FORM 10-KSB
         SECURITIES AND EXCHANGE COMMISSION
             Washington, D.C. 20549
 [X] 15,ANNUAL REPORT UNDER SECTION 13 OR 15(D) OF
        THE SECURITIES EXCHANGE ACT OF 1934
        For the fiscal year ended: 3/31/03
                       OR
[ ]15,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 -  000-26361

        Creative Beauty Supply, Inc
(Exact name of Registrant as specified in its charter)
<TABLE>
<CAPTION>

                             <c>                      <c>
NEW JERSEY                                            22-3392051
(State or other    (Primary Standard Industrial    (I.R.S. Employer
jurisdictions       Classification Code Number)  Identification number)
of incorporation
or organization
</TABLE>


380 Totowa Road, Totowa, NJ             07512
(Address of principal                 (Zip Code)
executive offices)

                 Telephone:  973-904-0004
 (Registrant's telephone number, including area code)

Securities registered pursuant to
    Section 12(b) of the Act:           None
Securities registered pursuant  to
     Section 12(g) of the Act:         Common  Stock, $.001 par value

Check whether the Company (1) has filed all reports required to be
filed by Section 13 or 15(d) of the Securities Exchange Act during the
preceding 12 months (or such shorter period that the Company was
required to file such reports), and (2) has been subject to such filing
requirements for at least the past 90 days.
 Yes    __x__   No  _____

Check if there is no disclosure of delinquent filers in response to
Item 405 of Regulation S-B is not contained in this form, and no
disclosure will be contained, to the best of Company's knowledge, in
definitive proxy or information statements incorporated by reference in
Part III of this Form 10-KSB or any amendment to this Form 10-KSB. [x]

The Company's revenues for its most recent fiscal year were $193,495.
As of March 31, 2003, the market value of the Company's voting $.00l
par value common stock held by non-affiliates of the Company was
$439,131.


<PAGE>2

The number of shares outstanding of Company's class of common stock, as
of March 31, 2003 was 3,494,650 shares of its $.001 par value common
stock.

Check whether the Issuer has filed all documents and reports required
to be filed by Section 12, 13 or 15(d) of the Exchange Act after the
distribution of securities under a plan confirmed by a court.
Yes  __x__  No _____

The exhibits are incorporated into the text by reference.

Transitional Small Business Disclosure Format (check one)
 Yes                No     x
     --------          --------




<PAGE>3

                                    PART I
ITEM 1.    BUSINESS - General

A.   The Company was incorporated in New Jersey on August 28, 1995.
On March 15, 1996, the Company effectuated a 45,392 for 1 stock split.
There have been no other material events in the development of the
Company (including any material mergers or acquisitions) since
inception.   There are no pending or anticipated mergers, acquisitions,
spin-offs or recapitalizations.   On February 26, 1997, the Company's
officers surrendered 7,543,000 Common Shares.   The issued and
outstanding shares were reduced from 11,348,000 to 3,805,000.   An
additional 795,000 common shares were subsequently issued.   On July
1, 1997, the Company effectuated a 1 for 2.5 reverse stock split
reducing the then issued and outstanding shares from 4,600,000 to
1,840,000, subsequently issuing another 24,650 shares from March 30,
1998 through July 26, 1998 bringing the total issued and outstanding
shares to 1,864,650.   During fiscal year ended March 31, 2002,
1,630,000 common shares were issued bringing the total issued and
outstanding common shares at March 31, 2003 to 3,494,650.

Corporate Operations.    The Company operates as a cosmetic and beauty
supply distributor at both the retail and wholesale levels. The
Company's various beauty and cosmetic products are purchased by it from
a number of unaffiliated suppliers and manufacturers and thereafter
sold on its premises to retail "walk-in" customers or directly to
beauty salons.

Products.   The Company's beauty and cosmetic products primarily
consist of the following items: Shampoos, conditioners, mousse,
setting/styling and spray gels, lotions, lipstick and nail products and
hair sprays as well as such beauty and cosmetic related appliances as
blow dryers, curling irons, mirrors, air diffusers and hair trimmers.
Many of the aforesaid products (at least 80%) may be considered to be
"national" brands bearing consumer recognition with respect to the
their respective names.   Such consumer recognition of such "brand"
names is considered by the Company to be of assistance to it with
respect to sale of such products since consumer recognition is advanced
by national brand media advertising (at no cost to the Company but to
the Company's benefit) when potential customers are already familiar
with the product as a result of media advertising.

Suppliers.   The above indicated products are purchased by the Company
from a number of unaffiliated suppliers and management of the Company
does not contemplate or anticipate any significant difficulties with
its ability to purchase such products from its current suppliers and/or
from replacement and/or additional suppliers if and when necessary or
advisable.   The Company does not have any written agreements with any
of its suppliers.   During the most current year (year ended March 31,
2003) the Company purchased approximately 56% of its products from one
supplier.   Management believes that other suppliers could provide
similar products on comparable terms.  A change in suppliers, however,
could cause a delay in obtaining merchandise and possible loss of sales
that could effect operating results.


<PAGE>4

Distribution.   The Company is currently distributing its products to
approximately 200 nail and beauty salons.   Its territory is
principally and almost exclusively located within the northern and
central portion of the State of New Jersey, in the counties of Essex,
Hudson, Bergen, Passaic, Morris and Union.

The Company sells cosmetic and beauty supplies, both on the retail and
wholesale levels to beauty salons and to the general public.

Wholesale sales consist of sales to beauty salons of merchandise for
resale.  Sales of merchandise to beauty salons for their own
consumption, not for resale, are considered retail sales.   All sales
to the general public are also considered retail sales.

Net sales for years ended March 31, are summarized as follows:
                    2003             2002
                  --------         --------
Retail             109,061          $124,936
Wholesale           84,434            91,151
                ----------         ---------
                   193,495          $216,087
                ==========         =========

Competition.   Competition is based on price.  The Company's price
ranges of its various products are within the manufacturer-suggested
prices, services and product lines.  The Company is competing with
established companies and other entities (many of which may possess
substantially greater resources than the Company).   Almost all of the
companies with which the Company competes are substantially larger,
have more substantial histories, backgrounds, experience and records of
successful operations, greater financial, technical, marketing and
other resources, more employees and more extensive facilities than the
Company now has, or will have in the foreseeable future.  It is also
likely that other competitors will emerge in the near future.  There is
no assurance that the Company's products will compete successfully with
other established and/or well-regarded products. Inability to compete
successfully might result in increased costs, reduced yields and
additional risks to the investors herein.

Marketing.   The Company has no formal marketing plan and no sales
representatives.   The Company's products will be marketed through
catalog advertising to the salon industry and special promotions.
The salons order and receive their products weekly.   No customer
accounts for more than 20% of sales and there are no existing sales
contracts.

Backlog.   The Company services its wholesale accounts on two days
notice. There is no backlog.   If the Company does not have a specific
item, it is back ordered until the next delivery.

Employees.   The Company currently has one full-time employee and one
part-time employee.



<PAGE>5

The Company's operations do not depend nor are they expected to depend
upon patents, copyrights, trade secrets, know-how or other proprietary
information.   No amounts have been expended by the Company for
research and development of any products nor does the Company expect to
expend any amounts this year or in the near future.

The Company's business, products and properties are not subject to
material regulation (including environmental regulation) by federal,
state, or local governmental agencies.

Seasonal Nature of Business Activities.   The Company's business
activities are not seasonal.

ITEM 2.  PROPERTIES.

