Centurytouch 10-Q 17 Jan 14 2013 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Sep. 30, 2012	Jan. 15, 2014
Document And Entity Information	'	'
Entity Registrant Name	'Centurytouch Ltd	'
Entity Central Index Key	'0001491830	'
Document Type	'10-Q	'
Document Period End Date	30-Sep-12	'
Amendment Flag	'false	'
Current Fiscal Year End Date	'--06-30	'
Is Entity a Well-known Seasoned Issuer?	'No	'
Is Entity a Voluntary Filer?	'No	'
Is Entity's Reporting Status Current?	'No	'
Entity Filer Category	'Smaller Reporting Company	'
Entity Common Stock, Shares Outstanding	'	31,390,000
Document Fiscal Period Focus	'Q1	'
Document Fiscal Year Focus	'2013	'

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Sep. 30, 2012	Jun. 30, 2012
CURRENT ASSETS	'	'
Cash and cash equivalents	$3,192	$5,505
Trade accounts receivable	'	'
Other receivables	'	'
TOTAL CURRENT ASSETS	3,192	'
FIXED ASSETS	'	'
Property, plant, and equipment	4,063,078	'
Land	449,301	436,580
Accumulated depreciation	-149,210	-113,141
NET FIXED ASSETS	4,363,169	4,271,480
TOTAL ASSETS	4,366,361	'
CURRENT LIABILITIES	'	'
Bank loans - current portion	110,162	'
Loans payable - related party	2,315,710	'
Accounts payable	'	'
Other payables and accrued liabilities	5,054	'
TOTAL CURRENT LIABILITIES	2,430,926	'
LONG-TERM LIABILITIES	'	'
Bank loans - non current portion	2,072,325	'
TOTAL LONG-TERM LIABILITIES	2,072,325	'
TOTAL LIABILITIES	4,503,251	'
COMMITMENTS AND CONTINGENCIES	'	'
STOCKHOLDERS' (DEFICIT) / EQUITY	'	'
Preferred stock ($.0001 par value, 20,000,000 shares authorized, none issued and outstanding as of September 30, 2012 and June 30, 2012, respectively)	'	'
Common stock ($.0001 par value, 500,000,000 shares authorized, 31,390,000 shares issued and outstanding as of September 30, 2012 and June 30, 2012, respectively)	3,139	'
Additional paid in capital	111,352	'
Accumulated other comprehensive income (loss)	-2,686	'
Accumulated deficit	-248,695	'
TOTAL STOCKHOLDERS' (DEFICIT) / EQUITY	-136,890	'
TOTAL LIABILITIES AND STOCKHOLDERS' (DEFICIT) / EQUITY	4,366,361	'
Restated [Member]	'	'
CURRENT ASSETS	'	'
Cash and cash equivalents	'	5,505
Trade accounts receivable	'	2,039
Other receivables	'	38,238
TOTAL CURRENT ASSETS	'	45,782
FIXED ASSETS	'	'
Property, plant, and equipment	'	3,948,041
Land	'	436,580
Accumulated depreciation	'	-113,141
NET FIXED ASSETS	'	4,271,480
TOTAL ASSETS	'	4,317,262
CURRENT LIABILITIES	'	'
Bank loans - current portion	'	107,043
Loans payable - related party	'	2,211,080
Accounts payable	'	40,871
Other payables and accrued liabilities	'	10,778
TOTAL CURRENT LIABILITIES	'	2,369,772
LONG-TERM LIABILITIES	'	'
Bank loans - non current portion	'	2,025,941
TOTAL LONG-TERM LIABILITIES	'	2,025,941
TOTAL LIABILITIES	'	4,395,713
COMMITMENTS AND CONTINGENCIES	'	'
STOCKHOLDERS' (DEFICIT) / EQUITY	'	'
Preferred stock ($.0001 par value, 20,000,000 shares authorized, none issued and outstanding as of September 30, 2012 and June 30, 2012, respectively)	'	'
Common stock ($.0001 par value, 500,000,000 shares authorized, 31,390,000 shares issued and outstanding as of September 30, 2012 and June 30, 2012, respectively)	'	3,139
Additional paid in capital	'	82,570
Accumulated other comprehensive income (loss)	'	764
Accumulated deficit	'	-164,924
TOTAL STOCKHOLDERS' (DEFICIT) / EQUITY	'	-78,451
TOTAL LIABILITIES AND STOCKHOLDERS' (DEFICIT) / EQUITY	'	$4,317,262

