. 30, 2010	$ 11,000	681,000	(716,000)
Net Loss
Ending Balance (Shares) at Jun. 30, 2011	10,985,046
Ending Balance (Equity) at Jun. 30, 2011	$ 11,000	681,000	(716,000)
Net Loss
Ending Balance (Shares) at Jun. 30, 2012	10,985,046
Ending Balance (Equity) at Jun. 30, 2012	$ 11,000	681,000	(716,000)
Net Loss
Ending Balance (Shares) at Jun. 30, 2013	10,985,046
Ending Balance (Equity) at Jun. 30, 2013	$ 11,000	681,000	(716,000)
Net Loss
Ending Balance (Shares) at Jun. 30, 2014	10,985,046
Ending Balance (Equity) at Jun. 30, 2014	$ 11,000	681,000	(716,000)
Net Loss
Ending Balance (Shares) at Jun. 30, 2015	10,985,046
Ending Balance (Equity) at Jun. 30, 2015	$ 11,000	681,000	(716,000)
Net Loss
Ending Balance (Shares) at Jun. 30, 2016	10,985,046
Ending Balance (Equity) at Jun. 30, 2016	$ 11,000	681,000	(716,000)
Net Loss	$ 0	0	0
Ending Balance (Shares) at Jun. 30, 2017	10,985,046
Ending Balance (Equity) at Jun. 30, 2017	$ 11,000	$ 681,000	$ (716,000)

Statements of Cash Flows

Statements of Cash Flows - USD ($)	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015
Cash flows from operating activities
Net loss	$ 0	$ 0	$ 0
Adjustments to reconcile net loss to cash used in operating activities:
Decrease in pre-paid expenses and other assets	0	0	0
Decrease (increase) in net assets of Haven Federal	0	0	0
(Decrease) in accrued expenses and other liabilities	0	0	0
(Decrease) Increase in net liabilities of Haven Federal	0	0	0
Amortization of organization expenses	0	0	0
Net cash provided (used) by operating activities	0	0	0
Net change in cash	0	0	0
Cash at beginning of the period	0	0	0
Cash at end of the period	$ 0	$ 0	$ 0

Organization and Regulatory Mat

Organization and Regulatory Matters	12 Months Ended
	Jun. 30, 2017
Disclosure Text Block [Abstract]
Organization and Regulatory Matters	(1) Organization and Regulatory Matters Admiral Financial Corp. ("Admiral") is inactive.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	(2) Summary of Significant Accounting Policies (a) Basis of Presentation The accompanying balance sheets as of June 30, 2017 and 2016, include references to the accounts of Admiral and the net assets and net liabilities of its former wholly-owned subsidiary, Haven Federal Savings and Loan Association. All significant intercompany transactions have been eliminated in consolidation. (b) Office Properties and Equipment All office properties and equipment were sold when the offices of the Company were closed during the fiscal year ended June 30, 1990, and the proceeds from such sales are reflected as "other income." (c) Income Taxes Admiral and its wholly-owned subsidiary file a consolidated tax return. Taxes are provided on all income and expense items included in earnings, regardless of the period in which such items are recognized for tax purposes, except for income representing a permanent difference. (d) Real Estate Loss from real estate operations includes rental income, operating expenses, interest expense on the related mortgages payable, gains on sales, net and provision for estimated losses to reflect subsequent declines in the net realizable value below predecessor cost. Provisions for estimated losses on real estate are charged to earnings when, in the opinion of management, such losses are probable. While management uses the best information available to make evaluations, future adjustments to the allowances may be necessary if economic conditions change substantially from the assumptions used in making the evaluations. (e) Excess Cost Over Net Assets Acquired and Other Intangibles The excess cost over net assets acquired was amortized by the interest method over the estimated lives of the long-term, interest-bearing assets acquired. The remaining unamortized excess cost over net assets acquired was written off at June 30, 1989 (see note 1). (g) Cash and Cash Equivalents For the purpose of the statement of cash flows, cash and cash equivalents include the accounts of Admiral.

Income Taxes

Income Taxes	12 Months Ended
	Jun. 30, 2017
Income Tax Disclosure [Abstract]
Income Taxes	(3) Income Taxes At June 30, 2017 and 2016, the Company has estimated net operating loss carryforwards of approximately $0 and $0 respectively, for Federal income tax purposes, and $0 and $0, respectively, for state income tax purposes to offset future taxable income.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Jun. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	(4) Commitments and Contingencies Admiral has no known Commitments or Contingencies for the period covered by this report. Admiral is not a party to any legal proceedings.

Summary of Significant Accoun11

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Basis of Presentation	(a) Basis of Presentation The accompanying balance sheets as of June 30, 2017 and 2016, include references to the accounts of Admiral and the net assets and net liabilities of its former wholly-owned subsidiary, Haven Federal Savings and Loan Association. All significant intercompany transactions have been eliminated in consolidation.
Office Properties and Equipment	(b) Office Properties and Equipment All office properties and equipment were sold when the offices of the Company were closed during the fiscal year ended June 30, 1990, and the proceeds from such sales are reflected as "other income."
Income Taxes	(c) Income Taxes Admiral and its wholly-owned subsidiary file a consolidated tax return. Taxes are provided on all income and expense items included in earnings, regardless of the period in which such items are recognized for tax purposes, except for income representing a permanent difference.
Real Estate	(d) Real Estate Loss from real estate operations includes rental income, operating expenses, interest expense on the related mortgages payable, gains on sales, net and provision for estimated losses to reflect subsequent declines in the net realizable value below predecessor cost. Provisions for estimated losses on real estate are charged to earnings when, in the opinion of management, such losses are probable. While management uses the best information available to make evaluations, future adjustments to the allowances may be necessary if economic conditions change substantially from the assumptions used in making the evaluations.
Excess Cost over Net Assets Acquired and Other Intangibles	(e) Excess Cost Over Net Assets Acquired and Other Intangibles The excess cost over net assets acquired was amortized by the interest method over the estimated lives of the long-term, interest-bearing assets acquired. The remaining unamortized excess cost over net assets acquired was written off at June 30, 1989 (see note 1).
Cash and Cash Equivalents	(g) Cash and Cash Equivalents For the purpose of the statement of cash flows, cash and cash equivalents include the accounts of Admiral.

Income Taxes (Details Narrative

Income Taxes (Details Narrative) - USD ($)	Jun. 30, 2017	Jun. 30, 2016
Income Tax Disclosure [Abstract]
Operating loss carryforwards (Federal)	$ 0	$ 0
Operating loss carryforwards (State)	$ 0	$ 0