UNITED STATES

                SECURITIES AND EXCHANGE COMMISSION

                       Washington, D.C. 20549

FORM 10-Q
(Mark One)
[X]     QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
	OF THE SECURITIES EXCHANGE ACT OF 1934

	For the quarterly period ended September 30, 2006

                                OR

[ ]     TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
        OF THE SECURITIES EXCHANGE ACT OF 1934
        For the transition period from ............ to ...............

                   Commission File Number 0-17214


                       ADMIRAL FINANCIAL CORP.

State of Florida             			I.R.S. No. 59-2806414

                     7101 Southwest 67 Avenue
                    South Miami, Florida 33143

                 Telephone Number: (305) 669-6117





Indicate by check mark whether the registrant, (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding twelve (12) months (or for such shorter
period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past ninety (90)
days.

        Yes  [X]                                      No  [ ]



                  Common Stock $.001 Par Value
       Outstanding Shares at September 30, 2006: 10,985,046

<PAGE>

              ADMIRAL FINANCIAL CORP. AND SUBSIDIARY

                       TABLE OF CONTENTS

                          FORM 10-Q



                            PART I

                    FINANCIAL INFORMATION


Item 1.	FINANCIAL STATEMENTS

        Consolidated Balance Sheets                               1

        Consolidated Statements of Operations                     2

        Consolidated Statements of Cash Flows                     3

        Notes to Consolidated Financial Statements                4

Item 2.	MANAGEMENT'S DISCUSSION AND ANALYSIS OF
        CONSOLIDATED FINANCIAL CONDITION AND
        RESULTS OF OPERATIONS                                     5


                           PART II

                      OTHER INFORMATION

Item 1.  Legal Proceedings                                        8

Item 2.  Changes in Securities                                    8

Item 3.  Defaults Upon Senior Securities                          8

Item 4.  Submission of Matters to a Vote of
         Security Holders                                         8

Item 5.  Other Information                                        8

Item 6.  Exhibits and Reports on Form 8-K                         8


<PAGE>

                                      PART I  -  FINANCIAL INFORMATION
                                      --------------------------------

                    ADMIRAL FINANCIAL CORP.
                        AND SUBSIDIARY

                 Consolidated Balance Sheets
                          ($Dollars)

<TABLE>
<CAPTION>

                                                 September 30, 2006       June 30, 2006
                                                 ------------------    ------------------
                                                    (Unaudited)            (Unaudited)
<S>                                              <C>                   <C>
                    Assets
                    ------
Cash                                                $         0            $         0
Prepaid expenses and other assets                             0                      0
Net assets of Haven Federal Savings and
         Loan Association (notes 1 and 2)                     0                      0
                                                    -----------            -----------
                  Total assets                      $         0            $         0
                                                    ===========            ===========


Liabilities and Stockholders' (Deficit) Equity
----------------------------------------------

Accrued expenses and other liabilities              $    23,890            $    23,890
Net liabilities of Haven Federal Savings
and Loan Association (notes 1 and 2)                          0                      0
                                                    -----------            -----------
     Total liabilities                                   23,890                 23,890


Preferred stock, $.01 par value, Authorized
  6,000,000 shares, none outstanding

Common stock, $.001 par value,
  50,000,000 shares authorized,
  10,987,000 shares issued                               10,987                 10,987
Treasury stock, 1,954 and 1,954 shares,
  at cost                                                     0                      0
Additional paid-in capital                              680,710                680,710
Deficit                                                (715,587)              (715,587)
                                                    -----------            -----------
     Total stockholders' (deficit) equity               (23,890)               (23,890)
                                                    -----------            -----------
     Total liabilities and stockholders'
       (deficit) equity                             $         0            $         0
                                                    ===========            ===========
</TABLE>




	See accompanying notes to consolidated financial statements.


