Centurytouch 10-Q 17 Jan 14 2014 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Sep. 30, 2013	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-13	'
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?	'Yes	'
Entity Filer Category	'Smaller Reporting Company	'
Entity Common Stock, Shares Outstanding	'	31,390,000
Document Fiscal Period Focus	'Q1	'
Document Fiscal Year Focus	'2014	'

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Sep. 30, 2013	Jun. 30, 2013
CURRENT ASSETS	'	'
Cash and cash equivalents	$16,035	$50,164
Other Assets	7,057	6,634
Other Assets - related expense	25,035	15,877
TOTAL CURRENT ASSETS	48,127	72,675
FIXED ASSETS	'	'
Property, plant, and equipment	4,072,393	3,828,221
Land	450,331	423,330
Accumulated depreciation	-279,870	-232,212
NET FIXED ASSETS	4,242,854	4,019,339
TOTAL ASSETS	4,290,981	4,092,014
CURRENT LIABILITIES	'	'
Bank loans - current portion	73,351	65,429
Loans payable - related party	2,528,679	2,383,413
Accounts payable	20,755	24,023
TOTAL CURRENT LIABILITIES	2,622,785	2,472,865
LONG-TERM LIABILITIES	'	'
Bank loans - non current portion	2,052,159	1,949,882
TOTAL LONG-TERM LIABILITIES	2,052,159	1,949,882
TOTAL LIABILITIES	4,674,944	4,422,747
COMMITMENTS AND CONTINGENCIES	'	'
STOCKHOLDERS' (DEFICIT) / EQUITY	'	'
Preferred stock ($.0001 par value, 20,000,000 shares authorized, none issued and outstanding as of September 30, 2013 and June 30, 2013, respectively)	'	'
Common stock ($.0001 par value, 500,000,000 shares authorized, 31,390,000 shares issued and outstanding as of September 30, 2013 and June 30, 2013, respectively)	3,139	3,139
Additional paid in capital	230,253	199,671
Accumulated other comprehensive income (loss)	-11,353	11,069
Accumulated deficit	-606,002	-544,612
TOTAL STOCKHOLDERS' (DEFICIT) / EQUITY	-383,963	-330,733
TOTAL LIABILITIES AND STOCKHOLDERS' (DEFICIT) / EQUITY	$4,290,981	$4,092,014

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Sep. 30, 2013	Jun. 30, 2013
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, 2013	Sep. 30, 2012
Revenues	'	'
Rental income	$78,260	$55,149
Cost of revenues	36,705	38,483
Gross profits	41,555	16,666
Operating expenses	'	'
General and administrative	44,749	36,439
Total Operating Expenses	44,749	36,439
Income from operations	-3,194	-19,773
Other income (expenses)	'	'
Interest expenses	-58,196	-63,998
Total other income (expense)	-58,196	-63,998
(Loss) income before income taxes	-61,390	-83,771
Income taxes	0	0
Net (loss)	-61,390	-83,771
Other comprehensive income	'	'
Foreign currency translation adjustment	-22,422	-3,450
Comprehensive income	($83,812)	($87,221)
Earnings per common share	'	'
Basic	'	'	[1]
Fully diluted	'	'	[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, 2013	Sep. 30, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:	'	'
Net (loss)	($61,390)	($83,771)
Adjustments to reconcile net income to net cash provided by (used in) operating activities:	'	'
Depreciation	31,491	32,094
Imputed interest	30,582	28,701
Changes in operating assets and liabilities:	'	'
Trade accounts receivable	'	2,055
Other receivables	'	38,537
Accounts payable	-7,809	'
Taxes payable	-4,601	-41,191
Other payables and accrued liabilities	'	-5,913
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES	-11,727	-29,488
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	-17,584	-12,385
(Repayments to) proceeds from related party loans	-6,475	39,372
Contributions from shareholders	'	81
NET CASH PROVIDED BY FINANCING ACTIVITIES	-24,059	27,068
Foreign currency adjustment	1,657	107
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	-34,129	-2,313
CASH AND CASH EQUIVALENTS:	'	'
Beginning of period	50,164	5,505
End of period	16,035	3,192
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:	'	'
Cash paid during the quarters ended for: Interest	27,614	35,297
Cash paid during the quarters ended 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, 2013
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, 2013 and 2012 thereto contained in the registration statement in Form S-11.

