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 March 2005



HOLMES FINANCING (No. 1) PLC

HOLMES FUNDING LIMITED

HOLMES TRUSTEES LIMITED



(Translation of registrant's name into English)



Abbey National House, 2 Triton Square, Regents

Place, London NW1 3AN, England

(Address of principal executive offices)





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



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



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



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





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|Holmes Financing No 1 plc                                             
|----------------------------------------------------------------------
|Periodic Report re Holmes Trustees Limited and Holmes Funding Limited 
|For Period 09 February 2005 to 08 March 2005                          
|                                                                      
|All values are in thousands of pounds sterling unless otherwise stated
|                                                                      







|Mortgage Asset Analysis                                                    |                |                |                 | 
|-------------------------------------------------------------------------- | -------------- | -------------- | --------------- | 
|                                                                           |                |                |                 | 
|Analysis of Mortgage Trust Movements                                       |                |                |                
|                                                                           | Current Period |                |                
|                                                                           | Number         | £000's         |                 | 
|                                                                           | 402,856        | 29,781,123     |                 | 
|Brought Forward                                                            | 15,514         | 1,379,298      |                 | 
|Replenishment                                                              | (6,398)        | (520,442)      |                 | 
|Repurchased                                                                | (10,041)       | (804,272)      |                 | 
|Redemptions                                                                | (23)           | (42)           |                 | 
|Losses                                                                     | 0              | 3,825          |                 | 
|Capitalised Interest                                                       | 0              | 0              | ( * see below ) | 
|Other Movements                                                            | 401,908        | 29,839,490     |                 | 
|Carried Forward                                                            |                |                |                 | 
|                                                                           |                |                |                 | 
|                                                                           |                |                |                 | 
|* Capitalised interest refers to interest due met from amounts standing to |                |               
|the credit of overpayment facilities on flexible loans                     |                |                |                
|                                                                           | Cumulative     |                |                
|                                                                           | Number         | £000's         |                 | 
|                                                                           | 115,191        | 6,399,214      |                 | 
|Brought Forward                                                            | 952,353        | 72,570,105     |                 | 
|Replenishment                                                              | (283,116)      | (20,349,552)   |                 | 
|Repurchased                                                                | (381,915)      | (28,869,706)   |                 | 
|Redemptions                                                                | (605)          | (882)          |                 | 
|Losses                                                                     | 0              | 90,311         |                 | 
|Capitalised Interest                                                       | 0              | 0              | ( * see above ) | 
|Other Movements                                                            | 401,908        | 29,839,490     |                 | 
|Carried Forward                                                            |                |                |                 | 
|                                                                           | Period CPR     | Annualised CPR |                 | 
|                                                                           | 4.44%          | 66.77%         |                 | 
|1 Month                                                                    | 11.91%         | 57.82%         | **( including   | 
|3 Month                                                                    | 59.46%         | 59.46%         | redemptions and | 
|12 Month                                                                   |                |                | repurchases )   | 
|                                                                           |                |                |                 | 
|** The annualised CPR's are expressed as a percentage of the               |                |               
|outstanding balance at the end of the period                               |                |                |                
|                                                                           |                |                |                 | 





Page 1 of 9





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|Holmes Financing No 1 plc                                             
|----------------------------------------------------------------------
|Periodic Report re Holmes Trustees Limited and Holmes Funding Limited 
|For Period 09 February 2005 to 08 March 2005                          
|                                                                      
|All values are in thousands of pounds sterling unless otherwise stated
|                                                                      