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Sep. 30, 2012	Jun. 30, 2012
STOCKHOLDERS' (DEFICIT) / EQUITY	'	'
Preferred Stock, par value	$0.00	$0.00
Preferred Stock, Authorized	20,000,000	20,000,000
Preferred Stock, Issued	0	0
Preferred Stock, outstanding	0	0
Common stock, par value	$0.00	$0.00
Common stock, Authorized	500,000,000	500,000,000
Common stock, Issued	31,390,000	31,390,000
Common stock, outstanding	31,390,000	31,390,000

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (USD $)	3 Months Ended
	Sep. 30, 2012		Sep. 30, 2011
Revenues	'		'
Rental income	$55,149		$30,295
Cost of revenues	38,483		10,441
Gross profits	16,666		19,854
Operating expenses	'		'
General and administrative	36,439		8,448
Total Operating Expenses	36,439		8,448
Income from operations	-19,773		11,406
Other income (expenses)	'		'
Interest expenses	-63,998		-12,265
Total other income (expense)	-63,998		-12,265
(Loss) income before income taxes	-83,771		-859
Income taxes	'		'
Net (loss)	-83,771		-859
Other comprehensive income	'		'
Foreign currency translation adjustment	-3,450		-330
Comprehensive income	($87,221)		($1,189)
Earnings per common share	'		'
Basic	'	[1]	'	[1]
Fully diluted	'	[1]	'	[1]
Weighted average common shares outstanding	'		'
Basic	31,390,000		31,390,000
Fully diluted	31,390,000		31,390,000
[1]	** Less than $.01

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
	Sep. 30, 2012	Sep. 30, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:	'	'
Net (loss)	($83,771)	($859)
Adjustments to reconcile net income to net cash provided by (used in) operating activities:	'	'
Depreciation	32,094	10,441
Imputed interest	28,701	9,690
Changes in operating assets and liabilities:	'	'
Trade accounts receivable	2,055	'
Other receivables	38,537	908
Accounts payable	-41,191	'
Taxes payable	'	'
Other payables and accrued liabilities	-5,913	-38,375
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES	-29,488	-18,195
CASH FLOWS FROM INVESTING ACTIVITIES:	'	'
Purchase of property, plant, and equipment	'	'
Purchase of land	'	'
NET CASH (USED IN) INVESTING ACTIVITIES	'	'
CASH FLOWS FROM FINANCING ACTIVITIES:	'	'
(Repayments) to bank loan	-12,385	-11,270
Proceeds from related party loans	39,372	24,394
Contributions from shareholders	81	'
NET CASH PROVIDED BY FINANCING ACTIVITIES	27,068	13,124
Foreign currency adjustment	107	24
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	-2,313	-5,047
CASH AND CASH EQUIVALENTS:	'	'
Beginning of period	5,505	4,602
End of period	3,192	-445
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:	'	'
Cash paid during the years for: Interest	35,297	2,575
Cash paid during the years for: Taxes	'	'
NON-CASH INVESTING AND FINANCING ACTIVITIES:	'	'
Incurrence of bank note payable for purchase of building	'	'

BASIS_OF_PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Sep. 30, 2012
Notes to Financial Statements	'
1. BASIS OF PRESENTATION	'
	The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with both generally accepted accounting principles for interim financial information, and the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. The accompanying unaudited condensed consolidated financial statements reflect all adjustments (consisting of normal recurring accruals) that are, in the opinion of management, considered necessary for a fair presentation of the results for the interim periods presented. Interim results are not necessarily indicative of results for a full year.
	The unaudited condensed consolidated financial statements and related disclosures have been prepared with the presumption that users of the interim financial information have read or have access to the Company’s annual audited consolidated financial statements for the preceding fiscal year. Accordingly, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes for the years ended June 30, 2012 and 2011 thereto contained in the registration statement in Form S -11.

