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 November 2007



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) PLCProfit & Loss AccountPeriod Ended 15 October 2007This Quarter
        
        Prior Quarter£'000
        
        £'000Interest receivable - Inter-company loan
        
        5,332
        
        13,419Interest receivable - Cash deposits
        
        0
        
        05,332
        
        13,420Interest payable - Notes
        
        (5,332)
        
        (13,419)Interest payable
        
        -
        
        -(5,332)
        
        (13,419)Net operating income
        
        0
        
        0Fair value derivative
        
        (91)
        
        140Other incomeOperating expenses
        
        -
        
        -Profit on ordinary activities before taxation
        
        (91)
        
        140Taxation
        
        27
        
        (42)Profit on ordinary activities after taxation
        
        (63)
        
        98Dividend
        
        -
        
        -Retained profit brought forward
        
        911
        
        813Retained profit carried forward
        
        848
        
        911






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Holmes Financing (No. 1) PLCBalance SheetPeriod Ended 15 October 2007£'000Fixed asset investmentsLoans to Funding
        
        
        
        275,000Current assetsAmounts due from group companies
        
        20Cash at bank
        
        21Fair value derivative
        
        1,1721,213Creditors: Amounts falling due within one yearSundry creditors
        
        352352Net current assets
        
        
        
        861Total assets less current liabilities
        
        
        
        275,861Creditors: Amounts falling due after more than one yearAmounts due to noteholders
        
        
        
        (275,000)Net assets
        
        
        
        861Capital and reservesShare capital
        
        
        
        13Reserves
        
        
        
        848861






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Holmes Financing (No. 1) PLCNotes OutstandingPeriod Ended 15 October 2007ISIN / CUSIP Number
        Currency
        Reference RateSeries 1 Class A
        US436382AA36
        US$
        3 month USD LiborSeries 1 Class B
        US436382AB19
        US$
        3 month USD LiborSeries 1 Class C
        US436382AC91
        US$
        3 month USD LiborSeries 2 Class A
        US436382AD74
        US$
        3 month USD LiborSeries 2 Class B
        US436382AE57
        US$
        3 month USD LiborSeries 2 Class C
        US436382AF23
        US$
        3 month USD LiborSeries 3 Class A1
        XS0114776585
        GBP
        3 month Sterling LiborSeries 3 Class A2
        XS0114776825
        EUR
        3 month EuriborSeries 3 Class B
        XS0114777807
        GBP
        3 month Sterling LiborSeries 3 Class C
        XS0114778953
        GBP
        3 month Sterling LiborSeries 4 Class A
        XS0114779845
        GBP
        Fixed RateSeries 4 Class B
        XS0114780181
        GBP
        3 month Sterling LiborSeries 4 Class C
        XS0114780421
        GBP
        3 month Sterling LiborStep Up Date
        Expected Repayment Date
        Initial Margin
        Step up MarginSeries 1 Class A
        July 2010
        July 2003
        14
        N/ASeries 1 Class B
        July 2010
        October 2003
        38
        138Series 1 Class C
        July 2010
        October 2003
        103
        203Series 2 Class A
        July 2010
        July 2005
        19
        N/ASeries 2 Class B
        July 2010
        October 2005
        41
        141Series 2 Class C
        July 2010
        October 2005
        115
        215Series 3 Class A1
        July 2010
        July 2007
        26
        N/ASeries 3 Class A2
        July 2010
        July 2007
        26
        N/ASeries 3 Class B
        July 2010
        October 2007
        45
        145Series 3 Class C
        July 2010
        October 2007
        160
        260Series 4 Class A
        July 2010
        July 2010
        6.62%
        125Series 4 Class B
        July 2010
        July 2010
        62
        162Series 4 Class C
        July 2010
        July 2010
        175
        275Payment Frequency
        Next Payment date
        Moody's
        S&P
        Fitch RatingsSeries 1 Class A
        Quarterly
        N/A
        Aaa
        AAA
        AAASeries 1 Class B
        Quarterly
        N/A
        Aa3
        AA
        AASeries 1 Class C
        Quarterly
        N/A
        Baa2
        BBB
        BBBSeries 2 Class A
        Quarterly
        N/A
        Aaa
        AAA
        AAASeries 2 Class B
        Quarterly
        N/A
        Aa3
        AA
        AASeries 2 Class C
        Quarterly
        N/A
        Baa2
        BBB
        BBBSeries 3 Class A1
        Quarterly
        N/A
        Aaa
        AAA
        AAASeries 3 Class A2
        Quarterly
        N/A
        Aaa
        AAA
        AAASeries 3 Class B
        Quarterly
        N/A
        Aa3
        AA
        AASeries 3 Class C
        Quarterly
        N/A
        Baa2
        BBB
        BBBSeries 4 Class A
        Semi Annually
        15-Jan-2008
        Aaa
        AAA
        AAASeries 4 Class B
        Quarterly
        15-Jan-2008
        Aa3
        AA
        AASeries 4 Class C
        Quarterly
        15-Jan-2008
        Baa2
        BBB
        BBB






