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 October 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...


<PAGE>

Holmes Financing (No. 1) PLC
 Profit & Loss Account
 Period ended 15 October 2003

<TABLE>
                                                                     This Quarter        Prior Quarter
                                                                      (pound)'000          (pound)'000


<S>                                                                        <C>                  <C>
 Interest receivable - Inter-company loan                                  15,729               22,260
 Interest receivable - Cash deposits
                                                               ----------------------------------------

                                                                           15,729               22,260

 Interest payable - Notes                                                 (15,729)             (22,260)
 Interest payable                                                               -                    -
                                                             ------------------------------------------
                                                                          (15,729)             (22,260)

                                                               ----------------------------------------

 Net operating income                                                           -                    0

 Other income                                                                   -                    -
 Operating expenses                                                             -                    -

                                                             ------------------------------------------

 Profit on ordinary activities before taxation                                  -                    0

 Taxation                                                                       4                  (10)

                                                               ----------------------------------------

 Profit on ordinary activities after taxation                                   4                  (10)

 Dividend                                                                       -                    -

 Retained profit brought forward                                               20                   30

                                                               ----------------------------------------

 Retained profit carried forward                                               24                   20
                                                               ========================================
</TABLE>

<PAGE>


 Holmes Financing (No. 1) PLC
 Balance Sheet
 Period ended 15 October 2003

<TABLE>
                                                                                           (pound)'000

<S>                                                           <C>                            <C>
 Fixed asset investments
 Loans to Funding                                                                            1,607,000

 Current assets
 Sundry debtors                                                                19
 Cash at bank                                                                  18
                                                               ---------------------
                                                                               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
                                                                                   ====================
</TABLE>

<PAGE>

Holmes Financing (No. 1) PLC
 Notes Outstanding
 Period ended 15 October 2003

<TABLE>
                                   Series 1       Series 2      Series 3       Series 3       Series 4
                                    Class A        Class A      Class A1       Class A2        Class A
<S>                                <C>            <C>           <C>            <C>            <C>
 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       Series 2      Series 3                      Series 4
                                    Class B        Class B       Class B                       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       Series 2      Series 3                      Series 4
                                    Class C        Class C       Class C                       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       Series 2      Series 3       Series 3       Series 4
                                    Class A        Class A      Class A1       Class A2        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       Series 2      Series 3                      Series 4
                                    Class B        Class B       Class B                       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       Series 2      Series 3                      Series 4
                                    Class C        Class C       Class C                       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       Series 2      Series 3       Series 3       Series 4
                                    Class A        Class A      Class A1       Class A2        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       Series 2      Series 3                      Series 4
                                    Class B        Class B       Class B                       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       Series 2      Series 3                      Series 4
                                    Class C        Class C       Class C                       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  15/01/2004


 Liquidity facility limit      (pound) 25,000,000
 Liquidity facility drawn                     Nil
 Liquidity facility available  (pound) 25,000,000

</TABLE>

<PAGE>

Holmes Trustees Limited
 Profit & Loss Account
 Period ended 15 October 2003

<TABLE>
                                                                      This Quarter       Prior Quarter
                                                                       (pound)'000         (pound)'000

<S>                                                                        <C>                 <C>
 Interest receivable - Mortgages                                           297,352             279,166

 Interest receivable - Cash Deposits                                         4,394               4,253
                                                                ---------------------------------------
                                                                           301,746             283,419

 Interest payable - Mortgages                                             (297,352)           (279,166)
 Interest payable - Cash Deposits                                           (4,394)             (4,253)
                                                                ---------------------------------------
                                                                          (301,746)           (283,419)

                                                                ---------------------------------------

 Net operating income                                                            -                   -


 Fees receivable                                                             4,370               3,065
 Fees payable                                                               (4,370)             (3,065)

 Operating expenses                                                         (5,417)             (4,476)
 Provision charges                                                             (75)               (395)

 Other income                                                                5,492               4,870

                                                                 --------------------------------------

 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)                  -
                                                                 ======================================

</TABLE>

<PAGE>

 Holmes Trustees Limited
 Balance Sheet
 Period ended 15 October 2003

<TABLE>
                                                                       (pound)'000         (pound)'000

<S>                                                                      <C>                <C>
 Fixed asset investments
 Mortgage loans secured on residential property                                             23,300,429

 Current assets
 Bank interest receivable                                                      695
 Cash at bank                                                              266,348
 Other debtors                                                              25,377
 Taxation                                                                        6
 Amounts due from Funding                                                   59,457
                                                                ---------------------
                                                                           351,883
                                                                ---------------------

 Creditors: Amounts falling due within one year
 Amounts due to Seller                                                     (85,188)
 Sundry creditors                                                             (347)
                                                                 --------------------
                                                                           (85,535)
                                                                 --------------------