The Company's executive offices and showroom are located at 380 Totowa
Road, Totowa, New Jersey 07512.  Telephone No. (973) 904-0004.   These
offices consist of 1,400 square feet on a lease term.   In April of
1999, the Company entered into a lease agreement for a term of three(3)
years commencing May 1, 1999 at a monthly lease of $1,200 per month for
the first twelve(12) months and $1,300 a month for each of the
remaining twenty four(24) months.   In April 2002, upon the expiration
of the lease, the Company renewed its lease for an additional
two(2)years at a monthly rental of $1,300 per month.   Total rent
charged to operations for the years ended March 31, 2003 and 2002 was
$15,555 and $15,204, respectively.

The Company owns its delivery vehicle and the computers used in the
operation of the business.

ITEM 3.    LEGAL PROCEEDINGS.

The Company is not involved in any legal proceedings at this date.

ITEM 4.    SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

During the fourth quarter of the fiscal year ended March 31, 2003, no
matters were submitted to a vote of the Company's security holders,
through the solicitation of proxies.



<PAGE>6
                 PART II

ITEM 5.    MARKET FOR COMPANY'S COMMON EQUITY AND RELATED STOCKHOLDER
MATTERS

Market Information.    The Company began trading publicly on the NASD
Over the Counter Bulletin Board in October 2001.

The following table sets forth the range of high and low bid quotations
for the Company's common stock for each quarter since trading began, as
reported on the NASD Bulletin Board.    The quotations represent inter-
dealer prices without retail markup, markdown or commission, and may
not necessarily represent actual transactions.
<TABLE>
<CAPTION>
        Quarter  Ended          High Bid      Low Bid
                <S>               <c>          <c>

             12/31/01             $.86         $.80
              3/31/02             $.75         $.72
              6/30/02             $.51         $.51
              9/30/02             $.28         $.22
             12/31/02             $.26         $.25
              3/31/03             $.23         $.22
</TABLE>

The Company has never paid any cash dividends nor does it intend, at
this time, to make any cash distributions to its shareholders as
dividends in the near future.

As of March 31, 2003, the number of holders of Company's common stock
was 113.

ITEM 6.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS.

Trends and Uncertainties.  Demand for the Company's products will be
dependent on, among other things, market acceptance of the Company's
concept and general economic conditions, which are cyclical in nature.
Inasmuch as a major portion of the Company's activities is the receipt
of revenues from the sales of its products, the Company's business
operations may be adversely affected by the Company's competitors.

Capital and Source of Liquidity.   In April 2002, the Company renewed
its lease for a term of two (2) years commencing May 1, 2002 at a
monthly rental of $1,300 per month.

For the year ended March 31, 2003, the Company received proceeds from
the sale of marketable securities in the amount of $25,000 and proceeds
from the sale of assets in the amount of $700.  The Company acquired a
used delivery van for $9,394.   As a result, the Company had net cash
provided by investing activities of $16,306 for the year ended March
31, 2003.



<PAGE>7

For the year ended March 31, 2002, the Company received proceeds from
the sale of marketable securities in the amount of $75,000 resulting in
net cash provided by investing activities of $75,000.

For the year ended March 31, 2003, the Company did not pursue any
financing activities.

For the year ended March 31, 2002, the Company issued common stock and
options for $135,630 resulting in net cash provided by financing
activities of $135,630.

Results of Operations.

The Company sells approximately 1,000 different products at varying
mark ups ranging from 20 to 40 percent.   The Company has two types of
customers, beauty salons and the general public.   The gross profit
margin on sales of merchandises to the general public ranges from 30 to
40 percent depending on the product sold.   The gross margin on sales
of merchandise to beauty salons is somewhat less ranging from 20 to 28
percent depending on the product sold and the discount given.   The
Company's product margin increased in 2003 over 2002 due to a change in
sales mix.   Although sales decreased (wholesale decreased by 7.3% and
retail decreased by 12.7%) products sold were sold at higher margins
resulting in a higher gross margin for the year, 25.5% for 2003
compared to 24.57% for 2002.

March 31, 2003 compared to March 31, 2002

For the year ended March 31, 2003, the Company had a net loss of
$(84,785).   The Company had net sales of $193,495 with a cost of goods
sold of $144,103 resulting in gross profit of $49,392 for the year
ended March 31, 2003.

The Company had operating expenses of $157,337 for the year ended March
31, 2003.   These expenses primarily consisted of officer's salaries of
$32,170, employee welfare of $9,521, auto and delivery of $8,021,
insurance of $3,663, office expense of $2,309, professional fees of
$72,567, rent of $15,555, telephone of $3,264, utilities of $2,370,
store supplies of $1,796, payroll and other taxes of $3,329,
depreciation of $1,648 and other miscellaneous expenses of $1,124.

For the year ended March 31, 2002, the Company had a net loss of
$(318,729).  The Company had net sales of $216,087 with a cost of goods
sold of $163,148 resulting in gross profit of $52,939 for the year
ended March 31, 2002.

The Company had operating expenses of $424,970 for the year ended March
31, 2002.   These expenses primarily consisted of officer's salaries of
$168,850, employee welfare of $7,943, auto and delivery of $8,382,
consulting fees of $171,990, professional fees of $37,377, rent of



<PAGE>8

$15,204, telephone of $1,991, utilities of $1,874, store supplies of
$914, insurance of $3,705, office expenses of $1,760, payroll and other
taxes of $3,155, depreciation of $214 and other miscellaneous expenses
of $1,611.

The Company's product margin increased from year ended March 31, 2002
to March 31, 2003 by approximately 1% (from 24.5% to 25.5%).   The
increase is a direct result from the change in sales mix, and higher
volume purchases from suppliers resulting in lower unit cost.   In
2002, the Company had 1,682 invoices to customers, while in 2003, the
Company had only 1,530 invoices, a decrease of 9%, resulting in a
$22,592 decrease in sales for 2003.

Professional fees increased due to higher audit fees, higher fees
charged by stock transfer agent and normal fee increases by all
professionals.

The major cause of the Company's losses from operations have been the
low sales volume.   Management is looking for new suppliers at more
favorable prices and to increase their customer base and sales volume.

Liquidity and Capital Resources:

Plan of Operation.  During the next twelve months, the Company may
obtain new product lines by negotiating with various manufacturers.
The Company does not intend to hire any additional employees.

The Company's liquidity will be decreased due to little or no increase
in revenue and higher operating costs.

The Company is not delinquent on any of its obligations even though the
Company has had limited operating revenues.   The Company intends to
market its products utilizing cash made available from the sale of its
products.   The Company is of the opinion that revenues from the sales
of its products and the proceeds from the sale of its securities will
be sufficient to pay its expenses.

The Company does not have nor does it intend to have pension and/or
other post-retirement benefits in the future.

The Company does not have any or intends to have any derivative
instruments or hedging activities.

Critical Accounting Policies

The preparation of financial statements and related disclosures in
conformity with accounting principles generally accepted in the United
States of America requires management to make judgments, assumptions
and estimates that affect the amounts reported in the Company's
financial statements and the accompanying notes.   The amounts of
assets and liabilities reported in our balance sheets and the amounts
of revenues and expenses reported for each of our fiscal periods are
affected by estimates and assumptions which are used for, but not
limited to, the accounting for allowance for doubtful accounts, fair

<PAGE>9

market values of marketable securities, asset impairments, inventory
and income taxes.   Actual results could differ from these estimates.
The following critical accounting policies are significantly affected
by judgments, assumptions and estimates used in the preparation of the
financial statements.

Revenue is recognized when earned in accordance with applicable
accounting standards.  Net sales are recognized at the time products
are shipped to customers.   Over-the-counter sales are recorded at
point of sale.

The allowance for doubtful accounts is based on the Company's
assessment of the collectability of specific customer accounts, credit
worthiness and economic as well as the aging of the accounts receivable
balances.   If there is a deterioration of a major customer's credit
worthiness or actual defaults are higher than the Company's historical
experience, the Company's estimates of recoverability of amounts due
the Company could be adversely affected.

