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 February 2004
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 January 2004
This Quarter Prior Quarter
(pound)'000 (pound)'000
Interest receivable - Inter-company loan 16,485 15,729
Interest receivable - Cash deposits
------------------------------------------
16,485 15,729
Interest payable - Notes (16,485) (15,729)
Interest payable - -
------------------------------------------
(16,485) (15,729)
------------------------------------------
Net operating income - -
Other income - -
Operating expenses - -
------------------------------------------
Profit on ordinary activities before taxation - -
Taxation - 4
------------------------------------------
Profit on ordinary activities after taxation - 4
Dividend - -
Retained profit brought forward 24 20
------------------------------------------
Retained profit carried forward 24 24
==========================================
Holmes Financing (No. 1) PLC
Balance Sheet
Period ended 15 January 2004
(pound)'000 (pound)'000
Fixed asset investments
Loans to Funding 1,607,000
Current assets
Sundry debtors 21
Cash at bank 16
------------------------
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 January 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
$ $ (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 - 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
$ $ (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 (31,500,000) - - -
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
$ $ (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 (42,000,000) - - -
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
15th or next
Interest payment date business day
Next interest payment date 15/04/2004
Liquidity facility limit (pound) 25,000,000
Liquidity facility drawn Nil
Liquidity facility
available (pound) 25,000,000
Holmes Trustees Limited
Profit & Loss Account
Period ended 15 January 2004
This Quarter Prior Quarter
(pound)'000 (pound)'000
(re-stated)*
Interest receivable - Mortgages 280,939 283,352
Interest receivable - Cash Deposits 4,617 4,394
------------------------------------------
285,556 287,746
Interest payable - Mortgages (280,939) (283,352)
Interest payable - Cash Deposits (4,617) (4,394)
------------------------------------------
(285,556) (287,746)
------------------------------------------
Net operating income - -
Fees receivable 4,004 4,370
Fees payable (4,004) (4,370)
Operating expenses (3,135) (5,417)
Provision charges (14,370) (75)
Other income 17,505 5,492
----------------------------------------
Profit on ordinary activities before taxation - (0)
Taxation - -
----------------------------------------
Profit on ordinary activities after taxation - (0)
Dividend - -
Retained profit brought forward - -
----------------------------------------
Retained profit carried forward - (0)
========================================
* The figures for the prior period, the period to 15th October 2003, have been
restated to incorporate a one-off adjustment of
"Interest receivable - Mortgages".
Holmes Trustees Limited
Balance Sheet
Period ended 15 January 2004
(pound)'000 (pound)'000
Fixed asset investments
Mortgage loans secured on residential property 23,797,176
Current assets
Bank interest receivable 636
Cash at bank 199,180
Other debtors 28,467
----------------------
228,283
----------------------
Creditors: Amounts falling due within one year
Amounts due to Seller 2,669
Amounts due to Funding 26,388
Sundry creditors 46
--------------------
29,103
--------------------
Net current assets 199,180
---------------------
Total assets less current liabilities 23,996,356
Creditors: Amounts falling after more than one year
Seller share of mortgage loans (10,467,461)
Funding share of mortgage loans (13,329,715)
Seller share of cash at bank (199,180)
Funding share of cash at bank -
---------------------
Net assets (0)
=====================
Capital and reserves
Share capital ((pound)2) 0
Reserves 0
---------------------
0
=====================
Holmes Funding Limited
Profit & Loss Account
Period ended 15 January 2004
This Quarter Prior Quarter
(pound)'000 (pound)'000
(re-stated)*
Interest receivable - Mortgages less Swaps 144,198 139,460
Interest receivable - Cash Deposits 8,573 8,679
----------------------------------------------
152,771 148,139
Interest payable - Inter-company loans (144,219) (140,979)
Interest payable - Start up loans (747) (700)
----------------------------------------------
(144,966) (141,680)
----------------------------------------------
Net operating income 7,805 6,459
Other income 4,842 5,216
Operating expenses (13,043) (7,178)
Deferred consideration (6,986) (959)
----------------------------------------------
Profit/(loss) on ordinary activities before taxation (7,382) 3,538
Taxation 3,027 236
----------------------------------------------
Profit/(loss) on ordinary activities after taxation (4,355) 3,774
Dividend - -
Retained profit/(loss) brought forward (10,892) (14,666)
----------------------------------------------
Retained profit/(loss) carried forward (15,247) (10,892)
==============================================
* The figures for the prior period, the period to 15th October 2003, have been
restated to incorporate a revised "Deferred consideration" figure based on the
cumulative effects of accounting adjustments relating to changes in accounting
policies regarding the treatment of corporation tax and deferred tax plus a
one-off adjustment of income receivable from the mortgages trust. This
restatement does not affect the past or current cash value of amounts standing
to the credit of either the first or the second reserve funds.
Reconciliation between the previously reported and the restated deferred consideration
--------------------------------------------------------------------------------------
(pound)'000 (pound)'000
Previously reported deferred consideration 13,476
Income Receivable (8,939)
Deferred Tax in Prior Periods (3,335)
Corporation Tax in Prior Periods (243)
----------------------
(12,517)
-----------------------
Restated deferred consideration above 959
=======================
Holmes Funding Limited
Balance Sheet
Period ended 15 January 2004
(pound)'000 (pound)'000
Fixed asset investments
Beneficial interest in Trust mortgage portfolio 13,329,715
Beneficial interest in Trust cash at bank -
Current assets
Amounts owed by Trustee 26,388
Deferred expenditure (costs of securing) 24,467
Sundry debtors 0
Deferred Taxation 6,618
Cash at bank:
Reserve funding 348,937
Transaction account 1,630
Funding GIC account 5,382
---------------------
413,422
---------------------
Creditors: Amounts falling due within one year
Deferred consideration creditor 161,260
Interest payable accrual 5,162
Sundry creditors 107,674
Corporation Taxation 54
--------------------
274,150
--------------------
Net current assets 139,272
--------------------
Total assets less current liabilities 13,468,987
Creditors: Amounts falling due after more than one
year
Inter-company loans (13,414,720)
Start up loans (69,514)
--------------------
Net assets (15,247)
====================
Capital and reserves
Share capital ((pound)2) -
Reserves (15,247)
--------------------
(15,247)
====================
Holmes Funding Limited
Notes to Balance Sheet
Period ended 15 January 2004
(pound)'000 (pound)'000
Balance on cash accumulation ledger Nil
====================
Available credit enhancement
First Reserve Second Reserve
Reserve funds at closing 292,046 56,891
-------------------- ------------------
Initial closing reserve funds 238,731 56,891
Drawings to make bullet repayment - -
Other drawings - -
Transfers from revenue receipts 53,315 -
--------------------- ------------------
Closing reserve balance 292,046 56,891
--------------------- ------------------
Target reserve funds 350,000 153,218
===================== ==================
Principal deficiency ledger AAA AA BBB
Opening PDL balance Nil Nil Nil
Losses this quarter - - -
PDL top up from revenue income - - -
---------------------------------------- ------------------
Closing PDL balance Nil Nil Nil
======================================== ==================
Start up loan outstanding
Opening balance 73,929
--------------------
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 5,162
Repayments made -
---------------------
Closing balance 74,676
=====================
Liquidity facility
Liquidity facility limit 25,000
Liquidity facility drawn -
Liquidity facility available 25,000
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: 27 February 2004 By /s/ Natalie Weedon
(Authorised Signatory)