# 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 April 2004

HOLMES FINANCING
  (No 1) PLCHOLMES 
  FUNDING LIMITEDHOLMES 
  TRUSTEES LIMITED

(Translation
  of registrants name into English)

Abbey National
  House, 2 Triton Square, RegentsPlace,
  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 plcPeriodic Report re Holmes Trustees Limited and Holmes Funding LimitedFor Period 09 March 2004 to 08 April 2004

All values are in thousands
  of pounds sterling unless otherwise stated

|                                           |  |                      |  |                        |                      
|------------------------------------------ |  | -------------------- |  | ---------------------- | ---------------------
|Mortgage
      Asset Analysis              |  |                      |  |                        |                      
|                                          
|Analysis
      of Mortgage Trust Movements |  |                      |  |                        |                      
|                                           |  |                      |  |                        |                      
|                                           |  | Current
      Period |  |                        |                      
|                                           |  |                      |  |                        |                      
|                                           |  | Number               |  | £000's                 |                      
|                                           |  |                      |  |                        |                      
|Brought
      Forward                      |  | 349,772              |  | 23,860,533             |                      
|Replenishment                              |  | 80,529               |  | 6,903,978              |                      
|Repurchased                                |  | (8,304)              |  | (540,696)              |                      
|Redemptions                                |  | (6,673)              |  | (857,823)              |                      
|Losses                                     |  | (12)                 |  | 0                      |                      
|Capitalised
      Interest                 |  | 0                    |  | 3,461                  |                      
|Other
      Movements                      |  | 0                    |  | (1)                    |                      
|                                           |  |                      |  |                        |                      
|Carried
      Forward                      |  | 415,312              |  | 29,369,452             |                      
|                                           |  |                      |  |                        |                      
|                                          
|                                          
|                                           |  |                      |  |                        |                      
|                                           |  | Cumulative           |  |                        |                      
|                                           |  |                      |  |                        |                      
|                                           |  | Number               |  | £000's                 |                      
|                                           |  |                      |  |                        |                      
|Brought
      Forward                      |  | 115,191              |  | 6,399,214              |                      
|Replenishment                              |  | 774,812              |  | 56,981,248             |                      
|Repurchased                                |  | (216,779)            |  | (15,118,856)           |                      
|Redemptions                                |  | (257,480)            |  | (18,922,528)           |                      
|Losses                                     |  | (432)                |  | (777)                  |                      
|Capitalised
      Interest                 |  | 0                    |  | 31,152                 |                      
|Other
      Movements                      |  | 0                    |  | (1)                    |                      
|                                           |  |                      |  |                        |                      
|Carried
      Forward                      |  | 415,312              |  | 29,369,452             |                      
|                                           |  |                      |  |                        |                      
|                                           |  |                      |  |                        |                      
|                                           |  | Period
        CPR   |  | Annualised
        CPR |                      
|                                           |  |                      |  |                        |                      
|1
      Month                              |  | 4.76%                |  | 72.93%                 | **(
      including  
|3
      Month                              |  | 12.86%               |  | 63.33%                 | redemptions
      and
|12
      Month                             |  | 54.09%               |  | 54.09%                 | repurchases
      )  

|** | The annualised
      CPR's are expressed as a percentage of the outstanding balance at the end
      of the period
|-- | ------------------------------------------------------------------------------------------------------------------



|Page
        1 of 8
|-------------------

---

Holmes Financing
  No 1 plc Periodic Report re Holmes Trustees Limited and Holmes Funding LimitedFor Period 09 March 2004 to 08 April 2004