ORGANIZATION_AND_BUSINESS_BACK

ORGANIZATION AND BUSINESS BACKGROUND	3 Months Ended
	Sep. 30, 2012
Notes to Financial Statements	'
2. ORGANIZATION AND BUSINESS BACKGROUND	'
	CenturyTouch Ltd Inc. (the "Company") was incorporated under the laws of the State of Delaware on August 12, 2010. The Company intended to serve as a vehicle to effect an asset acquisition, merger, exchange of capital stock or other business combination with a domestic or foreign business. The Company has been inactive until its Share Purchase Agreement (the “SPA”) was entered with Centurytouch Ltd., a corporation organized and existing under the laws of United Kingdom (“CTL”) on April 12, 2012.
	Pursuant to the SPA, William Tay, the sole shareholder of the Company, consummated a sale of 31,390,000 shares of the Company’s common stock to CTL for an aggregate purchase price of $69,990. Simultaneously, CTL entered into a share exchange agreement with all the stockholders of CTL, pursuant to which 53 shares of CTL, representing 100% of the issued and outstanding ordinary shares of CTL, were exchanged for 17,703,960 shares of common stock of the Company. Upon completion of the exchange, CTL became a wholly-owned subsidiary of the Company and Eric Y. K. Wong, the founder and majority shareholder of CTL, then owned a ‘controlling interest’ in the Company representing 61% of the issued and outstanding shares of Common Stock. On April 21, 2012, the Company changed its name from Kallisto Ventures, Inc. to CenturyTouch Ltd Inc. to more accurately reflect its business after the share exchange transaction with CTL aforementioned.
	The share exchange transaction has been accounted for as a reverse acquisition and recapitalization of the Company whereby CTL is deemed to be the accounting acquirer (legal acquiree) and the Company to be the accounting acquiree (legal acquirer). The accompanying consolidated financial statements are in substance those of CTL, with the assets and liabilities, and revenues and expenses, of the Company being included effective from the date of share exchange transaction. The Company is deemed to be a continuation of the business of CTL, which owns and operates multi-unit properties throughout the Midlands area of England. Accordingly, the accompanying consolidated financial statements include the following:
	(1) The balance sheet consists of the net assets of the accounting acquirer at historical cost and the net assets of the accounting acquiree at historical cost;
	(2) The financial position, results of operations, and cash flows of the accounting acquirer for all periods presented as if the recapitalization had occurred at the beginning of the earliest period presented and the operations of the accounting acquiree from the date of share exchange transaction.
	The Company and CTL are hereafter collectively referred to as the “Company”.

RECENTLY_ISSUED_ACCOUNTING_STA

RECENTLY ISSUED ACCOUNTING STANDARDS	3 Months Ended
	Sep. 30, 2012
Notes to Financial Statements	'
3. RECENTLY ISSUED ACCOUNTING STANDARDS	'
	The Company has reviewed all recently issued, but not yet effective, accounting pronouncements up to ASU 2013-09, and does not believe the future adoption of any such pronouncements may be expected to cause a material impact on its consolidated financial condition or the consolidated results of its operations.

PROPERTY_PLANT_AND_EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	3 Months Ended
	Sep. 30, 2012
Notes to Financial Statements	'
4. PROPERTY, PLANT AND EQUIPMENT	'
	Property, plant and equipment are comprised of the following amounts at the respective dates:
		As of
		September			June
		30, 2012			30, 2012
	Cost:
	Rental properties – commercial and residential	$	4,043,709		$	3,929,220
	Land		449,301			436,580
	Furniture and fixture		19,369			18,821
	Total		4,512,379			4,384,621
	Accumulated depreciation		(149,210	)		(113,141	)
	Net	$	4,363,169		$	4,271,480
	The value of land is evaluated by the Company periodically to determine the recoverability rather than depreciated over time. No impairments of land were recognized during the three months ended September 30, 2012 and 2011, respectively.
	During the three months ended September 30, 2012 and 2011, the Company had depreciation expenses of $32,094 and $10,441, respectively, included in cost of revenues.