The Company has elected to classify all of its investments in equity
securities as available-for-sale and report them at fair value.
Realized gains and losses are recorded in earnings (loss) and changes
in the unrealized gain or loss is excluded from earnings (loss) and
reported as a component of other comprehensive income (loss).

The Company's inventory consists of finished goods and is valued at
lower of cost or market with cost being determined on the first-in,
first-out (FIFO) method.   The Company also considers obsolescense,
excessive levels, deterioration and other factors in evaluating net
realizable value.

The Company periodically evaluates the net realizable value of long-
lived assets, including property and equipment, relying on a number of
factors including operating results, business plans, economic
projections and anticipated future cash flows.   An impairment in the
carrying value of an asset is recognized whenever future cash flows
(undiscounted) from an asset are estimated to be less than its carrying
value.   The amount of the impairment recognized is the difference
between the carrying value of the asset and its fair value.

Deferred income taxes are provided on the liability method whereby
deferred income tax assets are recognized for deductible temporary
differences and operating loss carry forwards and deferred income tax
liabilities are recognized for taxable temporary differences.
Temporary differences are the differences between the reported amounts
of assets and liabilities and their tax basis.   Deferred income tax
assets are reduced by a valuation allowance when, in the opinion of
management, it is more likely than not that some portion or all of the
deferred tax asset will not be realized.   Deferred income tax assets
and liabilities are adjusted for the effects of change in tax laws and
rates on the date of enactment.



<PAGE>10

New Accounting Standards:
The Financial Accounting Standards Board issued SFAS No. 144
"Accounting for the Impairment or Disposal of Long-Lived Assets ("SFAS
144").  This statement addresses financial accounting and reporting for
the impairment of long-lived assets and for long-lived assets to be
disposed of.   SFAS 144 supersedes FASB Statement No. 121, "Accounting
for the Impairment of Long-Lived Assets and for Long-Lived Assets to be
Disposed of."   However, SFAS 144 retains the fundamental provisions of
Statement No. 121 for (a) the recognition and measurement of the
impairment of long-lived assets to be held and used and (b) measurement
of long-lived assets to be disposed of by sale.   SFAS 144 was
effective for the Company on April 1, 2002.   The adoption of this
pronouncement did not have a material impact on the Company's results
of operations or financial position.

In June 2002, the FASB issued SFAS No. 146, "Accounting for Costs
Associated with Exit or Disposal Activities," which supercedes Emerging
Issues Task Force (EITF) Issue No. 94-3, "Liability Recognition for
Certain Employee Termination Benefits and Other Costs to Exit and
Activity (Including Certain Costs Incurred in a Restructuring).   SFAS
No. 146 addresses financial accounting and reporting for costs
associated with exit or disposal activities and requires that a
liability be recognized when it is incurred and should initially be
measured and recorded at fair value.   This statement is effective for
exit or disposal activities that are initiated after December 31, 2002
and management does not expect the adoption to have an impact on the
Company's financial position or results of operations.

In November 2002, the FASB has issued FIN No. 45 "Guarantor's
Accounting and Disclosure Requirements for Guarantees, Including
Indirect Guarantees of Indebtedness to Others ("FIN 45") which
addresses the disclosure to be made by a guarantor in interim and
annual financial statements about its obligations under guarantees.
FIN 44 also requires the recognition of a liability by a guarantor at
the inception of certain guarantees that are entered into or modified
after December 31, 2002.   The Company has adopted the disclosure
requirement of FIN 45 and will apply the recognition and measurement
provisions for all material guarantees.   The adoption of this
interpretation did not have a material impact on the Company's result
of operations or financial position.

In December 2002, the FASB issued SFAS No. 148, "Accounting for Stock-
Based Compensation- Transition and Disclosure. "SFAS No. 148 amends
SFAS No. 123,  "Accounting for Stock-Based Compensation." SFAS No. 148
provides alternative methods of transition for a voluntary change to
the fair value based method of accounting for stock-based employee
compensation.   In addition, SFAS No. 148 amends the disclosure
requirements of SFAS No. 123 to require more prominent and more
frequent disclosure in financial statements about the effects of stock
based compensation.   The adoption in this pronouncement did not have a
material impact on the Company's financial position or result of
operations.



<PAGE>11

In January 2003, the FASB issued FASB Interpretation FIN No. 46,
"Consolidation of Variable Interest Entities." FIN 46 clarifies the
application of Accounting Research Bulletin No. 51, "Consolidated
Financial Statements," to certain entities in which equity investors do
not have the characteristics of a controlling financial interest or do
not have sufficient equity at risk for the entity to finance its
activities without additional subordinated financial support from other
parties.   FIN 46 applies immediately to variable interest entities
(VIE's) created after January 31, 2003, and to VIE's in which an
enterprise obtains an interest after that date.   It applies in the
first fiscal year or interim period beginning after June 15, 2003, to
VIE's in which an enterprise holds a variable interest that is acquired
before February 1, 2003.   FIN 46 applies to public enterprises as of
the beginning of the applicable interim or annual period.  The adoption
of FIN 46 is not expected to have a material impact on the Company's
financial position, liquidity, or results of operations.

The Financial Accounting Standard Board issued "Accounting for Certain
Financial Instruments with Characteristics of Both Liabilities and
Equity."  SFAS No. 150 establishes standards for how to classify and
measure certain financial instruments with characteristics of both
liabilities and equity.   It requires an issuer to classify a financial
instrument that is within its scope as a liability (or as an asset, in
some circumstances).   Most of such instruments were previously
classified as equity.   The Statement is effective for financial
instruments entered into or modified after May 31, 2003 and otherwise
is effective at the beginning of the first interim period beginning
after June 15, 2003.   The Adoption of this pronouncement is not
expected to have a material impact on the Company's financial position,
liquidity or results of its operations.

Forward-Looking Statements

This Form 10-KSB contains forward-looking statements within the meaning
of the federal securities laws.   These statements include those
concerning the following:  Our intentions, beliefs and expectations
regarding the fair value of all assets and liabilities recorded; our
strategies; growth opportunities; product development and introduction
relating to new and existing products; the enterprise market and
related opportunities; competition and competitive advantages and
disadvantages; industry standards and compatibility of our products;
relationships with our employees; our facilities, operating lease and
our ability to secure additional space; cash dividends; excess
inventory, our expenses; interest and other income; our beliefs and
expectations about our future success and results; our operating
results; our belief that our cash and cash equivalents will be
sufficient to satisfy our anticipated cash requirements; our
expectations regarding our revenues and customers; investments and
interest rates.   These statements are subject to risk and
uncertainties that could cause actual results and events to differ
materially.

Creative Beauty Supply, Inc. undertakes no obligation to update
forward-looking statements to reflect events or circumstances occurring
after the date of this Form 10-KSB.

<PAGE>12

ITEM 7.  FINANCIAL STATEMENTS AND SUPPLEMENTARY
         DATA

Financial Statements

The response to this item is being submitted as a separate section of
this report beginning on page 16.