 Net current assets                                                                            266,348
                                                                                    -------------------
 Total assets less current liabilities                                                      23,566,777

 Creditors: Amounts falling after more than one year
 Seller share of mortgage loans                                                             (9,255,734)
 Funding share of mortgage loans                                                           (14,044,695)

 Seller share of cash at bank                                                                 (266,348)
 Funding share of cash at bank                                                                       -
                                                                                    -------------------

 Net assets                                                                                          0
                                                                                    ===================

 Capital and reserves
 Share capital ((pound)2)                                                                            0
 Reserves                                                                                            0
                                                                                    -------------------
                                                                                                     0
                                                                                    ===================

</TABLE>

Holmes Funding Limited
 Profit & Loss Account
 Period ended 15 October 2003

                                                This Quarter      Prior Quarter
                                                 (pound)'000        (pound)'000


 Interest receivable - Mortgages less Swaps          148,399            150,966
 Interest receivable - Cash Deposits                   8,679             11,954
                                             -----------------------------------

                                                     157,078            162,920

 Interest payable - Inter-company loans             (140,979)          (158,192)
 Interest payable - Start up loans                      (700)              (715)
                                             -----------------------------------
                                                    (141,679)          (158,907)

                                             -----------------------------------

 Net operating income                                 15,399              4,013

 Other income                                          5,216              4,715
 Operating expenses                                   (7,179)            (6,845)
 Deferred consideration                              (13,476)            (1,860)

                                             -----------------------------------
 Profit/(loss) on ordinary activities
  before taxation                                        (40)                 23


 Taxation                                                238                 (5)

                                             -----------------------------------
 Profit/(loss) on ordinary activities after
  taxation                                               198                 18

 Dividend                                                  -                  -

 Retained profit/(loss) brought forward              (14,666)           (14,684)

                                             -----------------------------------
 Retained profit/(loss) carried forward              (14,468)           (14,666)
                                             ===================================



<PAGE>

 Holmes Funding Limited
 Balance Sheet
 Period ended 15 October 2003

                                                    (pound)'000     (pound)'000

 Fixed asset investments
 Beneficial interest in Trust mortgage
  portfolio                                                          14,044,695
 Beneficial interest in Trust cash at bank                                    -

 Current assets
 Deferred expenditure (costs of securing)                26,704
 Sundry debtors                                          29,303
 Taxation                                                 4,421
 Cash at bank:
      Reserve funding                                   295,622
      Transaction account                                 1,717
      Funding GIC account                                 1,979
                                               -------------------

                                                        359,746
                                               -------------------

 Creditors: Amounts falling due within one year
 Deferred consideration creditor                        166,837
 Interest payable accrual                                 4,415
 Amounts due to Trustee                                  59,457
 Sundry creditors                                         8,648
                                                ------------------

                                                        239,357
                                                ------------------

 Net current assets                                                     120,389
                                                                 ---------------
 Total assets less current liabilities                               14,165,084

 Creditors: Amounts falling due after more than one year
 Inter-company loans                                                (14,110,038)
 Start up loans                                                         (69,514)
                                                                 ---------------
 Net assets                                                             (14,468)
                                                                 ===============
 Capital and reserves
 Share capital ((pound)2)                                                     -
 Reserves                                                               (14,468)
                                                                 ---------------
                                                                        (14,468)
                                                                 ===============

<PAGE>

 Holmes Funding Limited
 Notes to Balance Sheet
 Period ended 15 October 2003

<TABLE>
                                                                    (pound)'000    (pound)'000
<S>                                                                     <C>             <C>
 Balance on cash accumulation ledger                                        Nil
                                                               =================


 Available credit enhancement


                                                                    First Reserve   Second Reserve

 Reserve funds at closing                                               238,731         56,891
                                                               --------------------------------
 Initial closing reserve funds                                          229,933         56,891
 Drawings to make bullet repayment                                            -              -
 Other drawings                                                               -              -
 Transfers from revenue receipts                                          8,798            (0)
                                                            -----------------------------------
 Closing reserve balance                                                238,731         56,891
                                                            -----------------------------------
 Target reserve funds                                                   350,000        160,930
                                                               ================================

 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                                                         73,229
                                                               -----------------
 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                                                         4,415
 Repayments made                                                              -
                                                            --------------------
 Closing balance                                                         73,929
                                                            ====================

 Liquidity facility

 Liquidity facility limit                                                25,000
 Liquidity facility drawn                                                     -
 Liquidity facility available                                            25,000

</TABLE>

<PAGE>

                                   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: 5 November, 2003                       By /s/ Natalie Weedon
                                                   (Authorised Signatory)