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Teasses records pre-tax loss but assets rise

Teasses Capital, the private equity vehicle owned by Sir Fraser Morrison, has made a pre-tax loss of £2869 according to its latest set of accounts.

That was reduced from the near £170,000 loss in the prior year, although abbreviated accounts filed at Companies House gave no details on turnover or which businesses Teasses owns stakes in.

However, the company, named after Sir Fraser's family estate near Ceres in Fife, saw its net assets in the 12 months to April 30, 2012 increase from £671,354 to £775,142.

At the year end, the balance sheet showed a total deficit of £190,084 but the directors said the accounts had been prepared on a going concern basis.

A note in the accounts said: "The ability of the company to trade is dependent on the support of Sir AF Morrison, who is a director and 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."

The loan account balance due from Teasses to Sir Fraser grew during the year from £938,026 to more than £1m which was attributed to further cash advances and the 64-year-old paying some company expenses personally. The accounts also show the amount owed by architecture firm RMJM to Teasses widened from £1.2m to £1.4m.

Other firms with loans from Teasses included property letting business Granite Edge, management consultancy Quest Corporate and Volo TV & Media.

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.

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