Nope,
What I have quoted you is correct, it's legislation not case law, that's something totally different.
What I omitted was the preamble which I took as read due to the fact there has been an accident.
Given that an accident, or collision as I believe it now says, has happened, there is an obligation to stop and exchange particulars, name, address etc.
IF that does not happen or there is an injury then it MUST be reported to police AS soon as practicable, and in any case within 24 hours. That does not mean go home have a chat on the internet and see what everyone else thinks, it means exactly what it says on the tin.
If no ones injured, no one is making allegations (in this case there is evidence of an offence, but if neither side want to go into it, then so be it), names/addresses were exchanged, then there is no need to report to police. But there's nothing stopping you from doing that, however, it must be within 24 hours.
I have no idea what you are on about, but its wrong. You mentioned S20 RTA 1998, which does not apply to accidents, so I am correcting and clarifying what the law actually says.