Manor Kingdom (Scotland), the upmarket housebuilder based in Dunfermline, saw pre-tax losses widen marginally to £7.6 million last year as turnover more than halved from £17.8m to £8.8m.
The figures were disclosed in the annual report just published at Companies House.
The business was kept afloat in 2011 by a £10.3m injection from parent company Gladedale , which in June 2012 changed its name to Avant Homes.
The directors say: "Arising from this new ownership, the group was financially restructured and entered into new facilities agreements with the group's principal lender Bank of Scotland."
The going concern basis of the accounts was based on continuing support from Avant "for the foreseeable future".
The Manor Kingdom group is said to now owe a total of £342m to Bank of Scotland, a reduction of one third from the £524m of a year earlier.
The accounts for the Scottish business show accumulated losses of £33.6m only partially offset, leaving a net shareholder deficit of £10.9m against £2m the year before.
The £2m revaluation reserve was cut by £1.3m on the reassessment of the group's Rutherford Castle Hotel development, and the total loss on revaluations was £3.7m. The directors make no comment on the year's trading.
Cost of sales exceeded turnover by around £5m, as in 2011 administrative costs were cut from £2.8m to £589,000, but that was offset by £2.4m of the revaluation loss. Staff numbers fell from 67 to 26 and the wage bill halved to £1.1m. Directors' emoluments rose from £103,000 to £129,000.
Manor Kingdom has properties at Devonshire Row in Glasgow, Inverkip in Inverclyde and West Linton in Midlothian. Avant's other Scottish interests include Bett Homes and until recently Quartermile in Edinburgh, the sale of which by Gladedale Capital to Moorfield was announced last week.
The June 2012 restructuring saw a refinancing over £450m of debt with Lloyds Banking Group.
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