UNITED STATES
         SECURITIES AND EXCHANGE COMMISSION
               Washington, D.C. 20549

                    FORM 10-KSB
[X]  Annual Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

       FOR THE YEAR ENDED DECEMBER 31, 2004

        Commission File Number 000-49725

         CRAFTY ADMIRAL ENTERPRISES, LTD.
  ---------------------------------------------
(Exact name of registrant as specified in its charter)

        Nevada                        88-0455809
 (State or other jurisdiction of    (I.R.S. Employer
 incorporation or organization)   Identification No.)

    Suite 601 - 1383 Marinaside Crescent
         Vancouver, BC, Canada                   V6Z 2W9
------------------------------------------------------------
     (Address of principal executive offices)  (Zip Code)

Registrant's telephone number, including area code:(604) 612-4847

Securities registered pursuant to Section 12(b) of the Act: None

Securities registered pursuant to Section 12(g) of the Act:
Common Stock, par value $.001 per share

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 12 months,
and (2) has been subject to such filing requirements for the
past 90 days.  YES: [X] NO: [ ]

Indicate by check mark if disclosure of delinquent filers
pursuant to Item 405 of Regulation S-K is not contained herein,
and will not be contained, to the best of registrant'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 number of shares outstanding of Registrant's common stock as
of December 31, 2004 was 21,000,000. Registrant had no revenues
for the year ended December 31, 2004.

Registrant's common stock is listed on the OTCBB under the symbol
CFTY; however no active trading market has yet commenced.

Registrant's Form SB-2/A and all exhibits thereto, and Form 10QSB
for the quarters ended March 30, 2004, June 30, 2004 and September
30, 2004 are incorporated herein by reference.

                               1

               Forward-Looking Statements
               --------------------------
In addition to historical information, this Annual Report contains
forward-looking statements. These forward-looking statements are
subject to certain risks and uncertainties that could cause actual
results to differ materially from those reflected in these forward-
looking statements. Factors that might cause such a difference
include, but are not limited to, those discussed in the section
entitled Management's Discussion and Analysis of Financial
Position and Results of Operations.  Readers are cautioned not to
place undue reliance on these forward-looking statements, which
reflect management's opinions only as of the date hereof. Registrant
undertakes no obligation to revise or publicly release the results
of any revision to these forward-looking statements. Readers should
carefully review the risk factors described in other documents the
Registrant files from time to time with the Securities and Exchange
Commission, including the Quarterly Reports on Form 10-Q to be
filed by the Registrant in the year 2004, under SEC File No. 333-79405.

                               PART I
                               ======

ITEM 1.  DESCRIPTION OF BUSINESS
General
-------
Crafty Admiral Enterprises, Inc. was incorporated in the
State of Nevada on March 6, 2000. The corporation was originally
organized to engage in the business of the sale of classic auto
parts to classic auto owners all over the world through its
Internet site/online store; however, Registrant was unsuccessful
in implementing the online store and was unable to afford the
cost of purchasing, warehousing and shipping the initial
inventory required to get the business started.  As a result,
Registrant ceased operations in approximately July 2002.

Registrant is presently inactive and has not conducted any
business since July 2002. The sole officer and director determined
that it would be in the best interest of the shareholders of the
corporation that Registrant should become active again and begin
seeking potential operating businesses and business opportunities
with the intent to acquire or merge with such businesses.
Registrant is considered a development stage company, and due to
its status as a "shell" corporation, its principal business
purpose is to locate and consummate a merger or acquisition with
a private entity. No representation is made or intended that
Registrant will be able to carry out its proposed activities
successfully or profitably.

                           2

Registrant is voluntarily filing this registration statement
on Form 10-SB12G to make information concerning itself more
readily available to the public. Management believes that being a
reporting company under the Securities Exchange Act of 1934, as
amended (the "Exchange Act"), could provide a prospective merger
or acquisition candidate with additional information concerning
the corporation. In addition, management believes that this may
make Registrant more attractive to an operating business
opportunity as a potential business combination candidate. As a
result of filing this registration statement, Registrant is
obligated to file with the Commission certain interim and
periodic reports including an annual report containing audited
financial statements. Registrant intends to continue to
voluntarily file these periodic reports under the Exchange Act
even if its obligation to file such reports is suspended under
applicable provisions of the Exchange Act.

Any target acquisition or merger candidate of Registrant
will become subject to the same reporting requirements as
Registrant upon consummation of any such business combination.

Thus, in the event that Registrant successfully completes an
acquisition or merger with another operating business, the
resulting combined business must provide audited financial
statements for at least the two most recent fiscal years, or in
the event that the combined operating business has been in
business less than two years, audited financial statements will
be required from the period of inception of the target
acquisition or merger candidate.

Source of Business Opportunities
--------------------------------
Registrant intends to use various sources in its search for
potential business opportunities, including its officers and
directors, consultants, advisors, securities broker-dealers,
venture capitalists, members of the financial community and any
others who may present management with unsolicited proposals.
Registrant may investigate and ultimately acquire a venture that
is in its preliminary or development stage, is already in
operation, or in various stages of its corporate existence or
development. Management cannot predict at this time the status or
nature of any venture in which Registrant may participate. The
most likely scenario for a possible business arrangement would
involve the acquisition of or merger with an operating business
which does not need additional capital, but which merely desires
to establish a public trading market for its shares. Management
believes that Registrant could provide a potential public
vehicle for a private entity interested in becoming a publicly-
held corporation without the time and expense typically
associated with an initial public offering.

                            3

Evaluation Criteria
-------------------
Once Registrant has identified a particular entity as a
potential acquisition or merger candidate, management will seek
to determine whether acquisition or merger is warranted or
whether further investigation is necessary. Such determination
will generally be based on management's knowledge and experience,
or with the assistance of outside advisors and consultants
evaluating the preliminary information available to them.