All values are in thousands
  of pounds sterling unless otherwise stated

|Asset
      Profiles                                                         |            |                | 
|---------------------------------------------------------------------------- | ---------- | -------------- | 
|Weighted
      Average Seasoning                                             | 32.57      | months         | 
|Weighted
      Average Loan size                                             | £70,716.60 |                | 
|Weighted
      Average LTV                                                   | 72.50%     | ***(see below) | 
|Weighted
      Average Indexed LTV                                           | 54.21%     | Halifax        | 
|Weighted
      Average Indexed LTV                                           | 53.53%     | Nationwide     | 
|Weighted
      Average Remaining Term                                        | 18.59      | Years          | 
|                                                                             |            |                | 
|                                                                             |            |                | 
|Product
      Type Analysis                                                  | £000's     | %              | 
|                                                                             |            |                | 
|Variable
      Rate                                                          | 9,486,333  | 32.30%         | 
|Fixed Rate                                                                   | 5,768,160  | 19.64%         | 
|Tracker
      Rate                                                           | 14,114,959 | 48.06%         | 
|                                                                             |            |                | 
|                                                                             | 29,369,452 | 100.00%        | 
|                                                                             |            |                | 
|                                                                             |           
|As at 08
      April 2004 approximately 7%of the loans were flexible loans   |           
|                                                                             |            |                | 
|Repayment
      Method Analysis                                              | £000's     | %              | 
|                                                                             |            |                | 
|Endowment                                                                    | 7,010,488  | 23.87%         | 
|Interest
      Only                                                          | 3,882,642  | 13.22%         | 
|Repayment                                                                    | 18,476,322 | 62.91%         | 
|                                                                             |            |                | 
|                                                                             | 29,369,452 | 100.00%        | 
|                                                                             |            |                | 
|                                                                             |           
|As at 08
      April 2004 approximately 8.6%of the loans were self-certified |           
|                                                                             |            |                | 
|Loan
      Purpose Analysis                                                  | £000's     | %              | 
|                                                                             |            |                | 
|Purchase                                                                     | 23,560,174 | 80.22%         | 
|Remortgage                                                                   | 5,809,278  | 19.78%         | 
|                                                                             |            |                | 
|                                                                             | 29,369,452 | 100.00%        | 
|                                                                             |            |                | 
|                                                                             |            |                | 
|                                                                             |            |                | 



|                                      |  |      
|------------------------------------- |  | -----
|Mortgage
      Standard Variable Rate |  |      
|Effective
        Date                |  | Rate 
|01
        March 2004                 |  | 6.00%
|01
        December 2003              |  | 5.75%
|01
        August 2003                |  | 5.54%
|01
        March 2003                 |  | 5.79%

|Page 2 of 8
|-----------

---

Holmes
  Financing No 1 plcPeriodic Report re Holmes Trustees Limited and Holmes Funding LimitedFor Period 09 March 2004 to 08 April 2004

All values are in thousands
  of pounds sterling unless otherwise stated

|                               |  |         |            |        
|------------------------------ |  | ------- | ---------- | -------
|Geographic
      Analysis      |  |         |            |        
|                               |  |         |            |        
|Region                         |  | Number  | £000's     | %      
|                               |  |         |            |        
|East
      Anglia              |  | 16,738  | 1,102,866  | 3.76%  
|East
      Midlands            |  | 22,731  | 1,385,996  | 4.72%  
|Greater
      London           |  | 67,464  | 6,203,420  | 21.12% 
|North                          |  | 17,808  | 925,286    | 3.15%  
|North
      West               |  | 47,352  | 2,653,401  | 9.03%  
|Scotland                       |  | 27,189  | 1,485,483  | 5.06%  
|South
      East               |  | 107,584 | 9,094,052  | 30.96% 
|South
      West               |  | 33,007  | 2,306,928  | 7.85%  
|Wales                          |  | 20,356  | 1,076,810  | 3.67%  
|West
      Midlands            |  | 28,327  | 1,715,925  | 5.84%  
|Yorkshire
      and Humberside |  | 26,046  | 1,393,319  | 4.74%  
|Unknown                        |  | 710     | 25,966     | 0.09%  
|                               |  |         |            |        
|Total                          |  | 415,312 | 29,369,452 | 100.00%
|                               |  |         |            |        
|                              
|                              
|Original
      LTV Bands       |  |         |            |        
|                               |  |         |            |        
|Range                          |  | Number  | £000's     | %      
|                               |  |         |            |        
|0.00
      - 25.00             |  | 12,167  | 519,839    | 1.77%  
|25.01
      - 50.00            |  | 64,786  | 3,862,083  | 13.15% 
|50.01
      - 75.00            |  | 140,552 | 10,884,319 | 37.06% 
|75.01
      - 80.00            |  | 22,873  | 1,791,537  | 6.10%  
|80.01
      - 85.00            |  | 28,472  | 2,305,502  | 7.85%  
|85.01
      - 90.00            |  | 54,453  | 4,396,607  | 14.97% 
|90.01
      - 95.00            |  | 92,009  | 5,609,565  | 19.10% 
|                               |  |         |            |        
|Total                          |  | 415,312 | 29,369,452 | 100.00%
|                               |  |         |            |        

|*** | The balance
      is the current outstanding balance on the account including accrued interest.
      The LTV is that at origination and excludes any capitalised high loan to
      value fees, valuation fees or booking fees.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|Page 3 of 8
|-----------