NOTES_PAYABLE_RELATED_PARTIES

NOTES PAYABLE - RELATED PARTIES	3 Months Ended
	Sep. 30, 2012
Notes to Financial Statements	'
5. NOTES PAYABLE - RELATED PARTIES	'
	The Company had outstanding balances on its notes payable to Eric Y. K. Wong (“Mr. Wong”), the President and majority shareholder of the Company, in amount of $2,315,710 and $2,211,080 as of September 30, 2012 and June 30, 2012, respectively. The funds borrowed from the Company’s President were to fund the Company’s purchase of properties and daily operations. There are no formal promissory notes but rather an oral agreement between the President and the Company. The notes are unsecured, due on demand with imputed interest at the rate of 5% per annum. Accordingly, the imputed interest expenses of $28,701 and $9,690 during the three months ended September 30, 2012 and 2011, respectively, were credited to additional paid in capital as shareholder’s contribution.

NOTES_PAYABLE

NOTES PAYABLE	3 Months Ended
	Sep. 30, 2012
Notes to Financial Statements	'
6. NOTES PAYABLE	'
	The Company had outstanding balances on its notes payable of the following amounts as of September 30, 2012 and June 30, 2012:
		As of
		September			June
		30, 2012			30, 2012
	Aldermore Bank PLC, interest rate of 5.35%+LIBOR*, due on December 20, 2031		2,182,487			2,132,984
	Total notes payable	$	2,182,487		$	2,132,984
	Less: Current portion of notes payable		(110,162	)		(107,043	)
	Total long-term notes payable	$	2,072,325		$	2,025,941
	* LIBOR =ondon Interbank Offered Rate

CAPITAL_STRUCTURE

CAPITAL STRUCTURE	3 Months Ended
	Sep. 30, 2012
Notes to Financial Statements	'
7. CAPITAL STRUCTURE	'
	As of September 30, 2012, the Company was authorized to issue 500,000,000 shares of common stock, par value $.0001 per share, of which 31,390,000 shares issued and outstanding, and was authorized to issue 20,000,000 shares of preferred stock, par value $.0001 per share, none of which issued and outstanding.

COMMITMENT_AND_CONTINGENCIES

COMMITMENT AND CONTINGENCIES	3 Months Ended
	Sep. 30, 2012
Notes to Financial Statements	'
8. COMMITMENT AND CONTINGENCIES	'
	Neither does the Company own any property for the use of administration nor does it have any plans to lease any property in the future for such use since the majority workload in administration was outsourced to third parties. There were no rental expenses during the three months ended September 30, 2012 and 2011, respectively.

GOING_CONCERN

GOING CONCERN	3 Months Ended
	Sep. 30, 2012
Notes to Financial Statements	'
9. GOING CONCERN	'
	These financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates, among other things, the realization of assets and the satisfaction of liabilities in the normal course of business. As of September 30, 2012, the Company had net working capital deficiency of $2,427,734 and accumulated deficit of $248,695, and required capital for its contemplated operation and marketing activities to take place.  The Company's ability to raise additional capital through the future issuances of common stock is unknown. The obtainment of additional financing, the successful development of the Company's contemplated plan of operations, and its transition, ultimately, to the attainment of profitable operations are necessary for the Company to continue operations.  The ability to successfully resolve these factors raise substantial doubt about the Company's ability to continue as a going concern.
	Future issuances of the Company's equity or debt securities will be required in order for the Company to continue to finance its operations and continue as a going concern. The Company's present revenues are insufficient to meet operating expenses. The financial statements do not include any adjustments that may result from the outcome of these aforementioned uncertainties.

SUBSEQUENT_EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Sep. 30, 2012
Notes to Financial Statements	'
10. SUBSEQUENT EVENTS	'
	In accordance with ASC Topic 855-10, the Company has analyzed its operations subsequent to September 30, 2012 to the date these financial statements were issued, and has determined that it does not have other material subsequent events to disclose in these financial statements.