Management may elect to engage outside independent consultants to
perform preliminary analyses of potential business opportunities.
However, because of Registrant's lack of capital it may not have
the necessary funds for a complete and exhaustive investigation
of any particular opportunity. Further, no member of management
is a professional business analyst and management will rely
on its own business judgment in formulating the types of
businesses that Registrant may acquire. It is quite possible that
management will not have any business experience or expertise in
the type of business engaged in by any potential acquisition or
merger candidate.

In evaluating such potential business opportunities, Registrant
will consider, to the extent relevant to the specific opportunity,
several factors including potential benefits to Registrant and
its shareholders; working capital, financial requirements and
availability of additional financing; history of operation, if
any; nature of present and expected competition; quality and
experience of management; need for further research, development
or exploration; potential for growth and expansion; potential
for profits; and other factors deemed relevant to the
specific opportunity. Because Registrant has not located or
identified any specific business opportunity to date, there
are certain unidentified risks that cannot be adequately
expressed prior to the identification of a specific business
opportunity. There can be no assurance following consummation of
any acquisition or merger that the business venture will develop
into a going concern or, if the business is already operating,
that it will continue to operate successfully. Many of the
potential business opportunities available to Registrant may
involve new and untested products, processes or market
strategies, which may not ultimately prove successful.

Presently, Registrant cannot predict the manner in which it
might participate in a prospective business opportunity. Each
separate potential opportunity will be reviewed and, upon the
basis of that review, a suitable legal structure or method of
participation will be chosen. The particular manner in which
Registrant participates in a specific business opportunity will

                            4
<PAGE>

depend upon the nature of that opportunity, the respective needs
and desires of Registrant and management of the opportunity, and
the relative negotiating strength of the parties involved. Actual
participation in a business venture may take the form of an asset
purchase, lease, joint venture, license, partnership, stock
purchase, reorganization, merger or consolidation. Registrant may
act directly or indirectly through an interest in a partnership,
corporation, or other form of organization; however, Registrant
does not intend to participate in opportunities through the
purchase of minority stock positions.

Competition
-----------
Because Registrant has not yet identified any potential
acquisition or merger candidate, it is unable to evaluate the
type and extent of its likely competition. Registrant is aware
that there are several other public companies with only nominal
assets that are also searching for operating businesses and other
business opportunities as potential acquisition or merger
candidates. Registrant will be in direct competition with these
other public companies in its search for business opportunities
and, due to Registrant's lack of funds, it may be difficult to
successfully compete with these other companies.

Employees
---------
As of the date of this filing, Registrant does not have any
employees and has no plans for retaining employees until such
time as Registrant's business warrants the expense, or until
Registrant successfully acquires or merges with an operating
business.

Principal Business Offices
--------------------------
Registrant's principal business office is located at Suite 601-
1383 Marinaside Crescent, Vancouver, BC, Canada, the home of its
President and CEO, Lawrence Siccia, which it occupies on a rent-
free basis.

Reports to Shareholders
-----------------------
Registrant will voluntarily send an annual report, including
audited financial statements, to its shareholders.

Registrant will file annual, quarterly and special reports,
proxy statements and other information with the Securities and
Exchange Commission. The public may read and copy materials we
file with the SEC at the SEC's Public Reference room at 450 Fifth
Street, N.W., Washington, D.C. 20549. The public may obtain
information on the operation of the Public Reference room by
calling the SEC at 1-800-SEC-0330. The SEC maintains an Internet
site that contains reports, proxy and information statements, and
other information regarding issuers that file electronically with
the SEC. The address of the website is http://www.sec.gov. All
reports electronically filed by Registrant can be found on the
website under CIK Number 0001168938 or SEC File Number 0-49725.

                          5

ITEM 2.  DESCRIPTION OF PROPERTY

Registrant does not own any property. Registrant currently conducts
business operations from the home of its President and Chairman of the
Board on a rent-free basis.

ITEM 3.  LEGAL PROCEEDINGS

Registrant is not a party to any legal proceedings and is unaware
of any pending or threatened legal proceedings.

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

On January 4, 2004, at a duly noticed meeting, the Stockholders
of Registrant, representing a majority (64%) of the issued and
outstanding common Stock of Registrant, approved the following
proposed resolutions:

(1) to increase the current authorized capital of Registrant
from 25,000,000 to 50,000,000 shares of Common Stock, with the
par value to remain at $.001 per share; and

(2) to effect a forward split of the issued and outstanding
common stock of Registrant on the basis of 3:1, with the par
value to remain at $.001 per share. The effective date of
the forward split shall be January 20, 2004. The forward split
is a mandatory exchange and new certificates will be issued
upon surrender of existing certificates by stockholders in
the normal course of business. The new share amounts were
reflected as book entries on the records of the stock transfer
agent. A new Cusip number was obtained on January 9, 2004 and
Nasdaq was given the required 10-day notice. In addition,
Amended Articles of Incorporation were filed with the Nevada
Secretary of State to reflect the increase in the authorized
capital (Article IV).

                            PART II

ITEM 5. MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS

Registrant's Common Stock is listed on the OTCBB under the symbol
CFTY, however, there is no active trading market for the stock.

Registrant has adopted the policy to reinvest earnings to fund
future growth. Accordingly, Registrant has not paid dividends
and does not anticipate declaring dividends on its Common Stock
in the foreseeable future.



                               6
<PAGE>

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

Results of Operations
---------------------
Registrant has no business operations, is still diligently
seeking a business opportunity and, as a result, has not yet
realized any revenues.

Registrant had a net loss of $6,451 for the year ended December 31,
2004, as compared to $11,019 for the year ended December 31, 2003.
From inception to December 31, 2004, Registrant had a total net
loss of $42,429.

General and administrative expenses at December 31, 2004 were
$6,451, compared to $11,019 at December 31, 2002. These expenses
consisted of $6,239 and $10,994, respectively, in professional
fees, including legal and accounting fees to prepare and file all
quarterly reports when due, and operating expenses in the amount
of $212 and $25, respectively.