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Holmes Financing (No. 1) PLCNotes OutstandingPeriod Ended 15 October 2007Initial note balance
        Previous Principal
        Redemptions
        Current PrincipalSeries 1 Class A
        $900,000,000
        $0
        $0
        $0Series 1 Class B
        $31,500,000
        $0
        $0
        $0Series 1 Class C
        $42,000,000
        $0
        $0
        $0Series 2 Class A
        $975,000,000
        $0
        $0
        $0Series 2 Class B
        $34,500,000
        $0
        $0
        $0Series 2 Class C
        $45,000,000
        $0
        $0
        $0Series 3 Class A1
        £375,000,000
        £0
        £0
        £0Series 3 Class A2
        320,000,000
        0
        0
        0Series 3 Class B
        £24,000,000
        £24,000,000
        £24,000,000
        £0Series 3 Class C
        £30,000,000
        £30,000,000
        £30,000,000
        £0Series 4 Class A
        £250,000,000
        £250,000,000
        £0
        £250,000,000Series 4 Class B
        £11,000,000
        £11,000,000
        £0
        £11,000,000Series 4 Class C
        £14,000,000
        £14,000,000
        £0
        £14,000,000Currency Swap Counterparty
        Current Rating
        Rating Trigger
        CommentsMoodys / S&P / Fitch
        Moodys / S&P / FitchSeries 1 Class A
        Citibank
        
        Aaa / AA+ / AA
        below Aa3 / AA- / AA-
        Series RepaidSeries 1 Class B
        Citibank
        
        Aaa / AA+ / AA
        below Aa3 / AA- / AA-
        Series RepaidSeries 1 Class C
        Citibank
        
        Aaa / AA+ / AA
        below Aa3 / AA- / AA-
        Series RepaidSeries 2 Class A
        Gen Re
        
        Aaa / AAA / AA+
        below Aa3 / AA- / AA-
        Series RepaidSeries 2 Class B
        Gen Re
        
        Aaa / AAA / AA+
        below Aa3 / AA- / AA-
        Series RepaidSeries 2 Class C
        Gen Re
        
        Aaa / AAA / AA+
        below Aa3 / AA- / AA-
        Series RepaidSeries 3 Class A1
        GBP - n/a
        
        
        
        Series RepaidSeries 3 Class A2
        Citibank
        
        Aaa / AA+ / AA
        below Aa3 / AA- / AA-
        Series RepaidSeries 3 Class B
        GBP - n/a
        
        
        
        Series RepaidSeries 3 Class C
        GBP - n/a
        
        
        
        Series RepaidSeries 4 Class A
        Citibank
        
        Aaa / AA+ / AA
        below Aa3 / AA- / AA-Series 4 Class B
        GBP - n/aSeries 4 Class C
        GBP - n/a






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Holmes Funding LimitedProfit & Loss AccountPeriod Ended 15 October 2007This Quarter
        
        Prior Quarter£'000
        
        £'000Interest receivable - Mortgages less Swaps
        
        403,620
        
        334,842Interest receivable - Cash Deposits
        
        43,790
        
        30,952Gain/(Loss) on fair value of interest rate swap
        
        85,635
        
        25,490533,045
        
        391,284Interest payable - Inter-company loans
        
        (416,681)
        
        (318,814)Interest payable - Start up loans
        
        -
        
        -(416,681)
        
        (318,814)Net operating income
        
        116,364
        
        72,470Other income
        
        9,914
        
        8,465Provisions
        
        (1,063)
        
        (2,213)Expenses
        
        (6,425)
        
        (4,173)Start up costs amortisation
        
        (2,840)
        
        (2,487)Deferred consideration
        
        (30,315)
        
        (46,570)Profit/(loss) on ordinary activities before taxation
        
        85,635
        
        25,492Taxation
        
        (25,690)
        
