TEASSES Capital, the private equity business owned by Sir Fraser Morrison, made a £51,000 profit before tax in the year to April, compared with a loss of £3000 in the preceding period.

The latest abbreviated accounts for the company show it reduced its balance sheet deficit to £139,021 at April 30 from £190,084 at the end of the preceding year.

The company said directors consider the going concern basis is still appropriate for the preparation of the financial statements. Teasses added: "The ability of the company to continue to trade is dependent on the support of Sir AF Morrison, who... has confirmed his intention to provide continuing financial support to the company through the extension of significant loan funding."

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Teasses was formed in 2002 to manage Sir Fraser's wealth including his share of the proceeds from the £262.5m sale of Morrison Construction to AWG.