ORGANIZATION_AND_BUSINESS_BACK

ORGANIZATION AND BUSINESS BACKGROUND	3 Months Ended
	Sep. 30, 2013
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, and 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, 2013
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 2013-11, 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, 2013
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, 2013			30, 2013
	Cost:
	Rental properties – commercial and residential	$	4,052,979		$	3,809,971
	Land		450,331			423,330
	Furniture and fixture		19,414			18,250
	Total		4,522,724			4,251,551
	Accumulated depreciation		(279,870	)		(232,212	)
	Net	$	4,242,854		$	4,019,339
	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 periods ended September 30, 2013 and 2012, respectively.
	During the periods ended September 30, 2013 and 2012, the Company had depreciation expenses of $31,491 and $32,094, respectively, included in cost of revenues.

NOTES_PAYABLE_RELATED_PARTIES

NOTES PAYABLE - RELATED PARTIES	3 Months Ended
	Sep. 30, 2013
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 $2,528,679 and $2,383,413 as of September 30, 2013 and June 30, 2013, 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 $30,582 and $28,701 during the periods ended September 30, 2013 and 2012, respectively, were credited to additional paid in capital as shareholder’s contribution.

NOTES_PAYABLE

NOTES PAYABLE	3 Months Ended
	Sep. 30, 2013
Notes to Financial Statements	'
6. NOTES PAYABLE	'
	The Company had outstanding balances on its notes payable of the following amounts as of September 30, 2013 and June 30, 2013:
		As of
		30-Sep-13			30-Jun-13
	Aldermore Bank PLC, interest rate of 5.35%+LIBOR*, due on December 20, 2031		2,125,510			2,015,311
	Total notes payable	$	2,125,510		$	2,015,311
	Less: Current portion of notes payable		(73,351	)		(65,429	)
	Total long-term notes payable	$	2,052,159		$	1,949,882
	* LIBOR =ondon Interbank Offered Rate
	The mortgage finance with Aldermore Bank PLC commenced on February of 2012 and secured by the following properties with total book value of approximately $3,593,224 as of September 30, 2013.
	240 Derby Road, Nottingham, NG7 1NX
	27-29 Westgate & 61-63 Welby Street, Grantham, Lincolnshire, NG34 6LX
	310, 312, 314, & 343 Carlton Hill, Nottingham, NG4 1JE
	53 High Street, King’s Lynn, Norfolk, PE30 1BE
	62 Gold Street, Northampton, NN1 1RS
	453 Firth Park Road, Sheffield, S5 6QQ

CAPITAL_STRUCTURE

CAPITAL STRUCTURE	3 Months Ended
	Sep. 30, 2013
Notes to Financial Statements	'
7. CAPITAL STRUCTURE	'
	As of September 30, 2013, 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

INCOME_TAXES

INCOME TAXES	3 Months Ended
	Sep. 30, 2013
Income Taxes	'
8. INCOME TAXES	'
	United States
	The Company was incorporated under the laws of the State of Delaware and is subject to U.S. tax. No provisions for income taxes had been made as the Company had no taxable income for the years presented.
	United Kingdom
	The Company’s subsidiary is located in United Kingdom, which is subject to United Kingdom corporate tax. Provisions for corporate taxes had been accrued.
	The Company uses the asset and liability method, where deferred tax assets and liabilities are determined based on the expected future tax consequences of temporary differences between the carrying amounts of assets and liabilities for financial and income tax reporting purposes. There were no material timing differences and therefore no deferred tax asset or liability as of September 30, 2013 and June 30, 2013. There was a net operating loss carry forward as of September 30, 2013 of approximately $606,002.
	The effective income tax expense for the periods ended September 30, 2013 and 2012 are as follows:
		30-Sep-13		30-Sep-12
	Current taxes	$	0	$	0
	Deferred taxes		0		0
		$	0	$	0

COMMITMENT_AND_CONTINGENCIES

COMMITMENT AND CONTINGENCIES	3 Months Ended
	Sep. 30, 2013
Notes to Financial Statements	'
9. 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 periods ended September 30, 2013 and 2012, respectively.

