Holmes Financing No 1 6-K Current report (foreign)

FORM 6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report of Foreign Issuer

Pursuant to Rule 13a-16 or 15d-16 of

Securities Exchange Act of 1934

For the month of June 2005

HOLMES FINANCING (No 1) PLC

HOLMES FUNDING LIMITED

HOLMES TRUSTEES LIMITED

(Translation of registrant's name into English)

Abbey National House, 2 Triton Square, Regent’s

Place, London NW1 3AN, England

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F . . . .X. . . . Form 40-F . . . . . . . .

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes . . . . . . . No. . .X. . . .

Holmes Financing (No. 1) PLC
Profit & Loss Account
Period ended 15 October 2004
	This Quarter	Prior Quarter
	£'000	£'000
Interest receivable - Inter-company loan	20,837	18,542
Interest receivable - Cash deposits
	20,837	18,542
Interest payable - Notes	(20,837)	(18,542)
Interest payable	-	-
	(20,837)	(18,542)
Net operating income	-	-
Other income	-	-
Operating expenses	-	-
Profit on ordinary activities before taxation	-	-
Taxation	-	-
Profit on ordinary activities after taxation	-	-
Dividend	-	-
Retained profit brought forward	24	24
Retained profit carried forward	24	24

Holmes Financing (No. 1) PLC
Balance Sheet
Period ended 15 October 2004
	£'000	£'000
Fixed asset investments
Loans to Funding		1,607,000
Current assets
Sundry debtors	20
Cash at bank	17
	37
Creditors: Amounts falling due within one year
Sundry creditors	-
	-
Net current assets		37
Total assets less current liabilities		1,607,037
Creditors: Amounts falling due after more than one year
Amounts due to noteholders		(1,607,000)
Net assets		37
Capital and reserves
Share capital		13
Reserves		24
		37

Holmes Financing (No. 1) PLC
Notes Outstanding
Period ended 15 October 2004
	Series 1 Class A	Series 2 Class A	Series 3 Class A1	Series 3 Class A2	Series 4 Class A
Moody's current rating	Aaa	Aaa	Aaa	Aaa	Aaa
S&P current rating	AAA	AAA	AAA	AAA	AAA
Fitch Ratings current rating	AAA	AAA	AAA	AAA	AAA
	Series 1 Class B	Series 2 Class B	Series 3 Class B		Series 4 Class B
Moody's current rating	Aa	Aa	Aa		Aaa
S&P current rating	AA	AA	AA		AAA
Fitch Ratings current rating	AA	AA	AA		AAA
	Series 1 Class C	Series 2 Class C	Series 3 Class C		Series 4 Class C
Moody's current rating	Aaa	Aaa	Aaa		Aaa
S&P current rating	AAA	AAA	AAA		AAA
Fitch Ratings current rating	AAA	AAA	AAA		AAA
	Series 1 Class A	Series 2 Class A	Series 3 Class A1	Series 3 Class A2	Series 4 Class A
	$	$	£	€	£
Initial note balance	900,000,000	975,000,000	375,000,000	320,000,000	250,000,000
Previous quarter's note principal	-	975,000,000	375,000,000	320,000,000	250,000,000
Note redemptions		-	-	-	-
Outstanding note principal	-	975,000,000	375,000,000	320,000,000	250,000,000
	Series 1 Class B	Series 2 Class B	Series 3 Class B		Series 4 Class B
	$	$	£		£
Initial note balance	31,500,000	34,500,000	24,000,000		11,000,000
Previous quarter's note principal	-	34,500,000	24,000,000		11,000,000
Note redemptions	-	-	-		-
Outstanding note principal	-	34,500,000	24,000,000		11,000,000
	Series 1 Class C	Series 2 Class C	Series 3 Class C		Series 4 Class C
	$	$	£		£
Initial note balance	42,000,000	45,000,000	30,000,000		14,000,000
Previous quarter's note principal	-	45,000,000	30,000,000		14,000,000
Note redemptions	-	-	-		-
Outstanding note principal	-	45,000,000	30,000,000		14,000,000
	Series 1 Class A	Series 2 Class A	Series 3 Class A1	Series 3 Class A2	Series 4 Class A
Note interest margins	14	19	26	26	N/A
Step up dates	N/A	N/A	N/A	N/A	16/07/2010
Step up margins	N/A	N/A	N/A	N/A	125
	Series 1 Class B	Series 2 Class B	Series 3 Class B		Series 4 Class B
Note interest margins	38	41	45		62
Step up dates	16/07/2010	16/07/2010	16/07/2010		16/07/2010
Step up margins	138	141	145		162
	Series 1 Class C	Series 2 Class C	Series 3 Class C		Series 4 Class C
Note interest margins	103	115	160		175
Step up dates	16/07/2010	16/07/2010	16/07/2010		16/07/2010
Step up margins	203	215	260		275
Interest payment cycle	Quarterly
Interest payment date	15th or next business day
Next interest payment date	18/01/2005
Liquidity facility limit	£ 25,000,000
Liquidity facility drawn	Nil
Liquidity facility available	£ 25,000,000

