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, 2003
        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.)

     1608 Yew Street #403
    Vancouver, B.C., Canada                  V6K 3B7
 (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, 2003 was 7,000,000. Registrant had no revenues
for the year ended December 31, 2003.

Registrant's common stock is listed on the OTCBB under the symbol
CFTY.

Registrant's Form SB-2/A and all exhibits thereto, and Form 10QSB
for the quarters ended March 30, 2003, June 30, 2003 and September
30, 2003 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.

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.

                             3

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
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.


                           4

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 1608 Yew
Street #403, Vancouver, B.C., 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 other than the rights to the
mining claims disclosed above in Item 1. Registrant currently conducts
business operations from the home of its President and Chairman of the
Board in Vancouver, B.C., Canada, 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

There were no matters submitted to a vote of security holders
during the year ended December 31, 2003.

                             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.

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 $11,019 for the year ended December
31, 2003, resulting in a net loss per share of $.002, as compared
to a net loss of $12,097 at December 31, 2002 and a net loss per
share of $.002. From inception to December 31, 2003, Registrant
had a total net loss of $35,978, resulting in a $.005 net loss
per share.

General and administrative expenses at December 31, 2003 were
$11,019 compared to $12,097 at December 31, 2002. These expenses
consisted of $10,994 and 10,987, 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 $25 and $1,110, respectively.

                             6

Liquidity and Capital Resources
-------------------------------
At December 31, 2003, Registrant's primary sources of liquidity
included cash and cash equivalents in the amount of $16,320
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 $28,939 at December 31,
2002 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
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.

                           5


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.

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, 2003, audited by Clyde Bailey, PC, an independent Certified
Public Accountant, is included at the end of this report.

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

There were no changes in and/or disagreements with a,ccountants
on accounting and financial disclosures during period covered
by this report.

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.


                               7

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.

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:

                              8

<TABLE><CAPTION>
<S>                         <C>      <C>
Name and Address            Age      Position(s)
----------------           ----      -------------
Lawrence Siccia	          33	 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 will be devoting his time as required to our business.

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,
2003, 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.
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,
2003, 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, we have not adopted a formal Code of Ethics that
applies to the Chief Executive Officer and Chief Financial Officer.
We expect to adopt a formal Code of Ethics sometime during the current
year. We have, however, followed an informal Code of Ethics requiring
Board of Director approval of any material transaction involving our
Chief Executive Officer and/or Chief Financial Officer. We believe
this procedure reasonably deters material wrongdoing and promotes
honest and ethical conduct from our executive officers.

Item 10.  Executive Compensation
          ----------------------
Our 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 on our behalf.

<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   2003  None    None   None      None      None
President, CEO,
CFO, Secretary,
Treasurer and
Director
</TABLE>

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             2,000,000       29%
                #403 - 1608 Yew St.
                Vancouver, BC,
                Canada V2S7C9
-------------------
All Officers and
Directors as a
Group (1 person)                            2,000,000       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, 2003 and 2002 are included herein in
            their entirety.

(a) 3.      Registrant filed no reports on Form 8-K during the
            fourth quarter ended December 31, 2003

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
   23              Consent of Accountant
   99.1            Sec. 302 Certification
   99.2            Sec. 906 Certifications

</TABLE>

(b) There were no reports on Form 8-K filed during the fourth quarter
of the year ended December 31, 2003.























                   CRAFTY ADMIRAL ENTERPRISES, INC.




























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


                    December 31, 2003 and 2002













                             Clyde Bailey, P.C.
                        Certified Public Accountant
                          10924 Vance Jackson #404
                          San Antonio, Texas 78230


















                                   13
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                14


<TABLE><CAPTION>
                        CRAFTY ADMIRAL ENTERPRISES, INC.
                        (A Development Stage Enterprise)
                                 Balance Sheet
                        As of December 31, 2003 and 2002

                                   A S S E T S
                                   -----------
                                                2003            2002
                                            -------------   ----------
<S>                                               <C>          <C>

Current Assets
--------------
Cash                                          $     16,320  $   28,939
                                              ------------   ----------
     Total Current Assets                           16,320      28,939
                                              ------------   ----------
     Total Assets                             $     16,320      28,939
                                              ============   ==========

                              L I A B I L I T I E S
                              ---------------------
Current Liabilities
-------------------
Accounts Payable                                         -        1,600
Officer Advances                                     2,298        2,298
                                                ------------  ---------
-
     Total Current Liabilities                       2,298        3,898
                                               ------------  ----------
     Total Liabilities                               2,298        3,898