---

Holmes Financing
  No 1 plc
  Periodic Report re Holmes Trustees Limited and Holmes Funding LimitedFor Period 09 March 2004 to 08 April 2004

All values are in thousands
  of pounds sterling unless otherwise stated

|                               |  |         |  |            |  |         |  |        
|------------------------------ |  | ------- |  | ---------- |  | ------- |  | -------
|Arrears                        |  |         |  |            |  |         |  |        
|                               |  |         |  |            |  |         |  |        
|Band                           |  | Number  |  | Principal  |  | Overdue |  | %      
|                               |  |         |  |            |  |         |  |        
|Current                        |  | 404,059 |  | 28,649,607 |  | (3,892) |  | 97.57% 
|1.00
      - 1.99 months       |  | 7,700   |  | 494,796    |  | 3,963   |  | 1.69%  
|2.00
      - 2.99 months       |  | 1,636   |  | 100,793    |  | 1,556   |  | 0.34%  
|3.00
      - 3.99 months       |  | 778     |  | 48,755     |  | 1,098   |  | 0.17%  
|4.00
      - 4.99 months       |  | 399     |  | 24,610     |  | 691     |  | 0.08%  
|5.00
      - 5.99 months       |  | 246     |  | 14,790     |  | 496     |  | 0.05%  
|6.00
      -11.99 months       |  | 372     |  | 23,586     |  | 1,139   |  | 0.08%  
|12
      months and over       |  | 47      |  | 3,048      |  | 316     |  | 0.01%  
|Properties
      in Possession |  | 75      |  | 3,798      |  | 302     |  | 0.01%  
|                               |  |         |  |            |  |         |  |        
|Total                          |  | 415,312 |  | 29,363,783 |  | 5,669   |  | 100.00%
|                               |  |         |  |            |  |         |  |        

Definition
  of Arrears

This arrears multiplier
  is calculated as the arrears amount ( which is
  the difference between the expectedmonthly repayments and the 
  amount that has actually been paid,i.e. a total of under and/or 
  over payments ) divided by themonthly amount repayable. It is  
  recalculated every time the arrearsamount changes, i.e. on the  
  date when a payment is due.

|                                         |  |            |  |             |  |  |  | 
|---------------------------------------- |  | ---------- |  | ----------- |  |  |  | 
|                                         |  |            |  |             |  |  |  | 
|Movement
      in Shares of Trust        |  | Funding    |  | Seller      |  |  |  | 
|                                         |  |            |  |             |  |  |  | 
|                                         |  | £000's     |  | £000's      |  |  |  | 
|                                         |  |            |  |             |  |  |  | 
|Balance
      Brought Forward            |  | 12,756,549 |  | 11,103,984  |  |  |  | 
|Replenishment
      of Assets            |  | 0          |  | 6,903,978   |  |  |  | 
|Acquisition
      by Funding             |  | 3,983,790  |  | (3,983,790) |  |  |  | 
|Distribution
      of Principal Receipts |  | (250,354)  |  | (1,148,166) |  |  |  | 
|Allocation
      of Losses               |  | 0          |  | 0           |  |  |  | 
|Share
      of Capitalised Interest      |  | 1,850      |  | 1,611       |  |  |  | 
|Payment
      Re Capitalised Interest    |  | (1,850)    |  | 1,850       |  |  |  | 
|                                         |  |            |  |             |  |  |  | 
|Balance
      Carried Forward            |  | 16,489,985 |  | 12,879,467  |  |  |  | 
|                                         |  |            |  |             |  |  |  | 
|Carried
      Forward Percentage         |  | 56.14673%  |  | 43.85327%   |  |  |  | 
|                                         |  |            |  |             |  |  |  | 
|Minimum
      Seller Share               |  | 1,174,778  |  | 4.00%       |  |  |  | 
|                                         |  |            |  |             |  |  |  | 



|Page
        4 of 8
|-------------------

---

Holmes
  Financing No 1 plc
  Periodic Report re Holmes Trustees Limited and Holmes Funding LimitedFor Period 09 March 2004 to 08 April 2004