Liquidity and Capital Resources
-------------------------------
At December 31, 2004, Registrant's primary sources of liquidity
included cash and cash equivalents in the amount of $9,869
which represents the balance of proceeds raised in Registrant's
public offering in 2001.

Registrant believes that its existing cash balance will be
sufficient for near term operating needs. The extent to which
such sources will be sufficient to meet Registrant's anticipated
cash requirements is subject to a number of uncertainties, the
most important of which is Registrant's ability to locate a
suitable business to acquire in order to generate sufficient
revenues and cash flow to support to continue operations.

Plan of Operation
-----------------
We expect our current cash in the bank of $9,869 at December 31,
2004 and as of the date of this filing to satisfy our cash
requirements for at least the next 12 months without having to
raise additional funds or seek bank loans, while we search for
a suitable business opportunity.

During the next twelve months, Registrant will actively seek
out and investigate possible opportunities with the intent to
acquire and merge with one or more business ventures. In its
search for business opportunities, management will follow the
procedures outlined in Item 1 above. Because Registrant lacks

                         7

funds, it may be necessary for the sole officer and director to
either advance funds to Registrant or to accrue expenses until
such time as a successful business consolidation can be made.
Management intends to hold expenses to a minimum and to obtain
services on a contingency basis whenever possible.

Management's discretion is unrestricted, and Registrant may
participate in any business whatsoever that may, in the opinion
of management, meet the business objectives discussed herein.
Registrant may effectuate a business combination with a
business outside the United States. Registrant has not limited
the scope of its search to any particular region.

Registrant does not intend to utilize any notices or
advertisements in its search for business opportunities.

Registrant's sole officer and director will be primarily
responsible for searching for an appropriate merger or
acquisition candidate. However, to the extent that the existing
stockholders are aware of any potential business acquisition
candidates, they may also refer these to Registrant. Registrant
recognizes that as a result of its limited financial, managerial
or other resources, the number of suitable potential businesses
that may be available to it will be extremely limited.

Registrant's principal business objective will be to seek long-
term growth potential in the business in which it participates
rather than immediate, short-term earnings. In seeking to attain
its business objectives Registrant will not restrict its search
to any particular industry. Rather, Registrant may investigate
businesses of essentially any kind or nature, including but not
limited to finance, high technology, manufacturing, service,
research and development, communications, insurance, brokerage,
transportation and others. Management may also seek to become
involved with other development-stage companies or companies that
could be categorized as "financially troubled." At the present
time, Registrant has not chosen the particular area of business
in which it proposes to engage and has not conducted any market
studies with respect to business property or industry.

As of the date hereof, Registrant has not made any arrangements
or definitive agreements to use outside advisors or consultants
to raise any capital. In the event Registrant does need to raise
capital, most likely the only method available to Registrant
would be through the private sale of its securities. Because of
the nature of Registrant as a development-stage company, it is
unlikely it could make a public sale of securities or be able to
borrow any significant sum, from either a commercial or private
lender. There can be no assurance that Registrant will be able
to obtain additional funding when and if needed, or that such
funding, if available, can be obtained on terms acceptable to
Registrant.
                         8
<PAGE>

Registrant does not intend to use any employees, with the
exception of part-time clerical assistance on an as-needed basis.
Outside advisors, attorneys or consultants will only be used if
they can be obtained for a minimal cost or for a deferred payment
basis. Management is confident that it will be able to operate in
this manner and continue its search for business opportunities
during the next twelve months.


ITEM 7.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

Registrant's financial statement for the year ended December
31, 2004, audited by Bateman & Co., Inc., PC, an independent
Certified Accountanting Firm, immediately follow.






















                            9

<PAGE>










                  CRAFTY ADMIRAL ENTRPRISES, LTD.
                   (A Development Stage Company)




                    Audited Financial Statements
                    ----------------------------


                    December 31, 2004 and 2003















                                    10

<PAGE>

BATEMAN & CO., INC., P.C.
Certified Public Accountants
5 Briardale Court
Houston, TX. 77027-2904
(713) 552-9800
Fax (713) 552-9700
www.batemanhouston.com

      REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS

To The Board of Directors and Stockholders
Of Crafty Admiral Enterprises, Ltd.

We have audited the accompanying balance sheet of Crafty Admiral
Enterprises, Ltd. (a Nevada corporation and a development stage
enterprise) as of December 31, 2004, and the related statements of
operations, stockholders' equity, and cash flows for the year ended
December 31, 2004, and for the period from inception, March 6, 2000,
through December 31, 2004. 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 audit.
The financial statements of Crafty Admiral Enterprises, Ltd. as of
December 31, 2003, and for the year then ended, and the cumulative
statements of operations, stockholders' equity, and cash flows from
inception, March 6, 2000, through December 31, 2003, were audited by
other auditors whose report dated February 6, 2004, expressed an
unqualified opinion on those statements.  Our report on the cumulative
statements of operations, stockholders' equity, and cash flows from
inception, March 6, 2000, through December 31, 2004, insofar as it
relates to amounts for periods ending on or prior to December 31, 2003,
is based solely on the report of the other auditors.

We conducted our audit in accordance with the standards of the Public
Company Accounting Oversight Board (United States).  Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement.  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 audit
provides 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 Crafty
Admiral Enterprises, Ltd. (a development stage enterprise) as of
December 31, 2004, and the results of its operations and its cash
flows for the year ended December 31, 2004, and for the period from
inception, March 6, 2000, through December 31, 2004, in conformity
with accounting principles generally accepted in the United States of
America.

The accompanying financial statements have been prepared assuming that
the Company will continue as a going concern.  As discussed in Note 2
to the financial statements, the Company is not currently engaged in
a business and has suffered losses from development stage activities
to date, which raise substantial doubt about its ability to continue
as a going concern.  Management's plans in regard to these matters are
also described in Note 2.  The financial statements do not include any
adjustments that might result from the outcome of this uncertainty.