Commitments and Contingencies                             -          .-

                      S T O C K H O L D E R S '   E Q U I T Y
                      ---------------------------------------
Common Stock                                         7,000        7,000
     25,000,000 authorized shares, par value $.001
     7,000,000 shares issued and outstanding

Additional Paid-in-Capital                          43,000       43,000
Accumulated Deficit during the
  Development period                               (35,978)     (24,959)
                                              ------------   ----------
     Total Stockholders' Equity (Deficit)           14,022       25,041
 .                                            ------------   ----------
     Total Liabilities and Stockholders'
     Equity                                    $    16,320   $   28,939
                                               ===========   ==========
</TABLE>
<FN>
The accompanying notes are integral part of the consolidated
financial statements.
</FN>
                                15
<TABLE><CAPTION>
                        CRAFTY ADMIRAL ENTERPRISES, INC.
                        (A Development Stage Enterprise)
                            Statement of Operations

                                                        From 3/6/00
                                 For the Years Ended    (Initial)
                                     December 31            to
                                  2003       2002    December 31, 2003
                                 -------------------------------------

                               <c>          <c>          <c>
Revenues:
---------
     Revenues                    $     -     $     -   $        -
                                 -------------------------------------
          Total Revenues         $     -     $     -   $        -

Expenses:
---------
     Professional Fees             10,994     10,987        21,981
     Operating Expenses                25      1,110        13,997
                                 -------------------------------------
          Total Expenses           11,019     12,097        35,978
                                 -------------------------------------
Net Income before Taxes         $ (11,019)   (12,097)      (35,978)

Provision for Income Taxes:
---------------------------
     Income Tax Benefit                -         -              -
          Net Income (Loss)     $ (11,019)   (12,097)      (35,978)
                                ======================================
Basic and Diluted Earnings Per
Common Share                      (0.002)     (0.002)       (0.005)
                               ---------------------------------------
Weighted Average number of
Common Shares used in per
share calculations              7,000,000    7,000,000    7,000,000
                               =======================================
</TABLE>






<FN>
The accompanying notes are integral part of the consolidated
financial statements.
</FN>

                                  16



<TABLE><CAPTION>
                      CRAFTY ADMIRAL ENTERPRISES, LTD.
                      (A Development Stage Enterprise)
                       Statement of Stockholders' Equity
                           As of December 31, 2003

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

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     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,
December
31,2003   7,000,000  7,000    43,000         (35,978)  14,022
         ====================================================
</TABLE>
                                    18



<TABLE><CAPTION>
                         CRAFTY ADMIRAL ENTERPRISES, LTD.
                         (A Development Stage Enterprise)
                           Statement of Cash Flows
                                                          From
                                 For the Years Ended  3/6/00 (Initial)
                                      December 31     to December 31
                                  2003         2002        2003
                                 ----------------------------------

                               <c>          <c>          <c>
Cash Flows from Operating Activities:
-------------------------------------
     Net Income (Loss)           $ (11,019)  $(12,097)   $ (35,978)
  Changes in operating assets
  and liabilities:
      Increase(Decrease)in
      Accounts Payable              (1,600)     1,600          -
                                 ----------------------------------
  Total Adjustments                 (1,600)     1,600          -
                                 ----------------------------------
Net Cash used in
Operating Activities               (12,619)   (10,497)     (35,978)

Cash Flows from Financing Activities:
-------------------------------------
 Payments on Stockholder Advance        -     (10,000)       2,298
 Proceeds from Issuance of Stock        -           -       50,000
                                  ----------------------------------
Net Cash Provided by
Financing Activities                    -     (10,000)      52,298
                                 ----------------------------------
Net Increase(Decrease) in Cash   $(12,619)    (20,497)      16,320
                                 ----------------------------------
Cash Balance, Begin Period         28,939      49,436            -
                                 ----------------------------------
Cash Balance, End Period         $ 16,320    $ 28,939     $ 16,320
                                 ==================================
Supplemental Disclosures:
 Cash Paid for interest         $      -     $     -        $     -
 Cash Paid for income taxes     $      -     $     -        $     -
 Stock Issued to an officer
  for cash                                         -      2,000,000
</TABLE>

                                     19
<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.

The company has a total of 25,000,000 authorized common shares
with a par value of $.001 per share and with 7,000,000 common
shares issued and outstanding as of December 31, 2003 and 2002.