ITEM 8.   CHANGES IN AND DISAGREEMENTS WITH
          ACCOUNTANTS ON ACCOUNTING AND FINANCIAL
          DISCLOSURE

None

                    PART III

ITEM 9.    DIRECTORS AND EXECUTIVE OFFICERS OF THE COMPANY


Board of Directors.  The following persons listed below have been
retained to provide services as directors and executive officers until
the qualification and election of his successor.  All holders of Common
Stock will have the right to vote for Directors of the Company.  The
Board of Directors has primary responsibility for adopting and
reviewing implementation of the business plan of the Company,
supervising the development business plan, review of the officers'
performance of specific business functions.  The Board is responsible
for monitoring management, and from time to time, to revise the
strategic and operational plans of the Company.    Directors have
received to date no cash compensation or fees for their services
rendered in such capacity.
<TABLE>
<CAPTION>
Name                            Position Held        Term of Office

                                  <c>                  <c>
Carmine Catizone, age 54      President, Director      Inception
                                                       to present

Daniel Generelli, age 36      Secretary/Treasurer      Inception
                            Vice-President/Director    to present
</TABLE>

Resumes:

Carmine Catizone.   Mr. Catizone has been President and a director of
the Company since its inception in August 1995.  From June 1988 to July
1994, Mr. Catizone was President and a Director of J&E Beauty Supply,
Inc., a retail and wholesale beauty supply distributor.   Mr. Catizone
served as President and a director of C&C Investments, Inc., a blank
check company (now known as T.O.P.S. Medical Corp., which provided
chemicals for transportation of organs) from July 1977 to December
1984.  Mr. Catizone is not currently involved with T.O.P.S. Medical
Corp.   From June 1980 to December 1985, Mr. Catizone had been district

<PAGE>13

sales manager (engaged in sales of cosmetics) for Chattem Labs.   Mr.
Catizone received his Bachelor of Science degree from Fairleigh
Dickerson University in 1972.

Daniel Generelli.   Mr. Generelli has been Secretary-Treasurer and a
director of the Company since inception in August 1995.   From December
1989 to July 1995, Mr. Generelli was Secretary/Treasurer and a director
of J&E Beauty Supply, Inc., a retail and wholesale beauty supply
distributor.   From December 1984 to December 1989, Mr. Generelli was
employed as a distribution supervisor with Tags Beauty Supply, a retail
and wholesale beauty supply distributor in Fairfield, NJ.   Mr.
Generelli graduated from Ramapo College of New Jersey with a Bachelor
of Science degree in June of 1984.

ITEM 10.   EXECUTIVE COMPENSATION

To date, the Company has not entered into employment agreements nor are
any contemplated.   Mr. Generelli and Mr. Catizone were paid
approximately $30,000 per year.   Although he is still an officer and
director of the Company, Mr. Generelli is no longer a full time
employee of the Company as of February 2001.    Until March 2001, all
of Mr. Catizone's $30,000 salary had been accrued.
<TABLE>
<CAPTION>
                                   Annual Compensation                    Awards               Payouts
                              ---------------------------        ----------------------      ----------
                                                    Other        Restricted  Securities
                                                    Annual          Stock    Underlying         LTIP       All Other
Name and Position     Year  Salary($)  Bonus($) Compensation($)  Awards(#)  Options/SARs(#)  Payouts($) Compensation($)

                    <c>    <c>         <c>         <c>            <c>        <c>             <c>          <c>
Carmine Catizone      2003    30,000     ----         ----           ----        ----            ----        ----
 Chairman and         2002    30,000     ----         ----           ----        ----            ----      136,500
   President          2001    30,000     ----         ----           ----        ----            ----        ----

Daniel Generelli      2003     2,170     ----         ----           ----        ----            ----        ----
 Secretary/Treasuer/  2002     2,350     ----         ----           ----        ----            ----        ----
 Director             2001    26,936     ----         ----           ----        ----            ----        ----
</TABLE>
On December 4, 2001, the Board of Directors granted 500,000 stock
options to Carmine Catizone, President.  The options were exercisable
at $.12 per common share for a period of one year and granted for the
consideration of $10.   Market price at time of grant was $.39.

Board of Directors Compensation.   Members of the Board of Directors
may receive an amount yet to be determined annually for their
participation and will be required to attend a minimum of four meetings
per fiscal year.   To date, the Company has paid $0.00 in directors'
expenses.


ITEM 11.   SECURITY OWNERSHIP OF CERTAIN
           BENEFICIAL OWNERS AND MANAGEMENT


The following tabulates holdings of shares of the Company by each
person who, subject to the above, at the date of this registration
statement, holders of record or is known by Management to own
beneficially more than 5.0% of the Common Shares and, in addition, by



<PAGE>14

all directors and officers of the Company individually and as a group.
Each named beneficial owner has sole voting and investment power with
respect to the shares set forth opposite his name.

              Shareholdings at Date of
                   This Prospectus
<TABLE>
<CAPTION>
                                                               Percentage of
                                Number & Class(1)              Outstanding
Name and Address                  of Shares                   Common Shares

                                   <c>                           <c>
Carmine Catizone              Common   1,308,000 (direct)          31.26%
10 1/2 Walker Avenue                      80,600(2) (indirect)      1.93%
Morristown, NJ 07960

Daniel T. Generelli           Common      80,000                    1.91%
24 Kansas Street
Hackensack, NJ 07601

All Directors & Officers               1,468,600                   35.10%
as a group (2 persons)

Pat Catizone                  Common     500,000 (direct)          11.95%
266 Cedar Street              Common      10,000(3)(indirect)        .24%
Cedar Grove, NJ 07009

Ram Venture Holdings Corp.    Common     630,000                   15.06%
3040 E. Commercial Blvd.
Fort Lauderdale, FL 33308

Cede & Co.                    Common     487,500                   11.65%
P.O. Box 20
Bowling Green Station
New York, NY 10274
</TABLE>
(1)Pursuant to Rule 13d-3 under the Securities Exchange Act of 1934, as
amended, beneficial ownership of a security consists of sole or shared
voting power (including the power to vote or direct the voting) and/or
sole or shared investment power (including the power to dispose or
direct the disposition) with respect to a security whether through a
contract, arrangement, understanding, relationship or otherwise.
Unless otherwise indicated, each person indicated above has sole power
to vote, or dispose or direct the disposition of all shares
beneficially owned, subject to applicable unity property laws.

(2)Carmine Catizone and Phyllis Catizone are husband and wife and are
deemed to be the beneficial owners of each other's shares and custodial
shares.

(3)Pat Catizone and Barbara Catizone are husband and wife and are
deemed to be the beneficial owners of each other's shares.



<PAGE>15

ITEM 12.    CERTAIN RELATIONSHIPS AND RELATED
            TRANSACTIONS

On January 31, 2002, the Company exchanged 500,000 common shares valued
at $200,000 ($0.40 cents per share) for 2,000,000 shares of a corporate
stockholder's common stock valued at $200,000 ($0.10 per share).   This
corporate stockholder was one of the consultants who received options.
At the conclusion of the transaction, the corporate shareholder owned
18% of the Company's issued and outstanding shares.


ITEM 13.    EXHIBITS and REPORTS ON FORM 8-K

(a)    List of Exhibits

          The following exhibits are filed with this report:

(2.1)  Articles of Incorporation incorporated by
          reference to Form 10SB filed June 14,
          1999, file #0-26361
(2.2)  Bylaws incorporated by reference to Form
          10SB filed June 14, 1999, file #0-26361
(3.1)  Common Stock Certificate incorporated by
          reference to Form 10SB filed June 14,
          1999, file #0-26361
(10.1)  Lease agreement renewal dated April 2002
(99.1)  Certifications pursuant to 18 U.S.C. Section 1350


(b)    REPORTS ON FORM 8-K
        None

ITEM 14. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Our management, under the supervision and with the participation of our
chief executive officer and chief financial officer, conducted an
evaluation of our "disclosure controls and procedures" (as defined in
Securities Exchange Act of 1934 (the "Exchange Act") Rules 13a-14(c))
within 90 days of the filing date of this annual report on Form 10KSB
(the "Evaluation Date").  Based on their evaluation, our chief
executive officer and chief financial officer have concluded that as of
the Evaluation Date, our disclosure controls and procedures are
effective to ensure that all material information required to be filed
in this annual report on Form 10KSB has been made known to them in a
timely fashion.



<PAGE>16

Changes in Internal Controls

There have been no significant changes (including corrective actions
with regard to significant deficiencies or material weaknesses) in our
internal controls or in other factors that could significantly affect
these controls subsequent to the Evaluation Date set forth above.


