Admiral Financial 10-K27 Sep 232023 FY Annual reportFinancial data

Company Profile

Cover

Cover - USD ($)	12 Months Ended
Cover - USD ($)	Jun. 30, 2023	Sep. 26, 2023
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--06-30
Entity File Number	0-17214
Entity Registrant Name	ADMIRAL FINANCIAL CORP.
Entity Central Index Key	0000828530
Entity Tax Identification Number	59-2806414
Entity Incorporation, State or Country Code	FL
Entity Address, Address Line One	South Miami
Entity Address, City or Town	7101 Southwest 67 Avenue
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33143
City Area Code	305
Local Phone Number	904-4400
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	true
Entity Public Float		$ 0
Entity Common Stock, Shares Outstanding		10,985,046
Document Financial Statement Error Correction [Flag]	false
Auditor Firm ID	1
Auditor Location	None
Auditor Name	None

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Assets
Cash	$ 0	$ 0
Prepaid expenses and other assets	0	0
Net assets of Haven Federal Savings and Loan Association (note 2)	0	0
Total assets	0	0
Liabilities and Stockholders' (Deficit) Equity
Accrued expenses and other liabilities	24	24
Net liabilities of Haven Federal Savings and Loan Association (note 2)	0	0
Total liabilities	24	24
Preferred stock, $0.01 par value. Authorized 6,000,000 shares, none outstanding	0	0
Common stock, $0.001 par value, 50,000,000 shares authorized 10,987,000 shares issued	11	11
Treasury stock, 1,954 at June 30, 2023 and 1,954 shares at June 30, 2022, at cost	0	0
Additional paid-in capital	681	681
Deficit	(716)	(716)
Total stockholders' (deficit) equity	(24)	(24)
Total liabilities and stockholders' (deficit) equity	$ 0	$ 0

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2023	Jun. 30, 2022
Statement of Financial Position [Abstract]
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	6,000,000	6,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Common Stock, Shares Authorized	50,000,000	50,000,000
Common Stock, Shares, Issued	10,987,000	10,987,000
Common Stock, Shares, Outstanding	10,987,000	10,987,000
Treasury Stock, Common, Shares	1,954	1,954

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	12 Months Ended
Consolidated Statements of Operations - USD ($)	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
REVENUES:
Interest Income	$ 0	$ 0	$ 0
Other income	0	0	0
Total income	0	0	0
EXPENSES:
Employee Compensation	0	0	0
Other Expense	0	0	0
Total expense	0	0	0
Loss from discontinued operation (note 2)	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

Consolidated Statement of Stock

Consolidated Statement of Stockholders' (Deficit) Equity - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]
Beginning balance, value at Jun. 30, 2000	$ 11	$ 681	$ (716)
Beginning balance, shares at Jun. 30, 2000	10,985,046
Net loss for the year	$ 0	0	0
Ending balance, value at Jun. 30, 2021	$ 11	681	(716)
Ending balance, shares at Jun. 30, 2021	10,985,046
Net loss for the year	$ 0	0	0
Ending balance, value at Jun. 30, 2022	$ 11	681	(716)
Ending balance, shares at Jun. 30, 2022	10,985,046
Net loss for the year	$ 0	0	0
Ending balance, value at Jun. 30, 2023	$ 11	$ 681	$ (716)
Ending balance, shares at Jun. 30, 2023	10,985,046

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net loss	$ 0	$ 0	$ 0
Adjustments to reconcile net loss to net cash provided by operating activities:
Decrease in deficit arising from confiscation of Haven Federal after retroactive disallowance of agreed supervisory goodwill and regulatory capital	0	0	0
Decrease in prepaid 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 and cash equivalents, beginning of year	0	0	0
Cash and cash equivalents, end of year	$ 0	$ 0	$ 0

Organization and Regulatory Mat

Organization and Regulatory Matters	12 Months Ended
Organization and Regulatory Matters	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [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
Summary of Significant Accounting Policies	Jun. 30, 2023
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, 2023 and 2022, 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
Income Taxes	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	(3) Income Taxes At June 30, 2023 and 2022, the Company has estimated net operating loss carryforwards of approximately $ 0 0 0 0

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Jun. 30, 2023
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 Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	(a) Basis of Presentation The accompanying balance sheets as of June 30, 2023 and 2022, 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, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Operating loss carryforwards (Federal)	$ 0	$ 0
Operating loss carryforwards (State)	$ 0	$ 0