|Asset Profiles                                                                                                     |            |                                    |  | 
|------------------------------------------------------------------------------------------------------------------ | ---------- | ---------------------------------- |  | 
|Weighted Average Seasoning                                                                                         | 33.29      | months                             |  | 
|Weighted Average Loan size                                                                                         | £74,244.58 |                                    |  | 
|Weighted Average LTV                                                                                               | 69.31%     | *** (see below)                    |  | 
|Weighted Average Indexed LTV                                                                                       | 53.98%     | using Halifax House Price Index    | 
|Weighted Average Indexed LTV                                                                                       | 52.97%     | using Nationwide House Price Index | 
|Weighted Average Remaining Term                                                                                    | 18.33      | Years                              |  | 
|                                                                                                                   |            |                                    |  | 
|Product Type Analysis                                                                                              | £000's     | %                                  |  | 
|Variable Rate                                                                                                      | 8,393,849  | 28.13%                             |  | 
|Fixed Rate                                                                                                         | 6,448,314  | 21.61%                             |  | 
|Tracker Rate                                                                                                       | 14,997,328 | 50.26%                             |  | 
|                                                                                                                   | 29,839,490 | 100.00%                            |  | 
|                                                                                                                   |            |                                    |  | 
|As at 08 March 2005 approximately 8.90% of the loans were flexible loans                                           |            |                                   
|                                                                                                                   |            |                                    |  | 
|Repayment Method Analysis                                                                                          | £000's     | %                                  |  | 
|Endowment                                                                                                          | 5,732,166  | 19.21%                             |  | 
|Interest Only                                                                                                      | 4,914,564  | 16.47%                             |  | 
|Repayment                                                                                                          | 19,192,760 | 64.32%                             |  | 
|                                                                                                                   | 29,839,490 | 100.00%                            |  | 
|                                                                                                                   |            |                                    |  | 
|As at 08 March 2005 approximately 16.56% of the loans were written under Abbey's policy of non-income verification
|                                                                                                                   |            |                                    |  | 
|Loan Purpose Analysis                                                                                              | £000's     | %                                  |  | 
|Purchase                                                                                                           | 21,714,197 | 72.77%                             |  | 
|Remortgage                                                                                                         | 8,125,293  | 27.23%                             |  | 
|                                                                                                                   | 29,839,490 | 100.00%                            |  | 
|                                                                                                                   |            |                                    |  | 
|Mortgage Standard Variable Rate                                                                                    |            |                                    |  | 
|Effective Date                                                                                                     | Rate       |                                    |  | 
|01 September 2004                                                                                                  | 6.75%      |                                    |  | 
|01 July 2004                                                                                                       | 6.50%      |                                    |  | 
|01 June 2004                                                                                                       | 6.25%      |                                    |  | 
|01 March 2004                                                                                                      | 6.00%      |                                    |  | 
|                                                                                                                   |            |                                    |  | 





Page 2 of 9





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|Holmes Financing No 1 plc                                             
|----------------------------------------------------------------------
|Periodic Report re Holmes Trustees Limited and Holmes Funding Limited 
|For Period 09 February 2005 to 08 March 2005                          
|                                                                      
|All values are in thousands of pounds sterling unless otherwise stated
|                                                                      









|Geographic Analysis                                               |         |            |         | 
|----------------------------------------------------------------- | ------- | ---------- | ------- | 
|Region                                                            | Number  | £000's     | %       | 
|East Anglia                                                       | 16,592  | 1,148,820  | 3.85%   | 
|East Midlands                                                     | 22,139  | 1,432,296  | 4.80%   | 
|Greater London                                                    | 66,625  | 6,379,683  | 21.38%  | 
|North                                                             | 17,518  | 954,864    | 3.20%   | 
|North West                                                        | 45,518  | 2,706,442  | 9.07%   | 
|Scotland                                                          | 26,478  | 1,491,975  | 5.00%   | 
|South East                                                        | 102,978 | 9,086,125  | 30.45%  | 
|South West                                                        | 31,923  | 2,363,288  | 7.92%   | 
|Wales                                                             | 19,341  | 1,089,141  | 3.65%   | 
|West Midlands                                                     | 27,140  | 1,730,690  | 5.80%   | 
|Yorkshire and Humberside                                          | 25,187  | 1,432,295  | 4.80%   | 
|Unknown                                                           | 466     | 23,871     | 0.08%   | 
|Total                                                             | 401,908 | 29,839,490 | 100.00% | 
|                                                                  |         |            |         | 
|                                                                  |         |            |         | 
|Original LTV Bands                                                |         |            |         | 
|                                                                  |         |            |         | 
|Range                                                             | Number  | £000's     | %       | 
|0.00 - 25.00                                                      | 17,055  | 717,158    | 2.40%   | 
|25.01 - 50.00                                                     | 79,002  | 4,825,439  | 16.17%  | 
|50.01 - 75.00                                                     | 149,868 | 12,240,343 | 41.02%  | 
|75.01 - 80.00                                                     | 20,884  | 1,752,398  | 5.87%   | 
|80.01 - 85.00                                                     | 25,516  | 2,240,080  | 7.51%   | 
|85.01 - 90.00                                                     | 45,366  | 3,987,165  | 13.36%  | 
|90.01 - 95.00                                                     | 64,217  | 4,076,907  | 13.66%  | 
|Total                                                             | 401,908 | 29,839,490 | 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 9