                        PART F/S

The following financial statements and schedules are filed as part of
this report:

Independent Auditors' Report             17
Balance Sheets
   March 31, 2003 and 2002               18
Statements of Operations and
   Comprehensive Income (Loss)
   Years ended March 31, 2003 and 2002   19
Statements of Stockholders' Equity
   Years ended March 31, 2003 and 2002   21
Statements of Cash Flows
   Years ended March 31, 2003 and 2002   22
Notes to Financial Statements            23

Schedules Omitted:  All schedules other than those shown have been
omitted because they are not applicable, not required, or the required
information is shown in the financial statements or notes thereto.



<PAGE>17

                     INDEPENDENT AUDITORS' REPORT

Board of Directors and Stockholders of
Creative Beauty Supply, Inc.
Totowa, New Jersey

We have audited the accompanying balance sheets of Creative
Beauty Supply, Inc. as of March 31, 2003 and 2002, and the
related statements of operations and comprehensive loss,
stockholders' equity and cash flows for the years then ended.
These financial statements are the responsibility of the
Company's management.  Our responsibility is to express an
opinion on these financial statements based on our audits

We conducted our audits 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 misstatements.  An audit includes
examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements.  An audit also
includes assessing the accounting principles used and
significant estimates made by management, as well as
evaluating the overall financial statement presentation.  We
believe that our audits provide a reasonable basis for our
opinion.

In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial
position of Creative Beauty Supply, Inc. as of March 31, 2003
and 2002 and the results of its operations and its cash flows
for the years then ended in conformity with accounting
principles generally accepted in the United States of America.





                                    /s/WithumSmith+Brown, P.C.

Livingston, New Jersey
May 27, 2003




<PAGE>18
                     CREATIVE BEAUTY SUPPLY, INC.
                           BALANCE SHEETS
                       MARCH 31, 2003 and 2002

        ASSETS
                                                 2003         2002
                                              ----------   ----------
CURRENT ASSETS:
  Cash and cash equivalents                   $  332,755   $  383,108
  Marketable securities                          160,000      364,500
  Accounts receivable                              1,554        2,123
  Inventory                                       63,912       66,353
  Prepaid expenses                                 2,858        2,494
                                              ----------   ----------
           TOTAL CURRENT ASSETS                  561,079      818,578

PROPERTY AND EQUIPMENT, net of
  accumulated depreciation                         7,906          161
                                              ----------   ----------
TOTAL ASSETS                                  $  568,985   $  818,739
                                              ==========   ==========

       LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:
  Accounts payable - trade                    $   18,468   $   10,887
  Accrued expenses                                16,095          825
  Payroll taxes withheld and accrued               1,202        1,188
  Deferred income taxes                                -       63,569
                                              ----------   ----------
          TOTAL CURRENT LIABILITIES               35,765       76,469
                                              ----------   ----------
STOCKHOLDERS' EQUITY:
  Preferred stock, par value $.001,
    authorized 10,000,000 shares, issued
    and outstanding - 0 - shares                       -            -
  Common stock, par value $.001,
    authorized 100,000,000 shares, issued
    and outstanding 3,494,650                      3,495        3,495
  Additional paid-in capital                   1,288,781    1,288,781
  Accumulated deficit                           (719,056)    (634,271)
  Accumulated other comprehensive income (loss)  (40,000)      84,265
                                              ----------   ----------
          TOTAL STOCKHOLDERS' EQUITY             533,220      742,270
                                              ----------   ----------

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY    $  568,985   $  818,739
                                              ==========   ==========





See Accompanying Notes to Financial Statements.




<PAGE>19
                     CREATIVE BEAUTY SUPPLY, INC.
            STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
                   YEARS ENDED MARCH 31, 2003 AND 2002

                                                 2003         2002
                                              ----------   ----------
NET SALES                                     $  193,495   $  216,087
COST OF GOODS SOLD                               144,103      163,148
                                              ----------   ----------
GROSS PROFIT                                      49,392       52,939
                                              ----------   ----------
OPERATING EXPENSES:
  Salaries-officers'                              32,170      168,850
  Payroll taxes                                    2,779        2,915
  Auto and delivery                                8,021        8,382
  Consulting fees                                      -      171,990
  Employee welfare                                 9,521        7,943
  Insurance                                        3,663        3,705
  Office                                           2,309        1,760
  Professional fees                               72,567       37,377
  Rent                                            15,555       15,204
  Store supplies                                   1,796          914
  Taxes                                              550          240
  Telephone                                        3,264        1,991
  Utilities                                        2,370        1,874
  Miscellaneous                                    1,124        1,611
  Depreciation                                     1,648          214
                                              ----------   ----------
    TOTAL OPERATING EXPENSES                     157,337      424,970
                                              ----------   ----------
LOSS FROM OPERATIONS                            (107,945)    (372,031)
                                              ----------   ----------
OTHER INCOME:
  Gain on sale of securities                       8,333       41,666
  Interest income                                 14,127       11,636
  Gain on sale of assets                             700            -
                                              ----------   ----------
    TOTAL OTHER INCOME                            23,160       53,302
                                              ----------   ----------
NET LOSS                                         (84,785)    (318,729)
                                              ----------   ----------
OTHER COMPREHENSIVE LOSS, NET OF TAXES
  Unrealized holding gains (loss) arising
  during the year, net of income taxes of
  $(60,200) for 2003 and $60,200 for 2002       (119,800)      79,800
Less: reclassification adjustment, net of
  income taxes of $3,369 for 2003 and
  $51,724 for 2002                                (4,465)     (68,567)
                                              ----------   ----------
                                                (124,265)      11,233
                                              ----------   ----------



<PAGE>20

TOTAL COMPREHENSIVE LOSS                      $ (209,050)  $ (307,496)
                                              ==========   ==========
LOSS PER COMMON SHARE, BASIC AND DILUTED      $     (.02)$      (0.15)
                                              ==========   ==========
WEIGHTED AVERAGE NUMBER OF
  COMMON SHARES OUTSTANDING                    3,494,650    2,184,513
                                              ==========   ==========


See Accompanying Notes to Financial Statements.



<PAGE>21
                     CREATIVE BEAUTY SUPPLY, INC.
                   STATEMENTS OF STOCKHOLDERS' EQUITY
                   YEARS ENDED MARCH 31, 2003 AND 2002
<TABLE>
<CAPTION>
                                                               Accumulated
                 Common Stock         Additional                  Other
                   Number of           Paid-in    Accumulated  Comprehensive
                    Shares   Amounts   Capital      Deficit    Income(Loss)   Total
                  ---------  --------  ---------  -----------  ---------  ---------
                   
        <c>       <c>         <c>          <c>           <c>
Balance, March 31,
  2001            1,864,650  $  1,865  $  646,291  $  (315,542) $     73,032  $405,646

Net loss                   -         -           -     (318,729)            - (318,729)

Granting of stock
  options                  -         -     308,490            -             -  308,490

Issuance of common
  stock through
  exercise of stock
  options         1,130,000     1,130     134,500            -             -   135,630

Issuance of common
  stock in exchange
  for marketable
  securities        500,000       500     199,500            -             -   200,000

Other comprehensive
  income                  -         -           -            -        11,233    11,233
                  ---------  --------  ----------  -----------  ------------  --------
Balance, March 31,
  2002            3,494,650     3,495   1,288,781     (634,271)       84,265   742,270

Net loss                  -         -           -      (84,785)            -   (84,785)

Other comprehensive
  loss                    -         -           -            -      (124,265) (124,265)
                  ---------  --------  ----------  -----------  ------------ ---------
Balance, March 31,
  2003            3,494,650  $  3,495  $1,288,781  $  (719,056) $    (40,000) $533,220
                  =========  ========  ==========  ===========  ============  ========
</TABLE>





See Accompanying Notes to Financial Statements.