                                  1
<PAGE>


                                             PART I - FINANCIAL INFORMATION
                                             ------------------------------


                 ADMIRAL FINANCIAL CORP.  AND SUBSIDIARY

                  Consolidated Statements of Operations
                               (Unaudited)


<TABLE>
<CAPTION>
                                                                   Three Months Ended Sept 30
                                                             ------------------------------------
                                                                  2006                  2005
                                                               ---------             ---------
<S>                                                          <C>                     <C>
Interest Income                                                        0                     0
Other income                                                           0                     0
                                                               ---------             ---------
        Total income                                                   0                     0

Expense
  Employee Compensation                                                0                     0
  Other                                                                0                     0
                                                               ---------             ---------

        Total expense                                                  0                     0

        Loss from discontinued
                operation (note 2)                                     0                     0
                                                               ---------             ---------
Net loss                                                     $         0                     0
                                                               =========             =========
Loss per share                                                 $    0.00             $    0.00
                                                               =========             =========

Dividend per share                                                 --                    --
                                                               =========             =========

Weighted average number
  of shares outstanding                                       10,985,046            10,985,046
                                                              ==========            ==========
</TABLE>



	See accompanying notes to consolidated financial statements


                                  2
<PAGE>

                                             PART I - FINANCIAL INFORMATION
                                             ------------------------------


                ADMIRAL FINANCIAL CORP.  AND SUBSIDIARY

                 Consolidated Statements of Cash Flows
                              (Unaudited)

<TABLE>
<CAPTION>
                                                                   Three Months Ended Sept 30
                                                               ---------------------------------
                                                                  2006                    2005
                                                               ---------               ---------
<S>                                                            <C>                     <C>

Cash flows from operating activities:

Net loss                                                       $       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
Decrease in prepaid expenses and other assets                          0                       0
Decrease (increase) in net assets of
  Haven Federal                                                        0                       0
(Decrease) in accrued expenses and other liabilities                   0                       0
(Decrease) Increase in net liabilities of
  Haven Federal                                                        0                       0
Amortization of organization expenses                                  0                       0
                                                               ---------               ---------

Net cash provided (used) by operating activities                       0                       0

Cash and cash equivalents, beginning of year                           0                       0
                                                               ---------               ---------

Cash and cash equivalents, end of quarter                      $       0               $       0
                                                               =========               =========
</TABLE>



	See accompanying notes to consolidated financial statements


                                  3
<PAGE>


                                              PART I - FINANCIAL INFORMATION
                                              ------------------------------

                ADMIRAL FINANCIAL CORP.  AND SUBSIDIARY

              Notes to Consolidated Financial Statements

Note 1.  In the opinion of management, the accompanying consolidated
         financial statements contain all the adjustments (principally
         consisting of normal recurring accruals) necessary to present
         fairly the financial statements of Admiral Financial Corp.
         ("Admiral") and Subsidiary.

Note 2.  The net assets of Admiral inlcudes the former principal
         operating subsidiary, Haven Federal Savings and Loan Association
         ("Haven").  Therefore, where applicable, Haven's net assets and
         net liabilities are presented in the balance sheets in the
         aggregate; and its loss is shown in the aggregate in the
         Statements of Operations for the three month period ended
         September 30, 2006 and 2005.



                                            PART I - FINANCIAL INFORMATION
                                            ------------------------------

ITEM 2 - Management's Discussion and Analysis of Consolidated
         Financial Condition and Results of Operations

General
-------

       ADMIRAL FINANCIAL CORP. ("ADMIRAL"), an inactive corporation, is
currently seeking to recapitalize the Company in order to resume its
prior activities with respect to the acquisition and investment in
interest-earning assets and specialty real estate, as well as other new
lines of business, as yet unidentified.

       This discussion may contain statements regarding future financial
performance and results.  The realization of outcomes consistent with
these forward-looking statements is subject to numerous risks and
uncertainties to the Company including, but not limited to, the
availability of equity capital and financing sources, the availability
of attractive acquisition opportunities once such new equity capital
and financing is secured (if at all), the successful integration and
profitable management of acquired businesses, improvement of operating
efficiencies, the availability of working capital and financing for
future acquisitions, the Company's ability to grow internally through
expansion of services and customer bases without significant increases
in overhead, seasonality, cyclicality, and other risk factors.