                                /s/ BATEMAN & CO., INC., P.C.
Houston, Texas
April 13, 2005
                                 Member
            International Association of Practising Accountants
              Offices in Principal Cities Around The World

                                  11
<PAGE>

CLYDE BAILEY P.C.
Certified Public Accountant
10924 Vance Jackson #404
San Antonio, Texas 78230
(210) 699-1287(ofc.)
(888) 699-1287  (210) 691-2911 (fax)

Board of Directors
Crafty Admiral Enterprises, Inc.

INDEPENDENT AUDITOR'S REPORT

I have audited the accompanying balance sheet of Crafty Admiral
Enterprises, Inc. (Company) as of December 31, 2003 and the related
statement of operations, statement of stockholders' equity, and the
statement of cash flows for the years then ended December 31, 2003
and 2002 and from March 6, 2000 (Initial) to December 31, 2003. These
financial statements are the responsibility of the Company's
management. My responsibility is to express an opinion on these
statements based on my audit.

I conducted my audit in accordance with generally accepted auditing
standards in the United States. Those standards require that I plan
and perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. 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. I believe that my audit provides a reasonable
basis for my opinion.

The Company is a development stage enterprise, as defined in
Financial Accounting Standards Board No. 7. The Company is devoting
all of its present efforts in securing and establishing a new
business, and its planned principal operations have not commenced,
and, accordingly, minimal revenue has been derived during the
organizational period.

In my opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of the
Company as of December 31, 2003 and the results of its operations
for the years then ended December 31, 2003 and 2002 and from March
6, 2000 (Initial) to December 31, 2003, in accordance with accounting
principles generally accepted in the United States.

The accompanying financial statements have been prepared assuming that
the Company will continue as a going concern.  The Company has limited
operations currently and suffered recurring losses from operations
that raise substantial doubt about the Company's ability to continue
as a going concern.  This is further explained in Note 8 in the
notes to financial statements.

/s/ Clyde Bailey P.C.
    San Antonio, Texas
    February 6, 2004                12


<TABLE><CAPTION>
                        CRAFTY ADMIRAL ENTERPRISES, INC.
                        (A Development Stage Enterprise)
                                 Balance Sheets

                                  A S S E T S
                                  -----------
                                                   December 31
                                            --------------------------
                                                2004            2003
                                            -------------   ----------
<S>                                               <C>          <C>

Current Assets
--------------
Cash                                          $      9,869  $   16,320
                                              ------------   ----------
     Total Current Assets                            9,869      16,320
                                              ------------   ----------
     Total Assets                             $      9,869      16,320
                                              ============   ==========

                              L I A B I L I T I E S
                              ---------------------
Current Liabilities
-------------------
Accounts Payable                                         -            -
Officer Advances                                     2,298        2,298
                                                ------------  ---------

     Total Current Liabilities                       2,298        2,298
                                               ------------  ----------
     Total Liabilities                               2,298        2,298

Commitments and Contingencies                            -            -

                      S T O C K H O L D E R S '   E Q U I T Y
                      ---------------------------------------
Common Stock                                        21,000       21,000
     50,000,000 authorized shares, par value $.001
     21,000,000 shares issued and outstanding

Additional Paid-in-Capital                          29,000       29,000
Accumulated Deficit during the
  Development period                               (42,429)     (35,978)
                                              ------------   ----------
     Total Stockholders' Equity (Deficit)           7,571       14,022
                                              ------------   ----------
     Total Liabilities and Stockholders'
     Equity                                    $     9,869   $   16,320
                                               ===========   ==========
</TABLE>
<FN>
The accompanying notes are integral part of these financial statements.
</FN>
                                13
<PAGE>
<TABLE><CAPTION>
                        CRAFTY ADMIRAL ENTERPRISES, INC.
                        (A Development Stage Enterprise)
                            Statement of Operations

                                                        Inception,
                                 For the Years Ended   March 6, 2000,
                                     December 31         through
                                  2004       2003    December 31, 2004
                                 -------------------------------------

                               <c>          <c>          <c>
Revenues:
---------
Revenues                         $     -     $     -   $        -
                                 -------------------------------------
Expenses:
---------
Professional Fees                   6,239     10,994       28,220
Other general and administrative
 expenses                             212         25       14,209
                                 -------------------------------------
          Total Expenses            6,451     11,019       42,429
                                 -------------------------------------
Income(Loss) from Operations    $  (6,451)   (11,019)     (42,429)

Other Income/Expense:                   -          -            -
--------------------             -------------------------------------
Income before taxes on Income   $  (6,451)   (11,019)     (42,429)

Provision (credit) for
Income Taxes:
----------------------
Income Tax (benefit)                   -         -              -
                                --------------------------------------
          Net Income (Loss)     $  (6,451)   (11,019)     (42,429)
                                ======================================
Basic and Diluted Earnings Per
Common Share                       (0.00)     (0.00)
                               -----------------------
Weighted Average number of
Common Shares used in per
share calculations             21,000,000   21,000,000
                               =======================
</TABLE>


<FN>
The accompanying notes are integral part of these financial statements.
</FN>
                                  14
<PAGE>

<TABLE><CAPTION>
                      CRAFTY ADMIRAL ENTERPRISES, LTD.
                      (A Development Stage Enterprise)
                       Statement of Stockholders' Equity
                           As of December 31, 2004

                                        Accumulated
                                         Deficit
                      $.001   Paid-In   During the   Stockholders'
            Shares  Par Value Capital   Development     Equity
                                          Stage
            ------  --------- -------  ------------  ------------
-
<S>           <C>      <C>      <C>         <C>        <C>
Balances,
March 6,
2000
(Inception)       -        -        -           -           -