<PAGE>22
                     CREATIVE BEAUTY SUPPLY, INC.
                       STATEMENTS OF CASH FLOWS
                  YEARS ENDED MARCH 31, 2003 AND 2002

                                                 2003         2002
                                              ----------   ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net loss                                    $  (84,785)  $( 318,729)
  Adjustments to reconcile net loss to net
   cash used in operating activities:
    Depreciation                                   1,648          214
    Gain on sale of marketable securities         (8,333)     (41,666)
    Gain on sale of delivery van                    (700)           -
    Non-cash operating expenses                        -      308,490
    Changes in operating assets and liabilities:
      Accounts receivable                            569          283
      Inventory                                    2,441       (3,632)
      Prepaid expenses                              (364)       1,143
      Accounts payable                             7,581       (7,872)
      Payroll taxes withheld and accrued              14          367
      Accrued expenses                            15,270       (1,627)
                                              ----------   ----------
  Net Cash Used In Operating Activities          (66,659)     (63,029)
                                              ----------   ----------
CASH FLOWS FROM INVESTING ACTIVITIES:
  Proceeds from sale of marketable securities     25,000       75,000
  Proceeds from sale of delivery van                 700            -
  Acquisition of Property and equipment           (9,394)           -
                                              ----------   ----------
  Net Cash Provided By Investing Activities       16,306       75,000
                                              ----------   ----------
CASH FLOWS FROM FINANCING ACTIVITIES:
  Issuance of common stock and options                 -      135,630
                                              ----------   ----------
  Net Cash Provided By Financing Activities            -      135,630
                                              ----------   ----------
NET INCREASE (DECREASE) IN CASH
  AND CASH EQUIVALENTS                           (50,353)     147,601

CASH AND CASH EQUIVALENTS-beginning of year      383,108      235,507
                                              ----------   ----------
CASH AND CASH EQUIVALENTS-end of year         $  332,755   $  383,108
                                              ==========   ==========





See Accompanying Notes to Financial Statements.




<PAGE>23
                     CREATIVE BEAUTY SUPPLY, INC.
                    NOTES TO FINANCIAL STATEMENTS

1.  Summary of Significant Accounting Policies:

Organization:
Creative Beauty Supply, Inc. was incorporated in the State of
New Jersey on August 28,1995, and commenced operations on
January 2, 1996.  The Company sells cosmetic and beauty
supplies both on the retail and wholesale levels to the
general public and beauty salons in Northern and Central New
Jersey.

The Company is located in Totowa, New Jersey and presently
employs only one full-time employee.

Accounting Estimates:
The preparation of financial statements in conformity with
accounting principles generally accepted in the United States
of America requires management to make estimates and
assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the
reported amounts of revenues and expenses during the reporting
period.  Actual results could differ from those estimates.

Revenue Recognition:
Net sales are recognized at the time products are shipped to
customers.  Over the counter sales are recorded at point of
sale.

Cash Equivalents:
The Company considers all highly liquid investments purchased
with an original maturity of three months or less to be cash
equivalents.

Marketable Securities:
The Company has elected to classify its investments in equity
securities as available-for-sale and report them at fair
value.  Realized gains and losses are recorded in earnings
(loss) and changes in the unrealized gain or loss is excluded
from earnings (loss) and reported as a component of other
comprehensive income (loss).

Receivables and Credit Policies:
Accounts receivable are uncollateralized customer obligations
due under normal trade terms requiring payment within 30 days
from the invoice date or as specified by the invoice and are
stated at the amount billed to the customer.  Customer account
balances with invoices dated over 90 days or 90 days past the
due date are considered delinquent.

Payments of accounts receivable are allocated to the specific
invoices identified on the customer's remittance advice, or if
unspecified, are applied to the earliest unpaid invoices.



<PAGE>24

The carrying amount of accounts receivable is reduced by a
valuation allowance that reflects management's best estimate
of the amounts that will not be collected.  Management
individually reviews all accounts receivable balances that are
considered delinquent and based on an assessment of current
credit worthiness, estimates the portion, if any, of the
balance that will not be collected.  In addition, management
periodically evaluates the adequacy of the allowance based on
the Company's past experience.  Management considered accounts
receivable at March 31, 2003 and 2002 to be fully collectible;
accordingly, no allowance for doubtful accounts was provided
for at March 31, 2003 and 2002.

Inventory:
Inventory, consisting of finished goods, is valued at lower
cost or market with cost being determined on the first-in,
first-out (FIFO) method.  The Company also considers
obsolescence, excessive levels, deterioration and other
factors in evaluating net realizable value.

Long-Lived Assets:
The Company periodically evaluates the net realizable value of
long-lived assets, including property and equipment, relying
on a number of factors including operating results, business
plans, economic projections and anticipated future cash flows.
An impairment in the carrying value of an asset is recognized
whenever future cash flows (undiscounted) from an asset are
estimated to be less than its carrying value.  The amount of
the impairment recognized is the difference between the
carrying value of the asset and its fair value.

Property and Equipment:
Property and equipment are recorded at cost.  Depreciation of
property and equipment is provided for over the estimated
useful lives of the respective assets.  Depreciation is
recorded on the straight-line method.

The major classes of assets and ranges of estimated useful
lives are as follows:

                                             Years
                                            -------
          Delivery equipment                   5
          Furniture and office equipment       7

Maintenance, repairs and minor renewals are charged to
earnings when they are incurred.  When assets are retired or
otherwise disposed of, the assets and related allowance for
depreciation is eliminated from the account and any resulting
gain or loss is reflected in income.

Income Taxes:
Deferred income taxes are provided on the liability method
whereby deferred income tax assets are recognized for
deductible temporary differences and operating loss carry

<PAGE>25

forwards and deferred income tax liabilities are recognized
for taxable temporary differences.  Temporary differences are
the differences between the reported amounts of assets and
liabilities and their tax basis.  Deferred income tax assets
are reduced by a valuation allowance when, in the opinion of
management, it is more likely than not that some portion or
all of the deferred tax asset will not be realized.   Deferred
income tax assets and liabilities are adjusted for the effects
of change in tax laws and rates on the date of enactment.

Net Loss Per Common Share:
The Financial Accounting Standard Board issued "SFAS" No. 128,
which requires the presentation on the face of the income
statement "basic" earnings per share and "diluted" earnings
per share.  Basic earnings per share is computed by dividing
the net income (loss) available to common stockholders by the
weighted average number of outstanding common shares.  The
calculation of dilutive earnings per share is similar to basic
earnings per share except the denominator includes dilutive
common stock equivalents such as stock options and convertible
debentures.  There were no dilutive common stock equivalents
for all periods presented.

Comprehensive Income (Loss):
Comprehensive income  (loss) includes net loss adjusted for
certain revenues, expenses, gains and losses that are excluded
from net earnings under generally accepted accounting
principles; for the Company, such amounts consist solely of
unrealized gains (losses) from marketable securities available
for sale.

New Accounting Standards:
The Financial Accounting Standards Board issued SFAS No. 144
"Accounting for the Impairment or Disposal of Long-Lived
Assets ("SFAS 144").  This statement addresses financial
accounting and reporting for the impairment of long-lived
assets and for long-lived assets to be disposed of.  SFAS 144
supersedes FASB Statement No. 121, "Accounting for the
Impairment of Long-Lived Assets and for Long-Lived Assets to
be Disposed of".  However, SFAS 144 retains the fundamental
provisions of Statement No. 121 for (a) the recognition and
measurement of the impairment of long-lived assets to be held
and used and (b) measurement of long-lived assets to be
disposed of by sale.  SFAS 144 was effective for the Company
on April 1, 2002.  The adoption of this pronouncement did not
have a material impact on the Company's results of operations
or financial position.

