A CONTROVERSIAL law firm has reported a profit of more than £800,000 in its latest financial figures.

Asons Solicitors released mid-year figures yesterday, showing that the firm reported six months turnover of £4.3m with a net profit of £807,753 as of November 2016.

That is in comparison to a net loss of more than £1 million that was reported for the six months to May 2016.

The company, which says it is debt-free, hit the headlines last year after it emerged that it was awarded a £300,000 grant from Bolton Council to help with the refurbishment of its offices in the town centre.

Asons’ head of finance, Gareth Beardsworth, said: “Asons have re-focused their business plan, improving efficiency and maximising profitability whilst keeping a positive mindset in a challenging industry.”

Companies House currently lists the firm as being overdue for filing its accounts made up to May 2016, which were due to be submitted on February 28 of this year, an offence which would incur a fine and put the company's directors at risk of prosecution.

However, Asons say the accounts were filed on time and that Companies House is experiencing a backlog.

Companies House confirmed that they are currently experiencing a mail backlog to February 28.

An Asons spokesman said: "We have spoken with Companies House who have confirmed they are in receipt of accounts. They currently have a seven-day backlog and are currently working on post received on 28th February 2017 - which is the day our accounts were filed (which is within the date required).

"Companies House have also confirmed that the date that the accounts were received by themselves is the date that will show on record."

A Companies House spokesman said: "I can confirm we’re taking appropriate enforcement action to secure the filing of these overdue accounts. Our aim is to secure compliance and bring the filing records up to date as soon as possible."

The law firm says it attributes its recent financial success to an innovative business model, diversifying and focusing on immigration and serious injury.

Mr Beardsworth added: “Asons are a different business from just two years ago.

“We took a strategic turn by focusing on profitability rather than turnover.

“Our business has been strengthened in a way that protects us from things like the recent proposed PI reforms.

“We look to continue to build upon this successful transition in the years to come.”

The Churchgate-based business has also forecast a £1.7 million net profit for the next financial year, an increase from 18.8 per cent to 23 per cent.

Last month, Asons agreed to repay an insurance company almost £70,000 after admitting to falsely inflating its legal costs.

Asons exaggerated the qualifications and experience of its legal staff “systematically”, to make the bills sent to AXA Insurance artificially higher in 65 personal injury cases.

An external audit of the council’s decision to award the £300,000 under emergency powers is currently being carried out by KPMG.