Issuance
of common
stock     2,000,000  $2,000   $  1,000     $  -       $ 3,000

Net Income
(Loss)                                        (2,291)  (2,291)
          ----------------------------------------------------
Balance at
December
31, 2000  2,000,000  2,000      1,000         (2,291)     709
          ===================================================
Issuance
of common
stock
(net of
$3,000
offering
costs)    5,000,000  5,000     42,000          -       47,000

Net Income
(Loss)                                       (10,571) (10,571)
         ----------------------------------------------------
Balance at
December
31, 2001  7,000,000  7,000     43,000        (12,862)  37,138
         ====================================================
Net Income
(Loss)                                       (12,097) (12,097)
         ----------------------------------------------------
Balance at
December
31, 2002  7,000,000  7,000    43,000         (24,959)  25,041
        =====================================================
Net Income
(Loss)          -         -        -         (11,019) (11,019)
         ----------------------------------------------------
Balance at
December
31, 2003   7,000,000  7,000    43,000        (35,978)  14,022
         ====================================================
Effect of
3 for 1
forward
split     14,000,000 14,000   (14,000)             -        -

Net Income
(Loss)          -         -        -          (6,451)  (6,451)
         ----------------------------------------------------
Balance at
December
31, 2004  21,000,000 21,000    29,000         (42,429)  7,571
         ====================================================
</TABLE>
<FN>
The accompanying notes are integral part of these financial statements.
</FN>
                                    15
<PAGE>

<TABLE><CAPTION>
                         CRAFTY ADMIRAL ENTERPRISES, LTD.
                         (A Development Stage Enterprise)
                           Statement of Cash Flows
                                                      Inception,
                                 For the Years Ended   March 6, 2000,
                                     December 31         through
                                  2004       2003    December 31, 2004
                                 -------------------------------------

                               <c>          <c>          <c>
Cash Flows from Operating
Activities
-------------------------
     Net Income (Loss)           $  (6,451)   (11,019)  $  (42,429)
  Changes in operating assets
  and liabilities:
      Increase(Decrease)in
      Accounts Payable                   -     (1,600)           -
                                 ----------------------------------
Net Cash flows from
Operating Activities                (6,451)   (12,619)     (42,429)

Cash Flows from Investing
Activities:
-------------------------                -          -            -
                                 ----------------------------------
Cash Flows from Financing
Activities:
-------------------------
 Shareholder Advance                    -           -        2,298
 Proceeds from Sale of Stock            -           -       50,000
                                  ----------------------------------
Net Cash Flow from
Financing Activities                    -           -       52,298
                                 ----------------------------------
Net Increase(Decrease) in Cash   $ (6,451)    (12,619)       9,869
                                 ---------------------------------
Cash and equivalents,
beginning of period                16,320      28,939            -
                                 ----------------------------------
Cash and equivalents,
end of period                    $  9,869    $ 16,320      $ 9,869
                                 ==================================
Supplemental Cash Flow Disclosures:
 Cash Paid for interest         $      -     $     -        $     -
 Cash Paid for income taxes     $      -     $     -        $     -

</TABLE>
<FN>
The accompanying notes are integral part of these financial statements.
</FN>
                                     16
<PAGE>


                      CRAFTY ADMIRAL ENTERPRISES, LTD.
                       (A Development Stage Company)
                       Notes to Financial Statements

Note 1  -  Summary of Significant Accounting Policies
-----------------------------------------------------
Organization
------------
The Company was organized March 6, 2000, under the laws of the
State of Nevada. The Company is in the development stage as its
operations principally involve research and development, market
analysis, and other business planning activities, and no revenue
has been generated to date.

Development Stage Enterprise
----------------------------
The Company is a development stage enterprise, as defined in the
Statement of Financial Accounting Standards No.7 "Accounting and
Reporting by Development Stage Enterprises". The Company is devoting
all of its present efforts in securing and establishing a new
business, and its planned principal operations have not commenced,
and, accordingly, no revenue has been derived during the
organizational period.

Accounting Basis
----------------
The accounting and reporting policies of the Company conform to U.S.
generally accepted accounting principles applicable to exploration
stage enterprises.  The functional currency is the U.S. Dollar, and
the financial statements are presented in U.S. Dollars.

Use of Estimates
----------------
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and
liabilities and disclosure on 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.

Cash and Cash Equivalents
-------------------------
For purposes of the statement of cash flows, the Company considers
all highly liquid debt instruments purchased with a maturity of three
months or less to be cash equivalents."
Fair Value of Financial Instruments
-----------------------------------
The carrying amounts of cash, receivables, and current liabilities
approximate fair value because of the short maturity of these items.
These fair value estimates are subjective in nature and involve
uncertainties and matters of significant judgment, and, therefore,
cannot be determined with precision.  Changes in assumptions could
significantly affect these estimates.  The Company does not hold or
issue financial instruments for trading purposes, nor does it utilize
derivative instruments in the management of foreign exchange, commodity
price or interest rate market risks.

Federal Income Tax
------------------
The Company has adopted the provisions of Financial Accounting Standards
Board Statement No. 109, Accounting for Income Taxes. The Company accounts
for income taxes pursuant to the provisions of the Financial Accounting
Standards Board Statement No.  109, "Accounting for Income Taxes", which

                                   17
<PAGE>
                      CRAFTY ADMIRAL ENTERPRISES, LTD.
                       (A Development Stage Company)
                       Notes to Financial Statements

requires an asset and liability approach to calculating deferred income
taxes.  The asset and liability approach requires the recognition of
deferred tax liabilities and assets for the expected future tax
consequences of temporary differences between the carrying amounts and
the tax basis of assets and liabilities.

Earnings per Common Share
-------------------------
The Company adopted Financial Accounting Standards (SFAS) No.  128,
"Earnings Per Share," which simplifies the computation of earnings per
share requiring the restatement of all prior periods.

Basic earnings per share are computed on the basis of the weighted average
number of common shares outstanding during each year.

