Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | |
Jun. 30, 2018 | Sep. 24, 2018 | |
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, 2018 | |
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 | 2,018 |
Balance Sheets
Balance Sheets - USD ($) | Jun. 30, 2018 | Jun. 30, 2017 |
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, 2018 and 1,954 shares at June 30, 2017, 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, 2018 | Jun. 30, 2017 |
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, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
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) |
Net Loss | $ 0 | 0 | 0 |
Ending Balance (Shares) at Jun. 30, 2018 | 10,985,046 | ||
Ending Balance (Equity) at Jun. 30, 2018 | $ 11,000 | $ 681,000 | $ (716,000) |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
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, 2018 | |
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, 2018 | |
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, 2018 and 2017, 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, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (3) Income Taxes At June 30, 2018 and 2017, 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, 2018 | |
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, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | (a) Basis of Presentation The accompanying balance sheets as of June 30, 2018 and 2017, 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, 2018 | Jun. 30, 2017 |
Income Tax Disclosure [Abstract] | ||
Operating loss carryforwards (Federal) | $ 0 | $ 0 |
Operating loss carryforwards (State) | $ 0 | $ 0 |