All values are in thousands
  of pounds sterling unless otherwise stated

|                                       |                         |                                                                  
|-------------------------------------- | ----------------------- | -----------------------------------------------------------------
|                                      
|                                      
|Cash
      Accumulation Ledger         |                         |                                                                  
|                                       | £000's                  |                                                                  
|                                       |                         |                                                                  
|Brought
      Forward                  | 608,171                 |                                                                  
|                                       |                         |                                                                  
|Additional
      Amounts Accumulated   | 250,354                 |                                                                  
|Payment
      of Notes                 | 0                       |                                                                  
|                                       |                         |                                                                  
|Carried
      Forward                  | 858,525                 |                                                                  
|                                       |                         |                                                                  
|                                       |                         |                                                                  
|Target
      Balance                   | 608,160
        250,365 | payable
      on 15th April 2004
      payable on 15th April 2005
|                                       |                         |                                                                  
|                                       | 858,525                 |                                                                  
|                                       |                         |                                                                  
|                                       |                         |                                                                  
|Liquidity
      Facilities             | Drawn
        £000's    | Undrawn
        £000's                                           
|                                       |                         |                                                                  
|Holmes
      Funding                   | £0                      | £25,000                                                          
|                                       |                         |                                                                  
|Holmes
      Financing 1               | £0                      | £25,000                                                          
|                                       |                         |                                                                  
|Holmes
      Financing 2               | £0                      | £25,000                                                          
|                                       |                         |                                                                  
|Holmes
      Financing 3               | £0                      | £25,000                                                          
|                                       |                         |                                                                  
|Holmes
      Financing 4               | £0                      | £25,000                                                          
|                                       |                         |                                                                  
|Holmes
      Financing 5               | £0                      | £25,000                                                          
|                                       |                         |                                                                  
|Holmes
      Financing 6               | £0                      | £25,000                                                          
|                                       |                         |                                                                  
|                                       |                         |                                                                  
|Excess
      Spread *                  |                         |                                                                  
|                                       |                         |                                                                  
|Quarter
      to 15/01/04              | 0.4098%                 |                                                                  
|                                       |                         |                                                                  
|Quarter
      to 15/10/03 (Restated)** | 0.3433%                 |                                                                  
|                                       |                         |                                                                  
|Quarter
      to 15/07/03 (Restated)** | 0.3852%                 |                                                                  
|                                       |                         |                                                                  
|Quarter
      to 15/04/03 (Restated)** | 0.3806%                 |                                                                  
|                                       |                         |                                                                  

*Excess spread is calculated
  by reference to deferred consideration (determined according to relevant accounting
  policies) for the period, adjusted for non-cash related items and items relating
  to amounts falling due after transfers to the first and second reserve funds
  in the Funding Revenue Priority of Payments, expressed as a percentage of the
  average note balance over that period.

**The figures for excess
  spread in prior periods have been restated to incorporate the cumulative effects
  of accounting adjustments. 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.

|                                       |  |                       |  |                       
|-------------------------------------- |  | --------------------- |  | ----------------------
|Reserve
      Funds                    |  | First
        Reserve |  | Second
        Reserve
|                                       |  |                       |  |                       
|Balance
      as at 15/01/2004         |  | £292,045,557.96       |  | £56,890,739.99        
|                                       |  |                       |  |                       
|Required
      Amount as at 15/01/2004 |  | £350,000,000.00       |  | £122,161,456.00       
|                                       |  |                       |  |                       
|Percentage
      of Notes              |  | 1.68%                 |  | 0.33%                 
|                                       |  |                       |  |                       
|                                      
|Properties
      in Possession         |  |                       |  |                       



|Page
        5 of 8
|-------------------

---

Holmes
  Financing No 1 plc Periodic Report re Holmes Trustees Limited and Holmes Funding LimitedFor Period 09 March 2004 to 08 April 2004