Holmes Funding Limited
Profit & Loss Account
Period ended 15 October 2004
	This Quarter	Prior Quarter
	£'000	£'000
Interest receivable - Mortgages less Swaps	205,455	199,597
Interest receivable - Cash Deposits	22,384	11,867
	227,838	211,464
Interest payable - Inter-company loans	(209,806)	(200,123)
Interest payable - Start up loans	(926)	(920)
	(210,733)	(201,043)
Net operating income	17,106	10,422
Other income	6,560	5,755
Insurance commission
Operating expenses	(6,091)	(6,038)
Deferred consideration	(16,360)	(9,002)
Profit/(loss) on ordinary activities before taxation	1,215	1,137
Taxation	(364)	(341)
Profit/(loss) on ordinary activities after taxation	850	796
Dividend	-	-
Retained profit/(loss) brought forward	(12,665)	(13,461)
Retained profit/(loss) carried forward	(11,815)	(12,665)

Holmes Funding Limited
Balance Sheet
Period ended 15 October 2004
	£'000	£'000
Fixed asset investments
Beneficial interest in Trust mortgage portfolio		13,989,761
Beneficial interest in Trust cash at bank
Current assets
Amounts owed by Trustee	60,391
Deferred expenditure (costs of securing)	23,887
Sundry debtors	0
Deferred taxation / group relief receivable	7,583
Cash at bank:
Reserve funding	408,000
Transaction account	2,665
Funding GIC account	1,431,114
	1,933,641
Creditors: Amounts falling due within one year
Deferred consideration creditor	195,281
Interest payable - start up loans	(0)
Amounts due to Trustee
Interest payable - Inter-company loans	-
Sundry creditors	195,972
Corporation Taxation	27
	391,281
Net current assets		1,542,361
Total assets less current liabilities		15,532,122
Creditors: Amounts falling due after more than one year
Inter-company loans		(15,510,322)
Start up loans		(33,614)
Net assets		(11,815)
Capital and reserves
Share capital (£2)		-
Reserves		(11,815)
		(11,815)

Holmes Funding Limited
Notes to Balance Sheet
Period ended 15 October 2004
		£'000	£'000
Balance on cash accumulation ledger		1,486,163
Available credit enhancement
		First Reserve	Funding Reserve
Reserve funds at closing		338,000	70,000
Initial closing reserve funds		338,000	70,000
Drawings to make bullet repayment		-	-
Other drawings		-	-
Transfers from revenue receipts		-	-
Closing reserve balance		338,000	70,000
Target reserve funds		338,000	70,000
Principal deficiency ledger	AAA	AA	A	BBB
Opening PDL balance	Nil	Nil	Nil	Nil
Losses this quarter	-	-	-	-
PDL top up from revenue income	-	-	-	-
Closing PDL balance	Nil	Nil	Nil	Nil
Start up loan outstanding	Opening balance	Repayment	Closing balance
Initial start up loan (incl. accrued interest)	5,507	1,018	4,489
Second start up loan (incl. accrued interest)	5,489	1,014	4,475
Third start up loan	7,053	1,321	5,732
Fourth start up loan	2,993	553	2,440
Fifth start up loan	1,998	368	1,630
Sixth start up loan	2,287	424	1,863
Seventh start up loan	1,398	261	1,137
Eigth start up loan	14,598	2,750	11,848
	41,323		33,614
Accrued interest	-	-	-
Closing balance	41,323		33,614
Liquidity facility
Liquidity facility limit		25,000
Liquidity facility drawn		-
Liquidity facility available		25,000

Holmes Trustees Limited
Profit & Loss Account
Period ended 15 October 2004
	This Quarter	Prior Quarter
	£'000	£'000
Interest receivable - Mortgages	402,739	368,391
Interest receivable - Cash Deposits	8,103	5,929
	410,842	374,320
Interest payable - Mortgages	(402,739)	(368,391)
Interest payable - Cash Deposits	(8,103)	(5,929)
	(410,842)	(374,320)
Net operating income	-	-
Fees receivable	4,963	4,630
Fees payable	(4,963)	(4,630)
Operating expenses	(4,664)	(4,619)
Provision charges	(224)	2,414
Other income	4,887	2,205
Profit on ordinary activities before taxation	-	-
Taxation
Profit on ordinary activities after taxation	-	-
Dividend	-	-
Retained profit brought forward	-	-
Retained profit carried forward	-	-

Holmes Trustees Limited
Balance Sheet
Period ended 15 October 2004
	£'000	£'000
Fixed asset investments
Mortgage loans secured on residential property		29,406,601
Current assets
Bank interest receivable	1,408
Cash at bank	456,014
Amounts due from Seller	5,941
Other debtors	3
Accrued interest receivable	53,063
Taxation	-
Amounts due from Funding
	516,428
Creditors: Amounts falling due within one year
Amounts due to Seller	-
Amounts due to Funding	60,391
Sundry creditors	24
	60,415
Net current assets		456,014
Total assets less current liabilities		29,862,615
Creditors: Amounts falling after more than one year
Seller share of mortgage loans		(15,416,841)
Funding share of mortgage loans		(13,989,761)
Seller share of cash at bank		(456,014)
Funding share of cash at bank		-
Net assets		(0)
Capital and reserves
Share capital (£2)		0
Reserves		0
		0

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

HOLMES FINANCING (No 1) PLC

Dated: 10 th June 2005	By / s / Karen Carson
	(Authorised Signatory)