Pressure is growing on premium finance company Aascent to file its late set of accounts or face criminal prosecution, Companies House has warned.

Aascent is over a year late in filing a set of accounts and is also late in filing an annual return.

Accounts have been produced to the end of 2002. Since then none has been filed.

A spokesman for Companies House said if the documents are not forthcoming in the following weeks, Aascent could face a penalty or prosecution.

"They are late with two sets of documents. We have been in regular correspondence with them and are now actively on the case."

Aascent's managing director Kevin O'Flanagan said submission of the accounts to Companies House would take place "very imminently".

Aascent has been described as one of the UK's fastest growing premium finance companies.

' Aascent has launched a white label premium finance facility with credit insurance for brokers.

The company claimed the facility was the first of its kind in the UK.