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 May 2003
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 Trustees Limited
Profit & Loss Account
Period ended 15 April 2003
This Quarter Prior Quarter
(pound)'000 (pound)'000
Interest receivable - Mortgages 313,971 308,910
Interest receivable - Cash Deposits 3,638 3,230
--------------------------------
317,609 312,140
Interest payable - Mortgages (313,971) (308,910)
Interest payable - Cash Deposits (3,638) (3,230)
--------------------------------
(317,609) (312,140)
--------------------------------
Net operating income - -
Fees receivable 6,362 3,638
Fees payable (6,362) (3,638)
Operating expenses (4,276) (3,627)
Provision charges (172) (18,474)
Other income 4,447 22,101
--------------------------------
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 April 2003
(pound)'000
Fixed asset investments
Mortgage loans secured on residential property 23,643,836
Current assets
Bank interest receivable 480
Cash at bank 245,971
Other debtors 44,381
Taxation 6
Amounts due from Funding 34,261
-----------
325,099
-----------
Creditors: Amounts falling due within one year
Amounts due to Seller (324,934)
Sundry creditors (165)
-----------
(325,099)
-----------
Net current assets 0
-----------
Total assets less current liabilities 23,643,836
Creditors: Amounts falling after more than one year
Seller share of mortgage loans (8,221,687)
Funding share of mortgage loans (15,422,149)
-----------
Net assets 0
===========
Capital and reserves
Share capital ((pound)2) 0
Reserves 0
-----------
0
===========
Holmes Funding Limited
Profit & Loss Account
Period ended 15 April 2003
This Quarter Prior Quarter
(pound)'000 (pound)'000
Interest receivable - Mortgages 168,642 157,290
Interest receivable - Cash Deposits 4,912 8,230
------------------------------------
173,554 165,520
Interest payable - Inter-company loans (151,309) (145,056)
Interest payable - Start up loans (668) (707)
------------------------------------
(151,977) (145,762)
------------------------------------
Net operating income 21,577 19,757
Other income 6,046 4,031
Operating expenses (6,509) (15,938)
Deferred consideration (24,408) (18,502)
------------------------------------
Profit/(loss) on ordinary activities before taxation (3,295) (10,652)
Taxation 3,314 (11)
------------------------------------
Profit/(loss) on ordinary activities after taxation 19 (10,663)
Dividend - -
Retained profit/(loss) brought forward (14,703) (4,040)
------------------------------------
Retained profit/(loss) carried forward (14,684) (14,703)
====================================
Holmes Funding Limited
Balance Sheet
Period ended 15 April 2003
(pound)'000
Fixed asset investments
Beneficial interest in Trust mortgage portfolio 15,422,149
Current assets
Deferred expenditure (costs of securing) 30,217
Sundry debtors 82
Taxation 4,178
Cash at bank:
Reserve funding 281,044
Transaction account 1,881
Funding GIC account 601,011 883,936
-----------------
918,413
-----------------
Creditors: Amounts falling due within one year
Deferred consideration creditor 151,492
Interest payable accrual 2,999
Amounts due to Trustee 34,261
Interest payable - Inter-company loans 5,346
Sundry creditors 4,304
----------------
198,403
----------------
Net current assets 720,010
-------------
Total assets less current liabilities 16,142,159
Creditors: Amounts falling due after more than one year
Inter-company loans (16,087,329)
Start up loans (69,514)
-------------
Net assets (14,684)
=============
Capital and reserves
Share capital ((pound)2) -
Reserves (14,684)
-------------
(14,684)
=============
Holmes Funding Limited
Notes to Balance Sheet
Period ended 15 April 2003
(pound)'000 (pound)'000
Balance on cash accumulation ledger 599,896
=================
Available credit enhancement
First Reserve Second Reserve
Reserve funds at closing 224,153 56,891
------------------ -----------------
Initial closing reserve funds 195,411 56,891
Drawings to make bullet repayment - -
Other drawings - -
Transfers from revenue receipts 28,743 -
