Premium finance company Aascent said it is to file its late accounts to Companies House "imminently", according to managing director Kevin O'Flanagan.

Insurance Times was contacted by a number of brokers who had checked Aascent's entry on the Companies House website. This revealed that Aascent had one set of accounts outstanding.

A further set must be submitted by October.

A spokesman for Companies House said should Aascent fail to send its accounts without good reason, it faced either being struck from the register, or its directors could be prosecuted.

It is understood it also faces a fine of at least £1000 for being late.

O'Flanagan said: "The delay was due to a technical reason. I wish that brokers who are concerned would come direct to me and I will be happy to speak to them."

The company recently moved offices and is now based at Biba House, Bevis Marks in the City. In March this year, Aascent launched an online premium finance system - Aapex - which it said would allow brokers to get approval for deals within 10 minutes.

It is understood Aascent is backed by Barclays Bank, and O'Flanagan said this arrangement remained in place.