PROPERTY_PLANT_AND_EQUIPMENT_T

PROPERTY, PLANT AND EQUIPMENT (Tables)	3 Months Ended
	Sep. 30, 2012
Property Plant And Equipment Tables	'
Property, plant and equipment	'
	Property, plant and equipment are comprised of the following amounts at the respective dates:
		As of
		September			June
		30, 2012			30, 2012
	Cost:
	Rental properties – commercial and residential	$	4,043,709		$	3,929,220
	Land		449,301			436,580
	Furniture and fixture		19,369			18,821
	Total		4,512,379			4,384,621
	Accumulated depreciation		(149,210	)		(113,141	)
	Net	$	4,363,169		$	4,271,480

NOTES_PAYABLE_Tables

NOTES PAYABLE (Tables)	3 Months Ended
	Sep. 30, 2012
Notes Payable Tables	'
Notes payable	'
	The Company had outstanding balances on its notes payable of the following amounts as of September 30, 2012 and June 30, 2012:
		As of
		September			June
		30, 2012			30, 2012
	Aldermore Bank PLC, interest rate of 5.35%+LIBOR*, due on December 20, 2031		2,182,487			2,132,984
	Total notes payable	$	2,182,487		$	2,132,984
	Less: Current portion of notes payable		(110,162	)		(107,043	)
	Total long-term notes payable	$	2,072,325		$	2,025,941

PROPERTY_PLANT_AND_EQUIPMENT_D

PROPERTY, PLANT AND EQUIPMENT (Details) (USD $)	Sep. 30, 2012	Jun. 30, 2012
Cost:	'	'
Rental properties - commercial and residential	$4,043,709	$3,929,220
Land	449,301	436,580
Furniture and fixture	19,369	18,821
Total	4,512,379	4,384,621
Accumulated depreciation	-149,210	-113,141
Net	$4,363,169	$4,271,480

PROPERTY_PLANT_AND_EQUIPMENT_D1

PROPERTY, PLANT AND EQUIPMENT (Details Narrative) (USD $)	3 Months Ended
	Sep. 30, 2012	Sep. 30, 2011
Property Plant And Equipment Details Narrative	'	'
Depreciation expenses	$32,094	$10,441

NOTES_PAYABLE_RELATED_PARTIES_

NOTES PAYABLE - RELATED PARTIES (Details Narrative) (USD $)	3 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Jun. 30, 2012
Notes Payable - Related Parties Details Narrative	'	'	'
Notes payable to related parties	$2,315,710	'	$2,211,080
Imputed interest expenses	$28,701	$9,690	'

NOTES_PAYABLE_Details

NOTES PAYABLE (Details) (USD $)	Sep. 30, 2012	Jun. 30, 2012
Notes Payable Details	'	'
Aldermore Bank PLC, interest rate of 5.35%+LIBOR*, due on December 20, 2031	$2,182,487	$2,132,984
Total notes payable	2,182,487	2,132,984
Less: Current portion of notes payable	-110,162	-107,043
Total long-term notes payable	$2,072,325	$2,025,941

CAPITAL_STRUCTURE_Details_Narr

CAPITAL STRUCTURE (Details Narrative) (USD $)	Sep. 30, 2012	Jun. 30, 2012
Capital Structure Details Narrative	'	'
Common stock, Authorized	500,000,000	500,000,000
Common stock, par value	$0.00	$0.00
Common stock, Issued	31,390,000	31,390,000
Common stock, outstanding	31,390,000	31,390,000
Preferred Stock, Authorized	20,000,000	20,000,000
Preferred Stock, par value	$0.00	$0.00
Preferred Stock, Issued	0	0
Preferred Stock, outstanding	0	0

GOING_CONCERN_Details_Narrativ

GOING CONCERN (Details Narrative) (USD $)	Sep. 30, 2012
Going Concern Details Narrative	'
Net working capital deficiency	$2,427,734
Accumulated deficit	$248,695