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|Holmes Financing No 1 plc                                             
|----------------------------------------------------------------------
|Periodic Report re Holmes Trustees Limited and Holmes Funding Limited 
|For Period 09 February 2005 to 08 March 2005                          
|                                                                      
|All values are in thousands of pounds sterling unless otherwise stated
|                                                                      









|Arrears                                                                |            |             |         |        
|---------------------------------------------------------------------- | ---------- | ----------- | ------- | -------
|Band                                                                   | Number     | Principal   | Overdue | %      
|Current                                                                | 391,119    | 29,008,548  | (3,590) | 97.25% 
|1.00 - 1.99 months                                                     | 5,783      | 463,805     | 3,822   | 1.55%  
|2.00 - 2.99 months                                                     | 2,206      | 160,627     | 2,518   | 0.54%  
|3.00 - 3.99 months                                                     | 1,157      | 83,017      | 1,851   | 0.28%  
|4.00 - 4.99 months                                                     | 573        | 41,438      | 1,199   | 0.14%  
|5.00 - 5.99 months                                                     | 357        | 23,190      | 830     | 0.08%  
|6.00 -11.99 months                                                     | 548        | 38,930      | 1,920   | 0.13%  
|12 months and over                                                     | 36         | 1,919       | 242     | 0.01%  
|Properties in Possession                                               | 129        | 8,558       | 667     | 0.03%  
|Total                                                                  | 401,908    | 29,830,031  | 9,459   | 100.00%
|                                                                       |            |             |         |        
|Definition of Arrears                                                  |            |             |         |        
|This arrears multiplier is calculated as the arrears amount ( which is |            |            
|the difference between the expected monthly repayments and the         |            |            
|amount that has actually been paid, i.e. a total of under and/or       |            |            
|over  payments ) divided  by  the monthly amount repayable. It is      |            |            
|recalculated every time the arrears amount 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                                                | 12,744,134 | 17,036,989  |         |        
|Replenishment of Assets                                                | 0          | 1,379,298   |         |        
|Acquisition by Funding                                                 | 0          | 0           |         |        
|Distribution of Principal Receipts                                     | 0          | (1,324,714) |         |        
|Allocation of Losses                                                   | (18)       | (24)        |         |        
|Share of Capitalised Interest                                          | 1,637      | 2,188       |         |        
|Payment Re Capitalised Interest                                        | (1,637)    | 1,637       |         |        
|Balance Carried Forward                                                | 12,744,116 | 17,095,374  |         |        
|                                                                       |            |             |         |        
|Carried Forward Percentage                                             | 42.70890%  | 57.29110%   |         |        
|                                                                       |            |             |         |        
|Minimum Seller Share                                                   | 1,339,216  | 4.49%       |         |        
|                                                                       |            |             |         |        
|                                                                       |            |             |         |        
|                                                                       |            |             |         |        
|                                                                       |            |             |         |        





Page 4 of 9





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|Holmes Financing No 1 plc                                             
|----------------------------------------------------------------------
|Periodic Report re Holmes Trustees Limited and Holmes Funding Limited 
|For Period 09 February 2005 to 08 March 2005                          
|                                                                      
|All values are in thousands of pounds sterling unless otherwise stated
|                                                                      









|Cash Accumulation Ledger                                                 |                 |                            |                 | 
|------------------------------------------------------------------------ | --------------- | -------------------------- | --------------- | 
|                                                                         | £000's          |                            |                 | 
|Brought Forward                                                          | 1,955,171       |                            |                 | 
|Additional Amounts Accumulated                                           | 0               |                            |                 | 
|Payment of Notes                                                         | 0               |                            |                 | 
|Carried Forward                                                          | 1,955,171       |                            |                 | 
|                                                                         |                 |                            |                 | 
|Target Balance                                                           | 1,955,171       | payable on 15th April 2005 |                
|                                                                         | 0               | payable on 15th July 2005  |                
|                                                                         | 1,955,171       |                            |                 | 
|                                                                         |                 |                            |                 | 
|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 15/1/05                                                       | 0.3015%         |                            |                 | 
|Quarter to 15/10/04                                                      | 0.5449%         |                            |                 | 
|Quarter to 15/07/04                                                      | 0.3214%         |                            |                 | 
|Quarter to 15/04/04                                                      | 0.3687%         |                            |                 | 
|                                                                         |                 |                            |                 | 
|*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.                               |                 |                            |                
|                                                                         |                 |                            |                 | 
|                                                                         |                 |                            |                 | 
|Reserve Funds                                                            | First Reserve   | Second Reserve             | Funding Reserve | 
|Balance as at 18/01/2005                                                 | £338,000,000.00 | £0.00                      | £70,000,000.00  | 
|Required Amount as at 18/01/2005                                         | £338,000,000.00 | £0.00                      | £70,000,000.00  | 
|Percentage of Notes                                                      | 2.30%           | 0.00%                      | 0.48%           | 
|                                                                         |                 |                            |                 | 
|Properties in Possession                                                 |                 |                            |                 | 
|                                                                         |                 |                            |                 | 