Comprehensive Income
--------------------
Statement of Financial Accounting Standards (SFAS) No. 130, "Reporting
Comprehensive Income," establishes standards for reporting and display
of comprehensive income, its components and accumulated balances.
Comprehensive income is defined to include all changes in equity except
those resulting from investments by owners and distributions to owners.
Among other disclosures, SFAS No.130 requires that all items that are
required to be recognized under current accounting standards as
components of comprehensive income be reported in a financial statement
that is displayed with the same prominence as other financial statements.
The Company does not have any assets requiring disclosure of
comprehensive income.

Recent Accounting Pronouncements
--------------------------------
In November 2002, the FASB issued Interpretation No. 45, "Guarantor's
Accounting and Disclosure Requirements for Guarantees, including Indirect
Guarantees of Indebtedness of Others" ("Interpretation No. 45").
Interpretation No. 45 elaborates on the existing disclosure requirements
for most guarantees, including loan guarantees such as standby letters of
credit. It also clarifies that at the time a company issues a guarantee,
the company must recognize an initial liability for the fair market value
of the obligations it assumes under that guarantee and must disclose that
information in its interim and annual financial statements. The initial
recognition and measurement provisions of Interpretation No. 45 apply on
a prospective basis to guarantees issued or modified after December 31,
2002. Interpretation No. 45 did not have an effect on the financial
statements.

In January 2003, the FASB issued Interpretation No. 46, "Consolidation of
Variable Interest Entities" ("Interpretation No. 46"), that 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. Interpretation
No. 46 is applicable immediately for variable interest entities created
after January 31, 2003. For variable interest entities created prior to
January 31, 2003, the provisions of Interpretation No. 46 are applicable no
later than July 1, 2003. Interpretation No. 46 did not have an effect on
the financial statements.

In December 2002, the FASB issued SFAS No. 148, "Accounting for Stock-Based
Compensation -- Transition and Disclosure, an amendment of FASB Statement
No. 123" ("SFAS 148"). This Statement amends SFAS 123 to provide alternative

                                    18
<PAGE>
                      CRAFTY ADMIRAL ENTERPRISES, LTD.
                       (A Development Stage Company)
                       Notes to Financial Statements

methods of transition for a voluntary change to the fair value method of
accounting for stock-based employee compensation. In addition, SFAS 148
amends the disclosure requirements of SFAS 123 to require prominent
disclosures in both annual and interim financial statements. Certain of the
disclosure modifications are required for fiscal years ending after December
15, 2002 and are included in the notes to these consolidated financial
statements.

Statement of Financial Accounting Standards SFAS No. 149, "Amendment of
Statement 133 on Derivative Instruments and Hedging Activities", SFAS No.
150, "Accounting for Certain Financial Instruments with Characteristics of
both Liabilities and Equity", were recently issued. SFAS No, 149, and 150
have no current applicability to the Company or their effect on the financial
statements would not have been significant.

In December 2004, FASB Statement Number 123, "Share-Based Payment," was
revised.  This Statement requires a public entity to measure the cost of
employee services received in exchange for an award of equity instruments
based on the grant-date fair value of the award (with limited exceptions).
That cost will be recognized over the period during which an employee is
required to provide service in exchange for the award-the requisite service
period (usually the vesting period).  Previously, the intrinsic value method
could be used for such awards.  The effect of the pronouncement on the
Company's financial statements has not been determined.  If it issues stock
options in the future, it will be required to follow this pronouncement.

Note 2  -  Going Concern
------------------------
At December 31, 2004, the Company was not currently engaged in a business and
had suffered losses from development stage activities to date.  Although
management is currently attempting to implement the business plan (see Note 1
above) and is seeking additional sources of equity or debt financing, there is
no assurance these activities will be successful. Accordingly, the Company must
rely on its president to perform essential functions without compensation until
a business operation can be commenced.  These factors raise substantial doubt
about the ability of the Company to continue as a going concern.  The financial
statements do not include any adjustments that might result from the outcome of
this uncertainty.

Note 3  -  Common Stock
-----------------------
On January 7, 2004 the shareholders of the Company approved a forward split of
the issued and outstanding common shares of the Company on a 3:1 ratio and an
increase in the Authorized share capital from 25,000,000 to 50,000,000. On the
effective date there were 7,000,000 common shares outstanding. Following the
split there were 21,000,000 shares outstanding. No new shares have been issued
since the split.  The effect of the stock split has been shown retroactively in
the accompanying financial statements.

                                      19
<PAGE>

                      CRAFTY ADMIRAL ENTERPRISES, LTD.
                       (A Development Stage Company)
                       Notes to Financial Statements

In March 2000, the President of the Company acquired 2,000,000 shares of the
Company's common stock for $3,000 in cash.  In August 2001, a further 5,000,000
shares of the Company's common stock were sold to unrelated parties for
$50,000, less $3,000 in offering costs.

Note 4  -  Related Parties
--------------------------
While the Company is seeking additional capital through an offering, an officer
and shareholder of the Company has advanced funds on behalf of the Company to
pay for any costs incurred. The balance of the advances was $12,298 at December
31, 2001.  On March 11, 2002 the company repaid $10,000 leaving a balance owing
on December 31, 2002 of $2,298.  No payments were made in 2004 leaving a
balance owing on December 31, 2004 of $2,298.

The advance is not evidenced by a written document, is due upon demand, is non-
interest bearing, and no interest has been accrued.

Note 5 - INCOME TAXES
---------------------
The Company follows Statement of Financial Accounting Standards Number 109
(SFAS 109), "Accounting for Income Taxes." Deferred income taxes reflect the
net effect of (a) temporary difference between carrying amounts of assets and
liabilities for financial purposes and the amounts used for income tax
reporting purposes, and (b) net operating loss carryforwards. No net provision
for refundable Federal income tax has been made in the accompanying statement
of loss because no recoverable taxes were paid previously. Similarly, no
deferred tax asset attributable to the net operating loss carryforward has
been recognized, as it is not deemed likely to be realized.