In June 2002, the FASB issued SFAS No. 146, "Accounting for
Costs Associated with Exit or Disposal Activities," which
supercedes Emerging Issues Task Force (EITF) Issue No. 94-3,
"Liability Recognition for Certain Employee Termination
Benefits and Other Costs to Exit and Activity (including
Certain Costs Incurred in a Restructuring)."  SFAS No. 146

<PAGE>26

addresses financial accounting and reporting for costs
associated with exit or disposal activities and requires that
a liability be recognized when it is incurred and should
initially be measured and recorded at fair value.  This
statement is effective for exit or disposal activities that
are initiated after December 31, 2002 and management does not
expect the adoption to have an impact on the Company's
financial position or results of operations.

In November 2002, the FASB has issued FIN No. 45 "Guarantor's
Accounting and Disclosure Requirements for Guarantees,
Including Indirect Guarantees of Indebtedness to Others ("FIN
45")" which addresses the disclosure to be made by a guarantor
in interim and annual financial statements about its
obligations under guarantees.  FIN 45 also requires the
recognition of a liability by a guarantor at the inception of
certain guarantees that are entered into or modified after
December 31, 2002.  The Company has adopted the disclosure
requirement of FIN 45 and will apply the recognition and
measurement provisions for all material guarantees.  The
adoption of this interpretation did not have a material impact
on the Company's result of operations or financial position.

In December 2002 the FASB issued SFAS No. 148, "Accounting for
Stock-Based Compensation- Transition and Disclosure. " SFAS
No. 148 amends SFAS No. 123, "Accounting for Stock-Based
Compensation." SFAS No. 148 provides alternative methods of
transition for a voluntary change to the fair value based
method of accounting for stock-based employee compensation.
In addition, SFAS No. 148 amends the disclosure requirements
of SFAS No. 123 to require more prominent and more frequent
disclosure in financial statements about the effects of stock
based compensation.  The adoption in this pronouncement did
not have a material impact on the Company's financial position
or result of operations.

In January 2003, the FASB issued FASB Interpretation FIN No.
46, "Consolidation of Variable Interest Entities."  FIN 46
clarifies the application of Accounting Research Bulletin No.
51, "Consolidated Financial Statements," to certain entities
in which equity investors do not have the characteristics of a
controlling financial interest or do not have sufficient
equity at risk for the entity to finance its activities
without additional subordinated financial support from other
parties.  FIN 46 applies immediately to variable interest
entities (VIE's) created after January 31, 2003, and to VIE's
in which an enterprise obtains an interest after that date.
It applies in the first fiscal year or interim period
beginning after June 15, 2003, to VIE's in which an enterprise
holds a variable interest that is acquired before February 1,
2003.  FIN 46 applies to public enterprises as of the
beginning of the applicable interim or annual period.  The



<PAGE>27

adoption of FIN 46 is not expected to have a material impact
on the Company's financial position, liquidity, or results of
operations.

The Financial Accounting Standard Board issued "Accounting for Certain
Financial Instruments with Characteristics of Both Liabilities and
Equity."  SFAS No. 150 establishes standards for how to classify and
measure certain financial instruments with characteristics of both
liabilities and equity.   It requires an issuer to classify a financial
instrument that is within its scope as a liability (or as an asset, in
some circumstances).   Most of such instruments were previously
classified as equity.   The Statement is effective for financial
instruments entered into or modified after May 31, 2003 and otherwise
is effective at the beginning of the first interim period beginning
after June 15, 2003.   The Adoption of this pronouncement is not
expected to have a material impact on the Company's financial position,
liquidity or results of its operations.

2.  Concentration of Credit Risk:
The Company sells its product to various customers primarily
in Northern and Central New Jersey.  The Company performs
ongoing credit evaluations on its customers and generally does
not require collateral.

The Company maintains its cash balances with a major bank.
The balances are insured by the Federal Deposit Insurance
Corporation up to $100,000 per depositor.  At March 31, 2003
the Company's uninsured cash balances approximated $236,700.


3.  Supplier Concentration:
For the years ended March 31, 2003 and 2002 the Company
purchased approximately 56% and 59%, respectively, of its
products from one supplier.  Management believes that other
suppliers could provide similar products on comparable terms.
A change in suppliers, however, could cause a delay in
merchandise and possible loss of sales which could affect
operating results.


4.  Fair Value of Financial Instruments:
The Company measures its financial assets and liabilities in
accordance with generally accepted accounting principles.  For
certain of the Company's financial instruments, including cash
and cash equivalents, trade receivables, accounts payable and
accrued expenses, the carrying amounts approximate fair value
due to their short-term maturities.

The investment in marketable equity securities is recorded at
fair value based on quoted market prices.




<PAGE>28

5.  Marketable Securities:
The cost and fair value of marketable equity securities that
are available-for-sale are as follows:

                                                     March 31,
                                                 2003         2002
                                              ----------   ----------
     Cost                                     $  200,000   $  216,666
     Gross unrealized gains (losses)             (40,000)     147,834
                                              ----------   ----------
     Fair values                              $  160,000   $  364,500
                                              ==========   ==========

The unrealized appreciation (depreciation) of marketable
equity securities reported as accumulated other comprehensive
income (loss) is as follows:

                                                     March 31,
                                                 2003         2002
                                              ----------   ----------
     Net unrealized gains (losses)            $  (40,000)  $  147,834
     Deferred income taxes                             -      (63,569)
                                              ----------   ----------
                                              $  (40,000)  $   84,265
                                              ==========   ==========

During 2003 and 2002, sales proceeds and gross realized gains
and losses on securities classified as available-for-sale
were:

                                                 2003         2002
                                              ----------   ----------
     Sales Proceeds                           $   25,000   $   75,000
                                              ==========   ==========
     Gross Realized Gains                     $    8,333   $   41,666
                                              ==========   ==========

The method used to determine the cost of securities sold was
actual cost per share.


6.  Property and Equipment:
The components of property and equipment are as follows:

                                                     March 31,
                                                 2003         2002
                                              ----------   ----------
     Delivery equipment                       $    9,394   $    9,750
     Furniture and office equipment                1,500        1,500
                                              ----------   ----------
                                                  10,894       11,250
     Less: Accumulated depreciation                2,988       11,089
                                              ----------   ----------
                                              $    7,906   $      161
                                              ==========   ==========

<PAGE>29

Depreciation expense for the years ended March 31, 2003 and
2002 was $1,648 and $214, respectively.

7.  Income Taxes:
The deferred income tax assets and liabilities at March 31,
2003 and 2002 relate to temporary differences between the
financial statement carrying amounts and their tax basis.
Assets and liabilities that give rise to significant portions
of the net deferred tax assets and liabilities related to the
following:

                                                     March 31,
                                                 2003         2002
                                              ----------   ----------
     Net operating loss carry forwards        $   94,143   $   58,811
     Inventory, principally due to inventory
       reserves not currently deductible           2,236            -
     Unrealized holding (gains) losses            17,200      (63,569)
                                              ----------   ----------
                                                 113,579       (4,758)
     Valuation allowance                        (113,579)     (58,811)
                                              ----------   ----------
     Net income tax asset (liability)         $        -   $  (63,569)
                                              ==========   ==========

A valuation allowance has been established equal to the full
amount of the deferred tax asset as the Company is not assured
at March 31, 2003 that is more likely than not that these
benefits will be realized.

The deferred income tax liabilities at March 31, 2002 related
to an unrealized holding gain from its investments in
marketable equity securities held for sale.

The change in the valuation allowance for the year ended March
31, 2003 was an increase of $54,768 due to increases in
federal and state net operating losses carry forwards,
inventory reserves and unrealized holding losses.