All values are in thousands
  of pounds sterling unless otherwise stated

Stock

|                                                                    |  |                        |          | 
|------------------------------------------------------------------- |  | ---------------------- | -------- | 
|                                                                    |  | Current
        Period
|                                                                    |  |                       
|                                                                    |  | Number                 | £000's  
|                                                                    |  |                        |         
|Brought
      Forward                                               |  | 73                     | 4,375   
|                                                                    |  |                        |         
|Repossessed
      in Period                                         |  | 17                     | 1,752   
|                                                                    |  |                        |         
|Sold
      in Period                                                |  | (15)                   | (2,027) 
|                                                                    |  |                        |         
|Carried
      Forward                                               |  | 75                     | 4,100   
|                                                                    |  |                        |         
|                                                                   
|                                                                    |  | Cumulative            
|                                                                    |  |                        |         
|                                                                    |  | Number                 | £000's  
|                                                                    |  |                        |         
|Repossessed
      to date                                           |  | 520                    | 31,681  
|Sold
      to date                                                  |  | (445)                  | (27,581)
|                                                                    |  |                        |         
|Carried
      Forward                                               |  | 75                     | 4,100   
|                                                                    |  |                        |         
|                                                                   
|Repossession
      Sales Information                                |  |                        |         
|                                                                    |  |                        |         
|Average
      time Possession to Sale                               |  | 81                     | Days    
|                                                                    |  |                        |         
|Average
      arrears at time of Sale                               |  | £3,336                 |         
|                                                                    |  |                        |         
|                                                                   
|MIG
      Claim Status                                              |  |                        |         
|                                                                    |  |                        |         
|                                                                    |  | Number                 | £000's  
|                                                                    |  |                        |         
|MIG
      Claims made                                               |  | 193                    | 1,368   
|                                                                    |  |                        |         
|MIG
      Claims outstanding                                        |  | 3                      | 57      
|                                                                    |  |                        |         
|                                                                   
|Average
      time claim to payment                                 |  | 36                     |          | 
|                                                                    |  |                        |          | 
|                                                                   
|Trigger
      Events                                                |  |                       
|There
      has been no debit to the AAAPrincipal Deficiency Ledger |  |                       
|The
      Seller has not suffered an InsolvencyEvent                |  |                       
|The
      Seller is still the Servicer                              |  |                       
|The
      Outstanding Principal balanceis in excess of £25 billion  |  |                       



|Page
        6 of 8
|-------------------

---

Holmes
  Financing No 1 plc
  Periodic Report re Holmes Trustees Limited and Holmes Funding LimitedFor Period 09 March 2004 to 08 April 2004

