THE private equity vehicle owned by Sir Fraser Morrison has reported a pre-tax loss of £7,031 in its most recent financial year.

Abbreviated accounts filed at Companies House by Teasses Capital said the company, registered in Ceres, Fife, had made a £51,073 profit in the previous 12 months.

For the year to April 30, 2014, the balance sheet was in deficit by £146,502, wider than the £139,021 recorded in the prior period.

The accounts said: "The directors consider that despite the continuing deficit on the balance sheet, the going concern basis is still appropriate for the preparation of financial statements.

"The ability of the company to continue to trade is dependent on the support of Sir AF Morrison, who is a director and also the sole shareholder.

Sir AF Morrison has confirmed his intention to provide continuing financial support to the company through the extension of significant loan funding."

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.

Sir Fraser built up his family construction firm and listed it on the London Stock Exchange in 1995.

His private equity interests have included the architecture practice RMJM as well as property and oil services businesses.

Sir Fraser has also held a number of non-executive positions including serving two terms as chairman of Highlands and Islands Enterprise.