---------------------- -----------------
Closing reserve balance 224,153 56,891
---------------------- -----------------
Target reserve funds 291,000 73,826
================== =================
Principal deficiency ledger AAA BBB
Opening PDL balance Nil Nil
Losses this quarter - -
PDL top up from revenue income - -
---------------------- -----------------
Closing PDL balance Nil Nil Nil
====================== =================
Start up loan outstanding
Opening balance 68,065
-----------------
Initial start up loan (incl. accrued interest) 14,792
Second start up loan (incl. accrued interest) 14,742
Third start up loan 17,500
Fourth start up loan 7,500
Fifth start up loan 5,100
Sixth start up loan 6,100
Seventh start up loan 3,780
-----------------
69,514
Accrued interest 2,999
Repayments made -
---------------------
Closing balance 72,514
=====================
Liquidity facility
Liquidity facility limit 25,000
Liquidity facility drawn -
Liquidity facility available 25,000
Holmes Financing (No. 1) PLC
Profit & Loss Account
Period ended 15 April 2003
This Quarter Prior Quarter
(pound)'000 (pound)'000
Interest receivable - Inter-company loan 23,900 24,289
Interest receivable - Cash deposits
-----------------------------------------------
23,900 24,289
Interest payable - Notes (23,900) (24,289)
Interest payable - -
-----------------------------------------------
(23,900) (24,289)
-----------------------------------------------
Net operating income 0 -
Other income - 48
Operating expenses - (48)
-----------------------------------------------
Profit on ordinary activities before taxation 0 -
Taxation (5) -
-----------------------------------------------
Profit on ordinary activities after taxation (5) -
Dividend - -
Retained profit brought forward 35 35
-----------------------------------------------
Retained profit carried forward 30 35
===============================================
Holmes Financing (No. 1) PLC
Balance Sheet
Period ended 15 April 2003
(pound)'000
Fixed asset investments
Loans to Funding 2,256,000
Current assets
Sundry debtors 16
Cash at bank 27
------------------------
43
------------------------
Creditors: Amounts falling due within one year
Sundry creditors -
------------------------
-
------------------------
Net current assets 43
------------------------
Total assets less current liabilities 2,256,043
Creditors: Amounts falling due after more than one year
Amounts due to noteholders (2,256,000)
------------------------
Net assets 43
========================
Capital and reserves
Share capital 13
Reserves 30
------------------------
43
========================
Holmes Financing (No. 1) PLC
Notes Outstanding
Period ended 15 April 2003
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
$ $ (pound) (euro) (pound)
Initial note balance 900,000,000 975,000,000 375,000,000 320,000,000 250,000,000
Previous quarter's note
principal 900,000,000 975,000,000 375,000,000 320,000,000 250,000,000
Note redemptions - - - - -
Outstanding note principal 900,000,000 975,000,000 375,000,000 320,000,000 250,000,000
Series 1 Class B Series 2 Class B Series 3 Class B Series 4 Class B
$ $ (pound) (pound)
Initial note balance 31,500,000 34,500,000 24,000,000 11,000,000
Previous quarter's note
principal 31,500,000 34,500,000 24,000,000 11,000,000
Note redemptions - - - -
Outstanding note principal 31,500,000 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
$ $ (pound) (pound)
Initial note balance 42,000,000 45,000,000 30,000,000 14,000,000
Previous quarter's note
principal 42,000,000 45,000,000 30,000,000 14,000,000
Note redemptions - - - -
Outstanding note principal 42,000,000 45,000,000 30,000,000 14,000,000
Series 1 Class A Series 2 Class A Series 4 Class A Series 3 Class A1 Series 3 Class A2
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 15/07/2003
Liquidity facility limit (pound) 25,000,000
Liquidity facility drawn Nil
Liquidity facility available (pound) 25,000,000
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: 14 May, 2003 By /s/ Natalie Weedon
---------------------
(Authorised Signatory)