The provision for refundable Federal income tax consists of the following:

	                                  December 31,2004   December 31,2003
                                          ----------------   ----------------
Refundable Federal income tax
  attributable to:
  Current operations	                       $(2,200)          $(3,700)
  Less, Change in valuation allowance            2,200             3,700
    Net refundable amount                            -                 -

The cumulative tax effect at the expected rate of 34% of significant items
comprising our net deferred tax amount is as follows:

	                                  December 31,2004   December 31,2003
                                          ----------------   ----------------
Deferred tax asset attributable to:
  Net operating loss carryover	               $14,400           $12,200
  Less, Valuation allowance                    (14,400)          (12,200)
    Net deferred tax asset                           -                 -

At December 31, 2004, we had an unused net operating loss carryover
approximating $42,400 that is available to offset future taxable income; it
expires beginning in 2020.

                                 20
<PAGE>



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

There have been no disagreements with our accountants on accounting
or other financial disclosures. Our former accountant, Clyde Bailey, PC,
resigned in March 2005 for health and other reasons, at which time, we
appointed Bateman & Co., Inc., P.C., an independent certified
public accounting firm located in Houston, Texas, as our principal
accounting firm. Clyde Bailey's audit report on our financial statements
for the year ended December 31, 2003 did not contain any adverse opinion
or disclaimer of opinion, and was not modified as to uncertainty, audit
scope or accounting principles.

The decision to change auditors was recommended to the stockholders
and approved by the Board of Directors and by majority vote of the
stockholders, based solely on the reason that Clyde Bailey, PC,
resigned for health and other reasons. There have been no disagreements
with Clyde Bailey PC, on any matter of accounting principles or
practices, financial statement disclosure, or auditing scopes or
procedures.

Item 8a. Accounting Controls and Procedures
-------------------------------------------
Accounting Policies
-------------------
The financial statements included herein have been prepared
pursuant to the rules and regulations of the Securities and
Exchange Commission. Management believes the disclosures
made are adequate to make the information not misleading.
The financial statements and accompanying notes are prepared in
accordance with generally accepted accounting principles.
Preparing financial statements 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. These estimates and assumptions are affected by Management's
application of accounting policies. These important accounting
policies include the successful efforts method of accounting
for property and equipment, revenue recognition, accounting for
income taxes and foreign currency translation.

Management maintains disclosure controls and procedures designed
to ensure that we are able to timely collect the information
we are required to disclose in our reports filed with the
U.S. Securities and Exchange Commission. Within the 90 days
prior to the date of this report, we performed an evaluation,
under the supervision and with the participation of our Management,
of the effectiveness of the design and operation of our disclosure
controls and procedures pursuant to Exchange Act Rule 13a-14.
Based upon the evaluation, our Principal Executive Officer and
Principal Financial Officer concluded that the current disclosure
controls are effective in timely alerting us to any material
information required to be included in our periodic SEC filings.

                            21
<PAGE>

We also maintain a system of internal controls designed to
provide reasonable assurance that (i) transactions are executed
in accordance with Management's general and specific
authorization; (ii) transactions are recorded as necessary to
permit preparation of financial statements in conformity with
generally accepted accounting principles and to maintain
accountability for assets; (ii) access to assets is permitted
only in accordance with Management's general or specific
authorization; and (iv) the recorded accountability for assets
is compared with the existing assets at reasonable intervals
and appropriate action is taken with respect to any differences.
We believe that our internal controls are effective to provide
reasonable assurance that our financial statements are fairly
presented in conformity with generally accepted accounting
principals. Since our most recent evaluation, there have been
no changes in our internal controls or in other factors that
could significantly affect our internal controls, nor were any
corrective actions required with regard to significant
deficiencies and material weaknesses.

                           PART III

ITEM 9.  DIRECTORS AND EXECUTIVE OFFICERS OF REGISTRANT.

Each of Registrant's directors is elected by the stockholders
to a term of one year and serves until his or her successor is
elected and qualified. Each of the officers is elected by the
Board of Directors to a term of one year and serves until his
or her successor is duly elected and qualified, or until he or
she is removed from office. The Board of Directors has no
nominating, auditing or compensation committees.

The names, addresses, ages and positions of the current officers
and directors is set  forth  below:
<TABLE><CAPTION>
<S>                         <C>      <C>
Name and Address            Age      Position(s)
----------------           ----      -------------
Lawrence Siccia	            34	     President, CEO,
1608 Yew Street #403	             Secretary, CFO,
Vancouver, BC, Canada   V6K 3E7      Treasurer and Director
</TABLE>

Background of Officers and Directors
------------------------------------
Lawrence Siccia has been the President, Secretary, Treasurer and
Director of Crafty Admiral Enterprises, Ltd. since May 3, 2001.
Since 1995, he has also been a Finance Broker and the Retail Lease
Manager for Totem Ford in Vancouver, B.C., Canada.  Mr. Siccia has
been in the automobile industry since 1994 and has extensive
knowledge of automobiles, parts and the automobile industry in
general.  He devotes his time as required to our business.

                            22
<PAGE>

Section 16(a) Beneficial Ownership Reporting Compliance
-------------------------------------------------------
Section 16(a) of the Securities Exchange Act of 1934 requires our
directors and executive officers, and persons who own more than
ten percent of our Common Stock, to file with the Securities and
Exchange Commission initial reports of ownership and reports of
changes of ownership of our Common Stock. Officers, directors and
greater than ten percent stockholders are required by SEC regulation
to furnish us with copies of all Section 16(a) forms they file.

To the best of our knowledge, during the year ended December 31,
2004, all Section 16(a) filing requirements applicable to our officers,
directors and greater than ten percent beneficial owners were
complied with. In making these disclosures, we have relied solely on
a review of the copies of such reports furnished to us and written
representations by our directors, executive officers and greater
than ten percent stockholders.