GOING_CONCERN

GOING CONCERN	3 Months Ended
	Sep. 30, 2013
Notes to Financial Statements	'
10. 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, 2013, the Company had net working capital deficiency of $2,574,658 and accumulated deficit of $606,002, 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, 2013
Notes to Financial Statements	'
11. SUBSEQUENT EVENTS	'
	In accordance with ASC Topic 855-10, the Company has analyzed its operations subsequent to September 30, 2013 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, 2013
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, 2013			30, 2013
	Cost:
	Rental properties – commercial and residential	$	4,052,979		$	3,809,971
	Land		450,331			423,330
	Furniture and fixture		19,414			18,250
	Total		4,522,724			4,251,551
	Accumulated depreciation		(279,870	)		(232,212	)
	Net	$	4,242,854		$	4,019,339

NOTES_PAYABLE_Tables

NOTES PAYABLE (Tables)	3 Months Ended
	Sep. 30, 2013
Notes Payable Tables	'
Notes payable	'
	The Company had outstanding balances on its notes payable of the following amounts as of September 30, 2013 and June 30, 2013:
		As of
		30-Sep-13			30-Jun-13
	Aldermore Bank PLC, interest rate of 5.35%+LIBOR*, due on December 20, 2031		2,125,510			2,015,311
	Total notes payable	$	2,125,510		$	2,015,311
	Less: Current portion of notes payable		(73,351	)		(65,429	)
	Total long-term notes payable	$	2,052,159		$	1,949,882
	* LIBOR =ondon Interbank Offered Rate

INCOME_TAXES_Tables

INCOME TAXES (Tables)	3 Months Ended
	Sep. 30, 2013
Income Taxes Tables	'
Income taxes	'
	The effective income tax expense for the periods ended September 30, 2013 and 2012 are as follows:
		30-Sep-13		30-Sep-12
	Current taxes	$	0	$	0
	Deferred taxes		0		0
		$	0	$	0

PROPERTY_PLANT_AND_EQUIPMENT_D

PROPERTY, PLANT AND EQUIPMENT (Details) (USD $)	Sep. 30, 2013	Jun. 30, 2013
Cost:	'	'
Rental properties - commercial and residential	$4,052,979	$3,809,971
Land	450,331	423,330
Furniture and fixture	19,414	18,250
Total	4,522,724	4,251,551
Accumulated depreciation	-279,870	-232,212
Net	$4,242,854	$4,019,339

PROPERTY_PLANT_AND_EQUIPMENT_D1

PROPERTY, PLANT AND EQUIPMENT (Details Narrative) (USD $)	3 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Property Plant And Equipment Details Narrative	'	'
Depreciation expenses	$31,491	$32,094

NOTES_PAYABLE_RELATED_PARTIES_

NOTES PAYABLE - RELATED PARTIES (Details Narrative) (USD $)	3 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Jun. 30, 2013
Notes Payable - Related Parties Details Narrative	'	'	'
Notes payable to related parties	$2,528,679	'	$2,383,413
Imputed interest expenses	$30,582	$28,701	'

NOTES_PAYABLE_Details

NOTES PAYABLE (Details) (USD $)	Sep. 30, 2013	Jun. 30, 2013
Notes Payable Details	'	'
Aldermore Bank PLC, interest rate of 5.35%+LIBOR*, due on December 20, 2031	$2,125,510	$2,015,311
Total notes payable	2,125,510	2,015,311
Less: Current portion of notes payable	-73,351	-65,429
Total long-term notes payable	$2,052,159	$1,949,882

NOTES_PAYABLE_Details_Narrativ

NOTES PAYABLE (Details Narrative) (USD $)	Sep. 30, 2013
Notes Payable Details Narrative	'
Mortgage finance book value	$3,593,224

CAPITAL_STRUCTURE_Details_Narr

CAPITAL STRUCTURE (Details Narrative) (USD $)	Sep. 30, 2013	Jun. 30, 2013
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

INCOME_TAXES_Details

INCOME TAXES (Details) (USD $)	3 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Income Taxes Details	'	'
Current taxes	$0	$0
Deferred taxes	0	0
Effective income tax expense	$0	$0

INCOME_TAXES_Details_Narrative

INCOME TAXES (Details Narrative) (USD $)	Sep. 30, 2013
Income Taxes Details Narrative	'
Net operating loss carry forward	$606,002

GOING_CONCERN_Details_Narrativ

GOING CONCERN (Details Narrative) (USD $)	Sep. 30, 2013	Jun. 30, 2013
Going Concern Details Narrative	'	'
Net working capital deficiency	$2,574,658	'
Accumulated deficit	($606,002)	($544,612)