Page 5 of 9





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|Holmes Financing No 1 plc                                             
|----------------------------------------------------------------------
|Periodic Report re Holmes Trustees Limited and Holmes Funding Limited 
|For Period 09 February 2005 to 08 March 2005                          
|                                                                      
|All values are in thousands of pounds sterling unless otherwise stated
|                                                                      









|Stock                                                                                               |                |          |  | 
|--------------------------------------------------------------------------------------------------- | -------------- | -------- |  | 
|                                                                                                    | Current Period |          | 
|                                                                                                    | Number         | £000's   |  | 
|Brought Forward                                                                                     | 132            | 8,073    |  | 
|Repossessed in Period                                                                               | 28             | 4,315    |  | 
|Sold in Period                                                                                      | (31)           | (3,836)  |  | 
|Carried Forward                                                                                     | 129            | 8,552    |  | 
|                                                                                                    |                |          |  | 
|                                                                                                    | Cumulative     |          | 
|                                                                                                    | Number         | £000's   |  | 
|Repossessed to date                                                                                 | 742            | 57,640   |  | 
|Sold to date                                                                                        | (613)          | (49,088) |  | 
|Carried Forward                                                                                     | 129            | 8,552    |  | 
|                                                                                                    |                |          |  | 
|Repossession Sales Information                                                                      |                |          |  | 
|Average time Possession to Sale                                                                     | 87             | Days     |  | 
|Average arrears at time of Sale                                                                     | £3,699         |          |  | 
|                                                                                                    |                |          |  | 
|MIG Claim Status                                                                                    |                |          |  | 
|                                                                                                    | Number         | £000's   |  | 
|MIG Claims made                                                                                     | 196            | 1,385    |  | 
|MIG Claims outstanding                                                                              | 1              | 3        |  | 
|                                                                                                    |                |          |  | 
|Average time claim to payment                                                                       | 36             |          |  | 
|                                                                                                    |                |          |  | 
|Trigger Events                                                                                      |                |          |  | 
|There has been no debit to the AAA Principal Deficiency Ledger                                      |                |         
|The Seller has not suffered an Insolvency Event                                                     |                |          | 
|The Seller is still the Servicer                                                                    |                |          |  | 
|The Outstanding Principal balance is in excess of £25 billion                                       |                |         
|                                                                                                    |                |          |  | 
|Proposed Changes                                                                                    |                |          |  | 
|Abbey has requested Fitch Ratings to confirm the impact on the rating of the issued securities      |               
|if the minimum required short term rating of Abbey as sterling account bank / GIC provider is       |               
|changed to F1 from F1+. Once Fitch has completed its review of the appropriate documentation        |               
|amendments, it expects to confirm that this change will have no effect on the rating of any of the  |               
|securities issued by any of the Issuers. In addition, it has indicated that in the event that Abbey |               
|is downgraded below F1 then Abbey's obligations will either need to be guaranteed by a third        |               
|party rated at least F1 or transferred to a counterparty rated at least F1, within 30 days of the   |               
|downgrade, to prevent a downgrade by Fitch of any of the issued securities                          |                |         
|                                                                                                    |                |          |  | 





Page 6 of 9





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|Holmes Financing No 1 plc                                             
|----------------------------------------------------------------------
|Periodic Report re Holmes Trustees Limited and Holmes Funding Limited 
|For Period 09 February 2005 to 08 March 2005                          
|                                                                      
|All values are in thousands of pounds sterling unless otherwise stated
|                                                                      









|Contact Details                                                                          |  |  |  | 
|---------------------------------------------------------------------------------------- |  |  |  | 
|If you have any queries regarding this report please contact the Securitisation Team via | 
|                                                                                         |  |  |  | 
|Telephone : +44 (1908) 343232 / 344602 / 343836                                          |  |  | 
|Facsimilie :  +44 (1908) 343019                                                          |  |  |  | 
|Email :                 Securitisation@Abbey.com                                         |  |  | 
|                                                                                         |  |  |  | 







Page 7 of 9





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|Holmes Financing No 1 plc                                             
|----------------------------------------------------------------------
|Periodic Report re Holmes Trustees Limited and Holmes Funding Limited 
|For Period 09 February 2005 to 08 March 2005                          
|                                                                      
|All values are in thousands of pounds sterling unless otherwise stated
|                                                                      









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







Page 8 of 9





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|Holmes Financing No 1 plc                                             
|----------------------------------------------------------------------
|Periodic Report re Holmes Trustees Limited and Holmes Funding Limited 
|For Period 09 February 2005 to 08 March 2005                          
|                                                                      
|All values are in thousands of pounds sterling unless otherwise stated
|                                                                      













Page 9 of 9



---

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: 18th March 2005 | By / s / Karen Carson  | 
|---------------------- | ---------------------- | 
|                       | (Authorised Signatory)