Aascent Finance has been threatened with prosecution over its failure to supply accounts to Companies House.

The premium finance firm has failed to file its last two sets of accounts.

A broker contacted Insurance Times to express concern as he had noticed reference to the late accounts on the Companies House website.

A Companies House spokesman said it was expected that Aascent would provide the accounts within the next 28 days, adding: "If it does not do this, it could face prosecution. If and when it does provide [the accounts], it will face a fine of at least £1,000 as it is so overdue."

Aascent's managing director Kevin O'Flanagan attributed the delay to "an accounting technicality".

He added: "We will be fully up-to-date in the next couple of weeks. Everything is being audited now. "

Aascent is backed by Barclays bank. O'Flanagan said this arrangement remained in place.