A reconciliation between the Federal Income Tax Rate (34%) and
the effective income tax rate based on continuing operations
is as follows:

                                                Year Ended March 31,
                                                 2003         2002
                                              ----------   ----------
     Statutory Federal income tax benefit     $  (28,827)  $ (108,368)
     Non-deductible items                              -      106,723
     Valuation Allowance                          28,827        1,645
                                              ----------   ----------
     Net Income Tax Expense                   $        -   $        -
                                              ==========   ==========



<PAGE>30

Federal net operating loss carry forwards of $231,047 will
expire through the year 2018 and State net operating loss
carry forwards of $173,187 will expire through the year 2010.
However, state net operating loss carry forwards are suspended
for use until 2005.

8.  Stockholders' Equity:
On August 20, 2001 the Board of Directors approved the
issuance of 1,130,000 stock options to its President and two
consultants.  The options were exercisable at $.12 per common
share for a period of one year and granted for the
consideration of $10 per individual. On December 4, 2001 all
options were granted at which time additional paid-in-capital
was charged for $308,520 ($ .27 per share) for the excess of
market value over the option price.  Officer salaries were
charged for $136,530 and consulting fees for $171,990.

In January 2002, all 1,130,000 stock options were exercised
for $135,600 ($.12 per share).

In January 2002, the Company exchanged 500,000 shares of its
common stock valued at $.40 per share for 2,000,000 shares of
a corporate stockholder's common stock valued at $.10 per
share.


9.  Supplemental Cash Flow Information:
There was no interest or income taxes paid during the years
ended March 31, 2003 and 2002.

Non cash investing and financing activities for the year ended
March 31, 2002 consisted of an exchange of 500,000 shares of
common stock for marketable securities valued at $200,000 and
the issuance of common stock and options for $135,630.


10.  Sales:
Wholesale sales consist of sales to beauty salons of
merchandise for resale.  Sales of merchandise to beauty salons
for their own consumption, not for resale, are considered
retail sales.  All sales to the general public are also
considered retail sales.

Net sales are summarized as follows:
                                             Year Ended March 31,
                                               2003         2002
                                            ----------   ----------
          Retail                            $  109,061   $  124,936
          Wholesale                             84,434       91,151
                                            ----------   ----------
                                            $  193,495   $  216,087
                                            ==========   ==========




<PAGE>31

11.  Commitments:
In April of 1999, the Company entered into a lease agreement
with a non-related party for a term of three (3) years
commencing May 1, 1999 for the rental of its executive
offices, retail, wholesale and warehouse facilities in Totowa,
New Jersey at a monthly rental of $1,200 per month for the
first twelve (12) and $1,300 a month for each of the remaining
twenty four (24) months.

In April 2002, the Company renewed its lease for a term of two
(2) years commencing May 1, 2002 at a monthly rental of $1,300
per month.

Total rent charged to operations for the years ended March 31,
2003 and 2002 was $15,555 and $15,204, respectively.

The Company's minimum future annual lease payments are as follows:

                      Year ended
                       March 31
                     ------------
                         2004              15,600
                         2005               1,300
                                       ----------
                                       $   16,900
                                       ==========


12.  Related Party Transaction:
On January 31, 2002 the Company exchanged 500,000 shares of
its common stock valued at $200,000 ($0.40 cents per share)
for 2,000,000 shares of a corporate stockholder's common stock
valued at $200,000 ($0.10 per share).  This corporate
stockholder was one of the consultants who received options as
indicated in Note 8.   At the conclusion of the transaction,
the corporate stockholder owned 18% of the Company's issued
and outstanding shares.




<PAGE>32

                 SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, as amended, the Company has duly caused this
Report to be signed on its behalf by the undersigned duly authorized
person.

Date: July 7, 2003   Creative Beauty Supply, Inc.

                             /s/ Carmine Catizone
                             ---------------------
                             By: Carmine Catizone,
                                 President

Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, this report has been signed below by the following persons on
behalf of the Company and in the capacities and on the dates indicated.
<TABLE>
<CAPTION>

                                                  <c>
/s/Carmine Catizone                                7/7/2003
-----------------------
Carmine Catizone
President and Director
(Principal Executive Officer)

/s/Daniel Generelli                                7/7/2003
------------------------
Daniel Generelli
Principal Financial Officer/Controller/Director
</TABLE>

<


PAGE>33

               CERTIFICATION

I, Carmine Catizone, certify that:

1.   I have reviewed this annual report on Form 10KSB of Creative
Beauty, Inc.

2.   Based on my knowledge, the annual report does not contain any
untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect to
the period covered by this annual report;

3.   Based on my knowledge, the financial statements, and other
financial information included in this annual report, fairly present,
in all material respects, the financial condition, results of
operations and cash flows of the registrant as of, and for, the periods
presented in this annual report;

4.   The registrant's other certifying officers and I are responsible
for establishing and maintaining disclosure controls and procedures (as
defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and
we have:

(a)  designed such disclosure controls and procedures to ensure that
material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this annual report is
being prepared;

(b)   evaluated the effectiveness of the registrant's disclosure
controls and procedures as of a date within 90 days prior to the filing
date of this annual report (the "Evaluation Date"); and

(c)   presented in this annual report our conclusions about the
effectiveness of the disclosure controls and procedures based on our
evaluation as of the Evaluation Date;

5.   The registrant's other certifying officers and I have disclosed,
based on our most recent evaluation, to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons
performing the equivalent function):

(a)   all significant deficiencies in the design or operation of
internal controls which could adversely affect the registrant's ability
to record, process, summarize and report financial data and have
identified for the registrant's auditors any material weaknesses in
internal controls; and

 (b)   any fraud, whether or not material, that involves management or
other employees who have a significant role in the registrant's
internal controls; and

<PAGE>34

6.   The registrant's other certifying officers and I have indicated in
this annual report whether or not there were significant changes in
internal controls or in other factors that could significantly affect
internal controls subsequent to the date of our most recent evaluation,
including any corrective actions with regard to significant
deficiencies and material weaknesses.

Date:  July 7, 2003

/s/Carmine Catizone
Carmine Catizone
Chief Executive Officer





<PAGE>35

               CERTIFICATIONS

I, Daniel Generelli, certify that:

1.   I have reviewed this annual report on Form 10KSB of Creative
Beauty, Inc.

2.   Based on my knowledge, the annual report does not contain any
untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect to
the period covered by this annual report;

3.   Based on my knowledge, the financial statements, and other
financial information included in this annual report, fairly present,
in all material respects, the financial condition, results of
operations and cash flows of the registrant as of, and for, the periods
presented in this annual report;

4.   The registrant's other certifying officers and I are responsible
for establishing and maintaining disclosure controls and procedures (as
defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and
we have:

(a)  designed such disclosure controls and procedures to ensure that
material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this annual report is
being prepared;

(b)   evaluated the effectiveness of the registrant's disclosure
controls and procedures as of a date within 90 days prior to the filing
date of this annual report (the "Evaluation Date"); and

(c)   presented in this annual report our conclusions about the
effectiveness of the disclosure controls and procedures based on our
evaluation as of the Evaluation Date;

5.   The registrant's other certifying officers and I have disclosed,
based on our most recent evaluation, to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons
performing the equivalent function):

(a)   all significant deficiencies in the design or operation of
internal controls which could adversely affect the registrant's ability
to record, process, summarize and report financial data and have
identified for the registrant's auditors any material weaknesses in
internal controls; and

 (b)   any fraud, whether or not material, that involves management or
other employees who have a significant role in the registrant's
internal controls; and

<PAGE>36

6.   The registrant's other certifying officers and I have indicated in
this annual report whether or not there were significant changes in
internal controls or in other factors that could significantly affect
internal controls subsequent to the date of our most recent evaluation,
including any corrective actions with regard to significant
deficiencies and material weaknesses.

Date:  July 7, 2003

/s/Daniel Generelli
Daniel Generelli
Chief Financial Officer