Code of Ethics
--------------
At this time, Registrant has not adopted a formal Code of Ethics that
applies to the Chief Executive Officer and Chief Financial Officer,
but expects to adopt a formal Code of Ethics sometime during the
current year. Registrant has, however, followed an informal Code of
Ethics requiring Board of Director approval of any material transaction
involving the Chief Executive Officer and/or Chief Financial Officer.
Management believes this procedure will deter material wrongdoing and
promote honest and ethical conduct from the executive officers.

Item 10.  Executive Compensation
          ----------------------
The officers and directors do not presently receive any cash or
non-cash compensation for their services and there are currently no
plans to implement any such compensation. They are, however,
reimbursed for any out-of-pocket expenses incurred.
<TABLE><CAPTION>
-----------------------------------------------------------------
                  SUMMARY COMPENSATION TABLE
-----------------------------------------------------------------
                        Annual Compensation     Long-Term Comp.
                                       Other    Awards    Payouts
Name and                               Annual
Position(s)       Year  Salary  Bonus  Comp.
-----------------------------------------------------------------

                <c>  <c>      <c>    <c>       <c>      <c>
Lawrence Siccia   2004  None    None   None      None      None
President, CEO,   2003  None    None   None      None      None
CFO, Secretary,
Treasurer and
Director
-----------------------------------------------------------------
</TABLE>
                                   23
<PAGE>


Employment Agreements
---------------------
The officers and directors are not currently party to any employment
agreements and we do not presently have any pension, health, annuity,
insurance, stock options, profit sharing or similar benefit plans;
however, it may adopt such plans in the future. There are presently
no personal benefits available to directors, officers or employees.


ITEM 11. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
MANAGEMENT.

The following table sets forth the total number of shares owned
beneficially by each of Registrant's directors, officers and key
employees, individually and as a group, and the present owners
of 5% or more of total outstanding shares. The stockholders listed
below have direct ownership of their shares and possess sole voting
and dispositive power with respect to the shares.
<TABLE><CAPTION>
<S>                     <C>                <C>
-------------------------------------------------------------------
Title of Class  Name and Address           Amount and
                of Beneficial              Nature of      Percent
                    Owner                  Beneficial     of Class
                                           Ownership
-------------------------------------------------------------------
Common Stock    Lawrence Siccia             6,000,000       29%
                #403 - 1608 Yew St.
                Vancouver, BC,
                Canada V2S7C9
-------------------
All Officers and
Directors as a
Group (1 person)                            6,000,000       29%
</TABLE>

ITEM 12.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.

Registrant is currently using the home of its President and
CEO, Lawrence Siccia, on a rent-free basis to conduct its
business operations.There is no written lease agreement or other
material terms or arrangements relating to our agreement with Mr.
Siccia to use his home. Registrant does not have any other related
transactions and has not yet formulated a policy for the resolution
of any related transaction conflicts, should they arise.


ITEM 13.  EXHIBITS, LISTS AND REPORTS ON FORM 8-K.

(a) 1 & 2.  Registrant's financial statement for the years ended
            December 31, 2004 and 2003 are included herein.

                                  24
<PAGE>

(a) 3.      Registrant filed no reports on Form 8-K during the
            fourth quarter ended December 31, 2004; however,
            subsequent to the year end, we filed a report on Form 8-K
            to disclose our change in auditors due to the resignation
            of our auditor for health reasons. We hereby incorporate
            the Form 8-K filed on March 16, 2005 herein. The text of
            said form can be found in its entirety on the SEC website
            at www.sec.gov under our SEC File Number 0-49725.

The following exhibits are included herein, except for the
exhibits marked with an asterisk, which are incorporated herein
by reference and can be found in Registrant's original Form 10-SB
Registration Statement, filed on May 6, 2003, under SEC File
Number 0-49725 at the U.S. Securities and Exchange Commission's
website (www.sec.gov).

<TABLE><CAPTION>
<S>                     <C>
Exhibit Number     Description
--------------     -----------
    3(i) *         Articles of Incorporation
    3(ii)*         Bylaws
   99.1            Sec. 302 Certification
   99.2            Sec. 906 Certifications

</TABLE>

Item 14. Principal Accountant Fees and Services
-----------------------------------------------
Audit Fees
----------
The aggregate fees billed for professional services rendered by our
principal accountant for the audit of our annual financial statements
for the fiscal years ended December 31, 2004 and 2003 were $1,500
and $1,500, respectively, and the review for the financial
statements included in our quarterly reports on Form 10-QSB during the
fiscal years ended December 31, 2004 and 2003, were $750 and
$500, respectively.

Audit Related Fees
------------------
We incurred no fees for the fiscal years ended December 31, 2004 and
2003 for assurance and related services by our principal accountant that
were reasonably related to the performance of the audit or review of our
financial statements, and not reported under Audit Fees above.

Tax Fees
--------
The aggregate fees billed for professional services rendered by our
principal accountant for tax compliance, tax advice, preparation and
filing of tax returns and tax planning for the fiscal years ended
December 31, 2004 and 2003 were nil.

                                     25
<PAGE>

All Other Fees
--------------
We incurred no other fees during the fiscal years ended December 31,
2004 and 2003 for products and services rendered by our principal
accountant.



                        SIGNATURES
                        -----------
In accordance with Section 13 or 15(d) of the Exchange Act, the
Registrant has caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.


Dated:  April 14, 2005     Crafty Admiral Enterprises, Ltd.
                           by: /s/ Lawrence Siccia, President


Pursuant to the requirements of the Securities Exchange Act of
1934, this report has been signed below by the following persons
on behalf of Registrant and in the capacities and on the dates
indicated:

Dated:  April 14, 2005     Crafty Admiral Enterprises, Ltd.
                           by: /s/ Lawrence Siccia, President