These financial statements have been prepared assuming that the
Company will continue as a going concern.  The Company is currently
in the development stage, and existing cash and available credit are
insufficient to fund the Company's cash flow needs for the next year.
The officers and directors have committed to advancing the operating
costs of the Company interest free.

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.

Fixed Assets
------------
The Company has no fixed assets at this time.

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 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.

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.

Accounting Method
-----------------
The Company's financial statements are prepared using the accrual
 method of accounting. Revenues are recognized when earned and
expenses when incurred. Fixed assets are stated at cost. Depreciation
and amortization using the straight-line method for financial
reporting purposes and accelerated methods for income tax purposes.

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 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.

Fair Value of Financial Instruments
-----------------------------------
The carrying amounts reported in the balance sheets for the
Company's assets and liabilities approximate their fair values
as of December 31, 2003 and 2002.

Note 2  -  Common Stock
-----------------------
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 3 - Organization Costs
---------------------------
The Company has incurred legal, accounting, and other formation
costs. These costs were expenses as incurred.

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 2003 leaving a balance owing on
December 31, 2003 of $2,298.

The advance is non-interest bearing and no interest has been accrued.

Note 5 - Going Concern
----------------------
The Company's financial statements are prepared using generally
accepted accounting principles applicable to a going concern, which
contemplates the realization of assets and liquidation of liabilities
in the normal course of business. However, the Company has incurred
net losses since its inception and has experienced liquidity problems
that raises substantial doubt about its ability to continue as a going
concern. The stockholders/officers and or directors have committed to
advancing operating costs of the Company interest free to insure that
the Company has enough operating capital over the next twelve months.

Note 6  -  Subsequent Events
----------------------------
On January 7, 2004 the Company affected a 3:1 forward stock split and
increased the authorized shares from 25,000,000 to 50,000,000 shares
of common stock and reauthorized the par value of $.001 per share.

The effective date of the increase in authorized shares shall be
January 7, 2004. The effective date of the forward split shall be
January 20, 2004. The forward split is a mandatory exchange, new share
certificates will be issued on surrender of the existing share
certificates by the shareholders in the normal course of business.
The new shares will be recorded by the transfer agent in a book entry.
Shareholders are not required to immediately present their share
certificates. Shareholders will only receive new share certificates
if and when they present their old share certificates to the transfer
agent for exchange.





                        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:  March 30, 2004     Crafty Admiral Enterprises, Ltd.
                           by: /s/ Lawrence Siccia, President


In accordance with the Exchange Act, this report has been signed
below by the following persons on behalf of Registrant in the
capacities and on the dates indicated.

/s/ Lawrence Siccia, President and Director

Dated: March 30, 2004



         CERTIFICATION PURSUANT TO SECTION 302 OF THE ACT
         ------------------------------------------------

     I, Lawrence Siccia, certify that:

1. I have reviewed this annual report on Form 10-KSB of Crafty
Admiral Enterprises Ltd.

2. Based on my knowledge, this 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 Crafty Admiral Enterprises, Ltd. as of, and for, the
periods presented in this annual report.



                                26




4.  As the sole officer and director, I am solely responsible for
establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-14 and 15d-14) for
Crafty Admiral Enterprises, Ltd. and have:

     (a) designed such disclosure controls and procedures to
     ensure that material information relating to Crafty
     Admiral Enterprises, is made known to me by others,
     particularly during the period in which this annual
     report is being prepared;

     (b) evaluated the effectiveness of our 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.  As the sole officer and director, I have disclosed, based on my
most recent evaluation, to our auditors and the audit committee of our
Board of Directors (or persons performing the equivalent functions):

   (a) that there were no significant deficiencies in the design or
   operation of our internal controls which could adversely affect
   our ability to record, process, summarize and report financial data
   and have advised our auditors there are no material weaknesses in
   our internal controls;

   (b) I have further advised our auditors that there has been no
   fraud of any kind, whether or not material, that involves management
   or other employees who have a significant role in our internal
   controls.

6. I have also indicated in this annual report that there were no
significant changes in internal controls or in other factors that could
significantly affect internal controls subsequent to the date of my
most recent evaluation, including any corrective actions with regard to
significant deficiencies and material weaknesses.

     March 30, 2004          /s/ Lawrence Siccia
                              ----------------------------------------
                              Lawrence Siccia, Chief Executive Officer,
                              Chief Financial Officer and Chairman
                              of the Board of Directors


                                   27