       Admiral is presently inactive, other than its efforts to seek a
merger, exchange of capital stock, asset acquisition, recapitalization,
or other similar business combination (a "Recapitalization") with an
operating or development stage business which Admiral management
considers to have growth potential.  Admiral currently receives no cash
flow. Admiral anticipates no capital infusions prior to effectuating a
Recapitalization. Until such time as Admiral effectuates a
Recapitalization, Admiral currently expects that it will incur minimal
future operating costs.

       No officer or director of Admiral is paid any type of
compensation by Admiral and presently, there are no arrangements
or anticipated arrangements to pay any type of compensation to
any officer or director in the near future. Admiral expects that
it will meet its cash requirements until such time as a
Recapitalization occurs. However, in the event Admiral depletes
its present cash reserves, or in the event that Admiral
management ceases to perform it's duties on a non-compensatory
basis, Admiral may cease operations and a Recapitalization may
not occur. There are no agreements or understandings of any kind
with respect to any loans from officers or directors of Admiral
on the Company's behalf.

       On August 5, 1993, Admiral filed a Complaint against the United
States of America in the United States Court of Federal Claims,
arising in part out of contractual promises made to Admiral by the
United States' Government, acting through the Federal Home Loan Bank
Board ("FHLBB") and the Federal Savings and Loan Insurance Corporation
("FSLIC") pursuant to their statutory supervisory authority over
federally insured savings and loan institutions and savings banks
(hereinafter referred to a "thrifts" or "thrift institutions"), and in
part out of takings of property by the FHLBB and FSLIC in the course
of exercising that authority.  On October 16, 2002, the Court granted
the Admiral Motion for Summary Judgment in part, by finding that the


                                  4
<PAGE>


United States Government liable for damages for breach of contract,
pending the taking of testimony regarding a possible prior material
breach by Admiral.  A trial was conducted during December 2002, and
testimony was taken regarding the value of the assets originally
contributed by Admiral, and the Government's arguments regarding
Admiral's prior material breach were heard by the Court.  On August 1,
2003, the Court held in favor of the United States Government, stating
that Admiral had committed a prior material breach when the Company
did not meet the minimum capital requirement at March 31, 1989,
despite the fact that FIRREA was enacted (on August 9, 1989) prior to
the end of Admiral's "cure period" (October 16, 1989), thereby making
such a cure impossible to perform.  Admiral appealed, and the finding
of the Court of Federal Claims was affirmed in August 2004. Admiral
will not pursue this litigation any further.


Liquidity and Capital Resources
-------------------------------

       Admiral is currently inactive.  Admiral management intends to
seek a new line of business. as yet unidentified.  In connection
therewith, Admiral's management believes that a restructuring of
Admiral may be necessary in order to raise capital for new operations,
and any such restructuring may have a substantial dilutive effect upon
Admiral's existing shareholders.  Admiral has no ongoing financial
commitments or obligations.


Comparison of Three Months Ended September 30, 2006 and 2005
------------------------------------------------------------

       Admiral was inactive, and recorded no revenues or expenses during
the period.


                                             PART II - OTHER INFORMATION
                                             ---------------------------

Item 1.   Legal Proceedings

       Admiral did not become involved in any new material legal
proceedings during the period covered by this report.


Item 2.   Changes in Securities

       Not applicable.


Item 3.   Defaults Upon Senior Securities

       Not applicable.


Item 4.   Submission of Matters to a Vote of Security Holders

       Not applicable.


Item 5.   Other Information

       Not applicable.


Item 6.   Exhibits and Reports on Form 8-k

       Not applicable.



                                  5
<PAGE>


                             SIGNATURES



       Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused the report to be signed on its
behalf by the undersigned thereunto duly authorized.


                                       ADMIRAL FINANCIAL CORP.
                                       (Registrant)




Date:   November 14, 2006              By:     /s/ Wm. Lee Popham
                                          --------------------------------
                                          Wm. Lee Popham, President


Date:   November 14, 2006              By:     /s/ Wm. Lee Popham
                                          --------------------------------
                                          Wm. Lee Popham, Principal
                                          Financial and Accounting Officer


















                                  6
<PAGE>