All values
  are in thousands of pounds sterling unless otherwise stated

|                                |  |                  |  |                  |  |                  |  |                  |  |                  |  |                  |  |                  |  |                 
|------------------------------- |  | ---------------- |  | ---------------- |  | ---------------- |  | ---------------- |  | ---------------- |  | ---------------- |  | ---------------- |  | ----------------
|Retired
      Class A Notes     |  |                  |  |                  |  |                  |  |                  |  |                  |  |                  |  |                  |  |                 
|                                |  |                  |  |                  |  |                  |  |                  |  |                  |  |                  |  |                  |  |                 
|Date Retired                    |  | Holmes
        1 |  | Holmes
        2 |  | Holmes
        3 |  | Holmes
        4 |  | Holmes
        5 |  | Holmes
        6 |  | Holmes
        7 |  | Holmes
        8
|                                |  |                  |  |                  |  |                  |  |                  |  |                  |  |                  |  |                  |  |                 
|02Q3                            |  | -                |  | 703              |  | -                |  | -                |  | 352              |  | -                |  | -                |  | -               
|02Q4                            |  | -                |  | -                |  | -                |  | -                |  | 352              |  | -                |  | -                |  | -               
|03Q1                            |  | -                |  | -                |  | 750              |  | -                |  | -                |  | -                |  | -                |  | -               
|03Q2                            |  | -                |  | -                |  | -                |  | -                |  | -                |  | -                |  | -                |  | -               
|03Q3                            |  | 600              |  | -                |  | -                |  | -                |  | -                |  | 481              |  | -                |  | -               
|03Q4                            |  | -                |  | 176              |  | -                |  | 191              |  | -                |  | 481              |  | -                |  | -               
|04Q1                            |  | -                |  | 176              |  | -                |  | 191              |  | -                |  | -                |  | 241              |  | -               
|                                |  |                  |  |                  |  |                  |  |                  |  |                  |  |                  |  |                  |  |                 
|                               
|Outstanding
      Class A Notes
|                                |  |                  |  |                  |  |                  |  |                  |  |                  |  |                  |  |                  |  |                 
|Expected
      Redemption       |  | Holmes
        1 |  | Holmes
        2 |  | Holmes
        3 |  | Holmes4          |  | Holmes
        5 |  | Holmes
        6 |  | Holmes
        7 |  | Holmes
        8
|                                |  |                  |  |                  |  |                  |  |                  |  |                  |  |                  |  |                  |  |                 
|04Q1                            |  | -                |  | -                |  | -                |  | -                |  | -                |  | -                |  | -                |  | -               
|04Q2                            |  | -                |  | 176              |  | -                |  | 191              |  | -                |  | -                |  | 241              |  | -               
|04Q3                            |  | -                |  | 176              |  | -                |  | 191              |  | -                |  | -                |  | -                |  | -               
|04Q4                            |  | -                |  | -                |  | -                |  | -                |  | 698              |  | -                |  | -                |  | -               
|05Q1                            |  | -                |  | -                |  | 750              |  | -                |  | -                |  | -                |  | -                |  | -               
|05Q2                            |  | -                |  | -                |  | -                |  | -                |  | -                |  | 801              |  | -                |  | 1,001           
|05Q3                            |  | 650              |  | -                |  | -                |  | -                |  | -                |  | -                |  | -                |  | -               
|05Q4                            |  | -                |  | 125              |  | -                |  | -                |  | -                |  | -                |  | -                |  | -               
|06Q1                            |  | -                |  | 125              |  | -                |  | -                |  | -                |  | -                |  | 803              |  | -               
|06Q2                            |  | -                |  | 125              |  | -                |  | -                |  | -                |  | -                |  | -                |  | -               
|06Q3                            |  | -                |  | 125              |  | 500              |  | 1,340            |  | -                |  | -                |  | -                |  | -               
|06Q4                            |  | -                |  | -                |  | -                |  | 350              |  | 875              |  | -                |  | -                |  | -               
|07Q1                            |  | -                |  | -                |  | -                |  | -                |  | -                |  | -                |  | 161              |  | 812             
|07Q2                            |  | -                |  | -                |  | -                |  | -                |  | -                |  | 634              |  | 161              |  | -               
|07Q3                            |  | 575              |  | -                |  | -                |  | -                |  | -                |  | -                |  | -                |  | -               
|07Q4                            |  | -                |  | 300              |  | -                |  | -                |  | -                |  | 770              |  | -                |  | -               
|08Q1                            |  | -                |  | -                |  | -                |  | -                |  | -                |  | -                |  | -                |  | -               
|08Q2                            |  | -                |  | -                |  | -                |  | -                |  | -                |  | 500              |  | 592              |  | 221             
|08Q3                            |  | -                |  | -                |  | -                |  | -                |  | -                |  | -                |  | -                |  | 221             
|08Q4                            |  | -                |  | -                |  | -                |  | -                |  | -                |  | -                |  | -                |  | 221             
|09Q1                            |  | -                |  | -                |  | -                |  | -                |  | -                |  | -                |  | -                |  | 1,171           
|09Q2                            |  | -                |  | -                |  | -                |  | -                |  | -                |  | -                |  | -                |  | -               
|09Q3                            |  | -                |  | -                |  | -                |  | -                |  | -                |  | -                |  | -                |  | -               
|09Q4                            |  | -                |  | -                |  | -                |  | -                |  | -                |  | -                |  | -                |  | -               
|10Q1                            |  | -                |  | -                |  | -                |  | -                |  | -                |  | -                |  | -                |  | -               
|10Q2                            |  | -                |  | -                |  | -                |  | -                |  | -                |  | -                |  | -                |  | -               
|10Q3                            |  | 250              |  | -                |  | -                |  | -                |  | -                |  | -                |  | -                |  | -               
|10Q4                            |  | -                |  | -                |  | -                |  | -                |  | -                |  | -                |  | -                |  | -               
|                                |  |                  |  |                  |  |                  |  |                  |  |                  |  |                  |  |                  |  |                 

|Page 7 of 8
|-----------

---



Holmes
  Financing No 1 plc
  Periodic Report re Holmes Trustees Limited and Holmes Funding LimitedFor Period 09 March 2004 to 08 April 2004

All values are in thousands
  of pounds sterling unless otherwise stated









|Page 8 of 8
|-----------



---

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:
      30 April 2004 |                                   | By
      /s/ Shaun Coles
      (Authorised Signatory)