        (7,647)Profit/(loss) on ordinary activities after taxation
        
        59,945
        
        17,845Dividend
        
        -
        
        -Retained profit/(loss) brought forward
        
        48,803
        
        30,958Retained profit/(loss) carried forward
        
        108,748
        
        48,803






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Holmes Funding LimitedBalance SheetPeriod Ended 15 October 2007£'000
        
        £'000Fixed asset investmentsBeneficial interest in Trust mortgage portfolio
        
        
        
        22,889,030Beneficial interest in Trust cash at bank
        
        
        
        -Fair value of interest rate swap
        
        
        
        -Current assetsAmounts owed by Trustee
        
        134,982Deferred expenditure (costs of securing)
        
        16,093Sundry debtors
        
        -Deferred taxation / group relief receivableCash at bank:
        
        420,000Reserve funding
        
        10,000Transaction account
        
        865Funding GIC account
        
        815,5761,397,516Creditors: Amounts falling due within one yearDeferred consideration creditor
        
        202,964Interest payable - start up loans
        
        -Amounts due to Trustee
        
        -Interest payable - Inter-company loans
        
        -Sundry creditors
        
        176,086Deferred taxation / group relief receivable
        
        46,523Corporation Taxation
        
        57425,630Net current assets
        
        
        
        971,886Total assets less current liabilities
        
        
        
        23,860,916Creditors: Amounts falling due after more than one yearInter-company loans
        
        
        
        (23,675,168)Start up loans
        
        
        
        (77,000)Net assets
        
        
        
        108,748Capital and reservesShare capital (£2)
        
        
        
        -Reserves
        
        
        
        108,748108,748






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Holmes Funding LimitedNotes to Balance SheetPeriod Ended 15 October 2007£'000
        
        £'000
        
        £'000
        
        £'000Balance on cash accumulation ledger
        
        
        
        771,870Available credit enhancementFirst Reserve
        
        Second Reserve
        
        Funding ReserveReserve funds at closing
        
        351,000
        
        -
        
        -Initial closing reserve funds
        
        417,830
        
        -
        
        -Drawings to make bullet repayment
        
        -
        
        -
        
        -Other drawings
        
        -
        
        -
        
        -Transfers from revenue receipts
        
        2,170
        
        -
        
        10,000Closing reserve balance
        
        420,000
        
        -
        
        10,000Target reserve funds
        
        420,000
        
        -
        
        10,000Principal deficiency ledger
        
        AAA
        
        AA
        
        A
        
        BBBOpening PDL balance
        
        Nil
        
        Nil
        
        Nil
        
        NilLosses this quarter
        
        -
        
        -
        
        -
        
        -PDL top up from revenue income
        
        -
        
        -
        
        -
        
        -Closing PDL balance
        
        Nil
        Nil
        Nil
        
        Nil
        
        NilStart up loan outstanding
        
        Opening balance
        
        Repayment
        
        Interest Added
        
        Closing balanceInitial start up loan (incl. accrued interest)
        
        -
        
        -
        
        -
        
        -Second start up loan (incl. accrued interest)
        
        -
        
        -
        
        -
        
        -Third start up loan
        
        -
        
        -
        
        -
        
        -Fourth start up loan
        
        -
        
        -
        
        -
        
        -Fifth start up loan
        
        -
        
        -
        
        -
        
        -Sixth start up loan
        
        -
        
        -
        
        -
        
        -Seventh start up loan
        
        -
        
        -
        
        -
        
        -Eigth start up loan
        
        -
        
        -
        
        -
        
        -Master Issuer 2007-1 start-up loan
        
        78,358
        
        31,975
        
        1,118
        
        47,500Closing balance
        
        78,358
        
        31,975
        
        1,118
        
        47,500Liquidity facilityLiquidity facility limit
        
        25,000Liquidity facility drawn
        
        -Liquidity facility available
        
        25,000






---





Holmes Trustees LimitedProfit & Loss AccountPeriod Ended 15 October 2007This Quarter
        
        Prior Quarter£'000
        
        £'000Interest receivable - Mortgages
        
        594,833
        
        566,120Interest receivable - Cash Deposits
        
        10,133
        
        9,558604,966
        
        575,678Interest payable - Mortgages
        
        (594,833)
        
        (566,120)Interest payable - Cash Deposits
        
        (10,133)
        
        (9,558)(604,966)
        
        (575,678)Net operating income
        
        -
        
        -Fees receivable
        
        6,871
        
        6,344Fees payable
        
        (6,871)
        
        (6,344)Operating expenses
        
        (6,852)
        
        (5,709)Provision charges
        
        (649)
        
        2,998Other income
        
        7,501
        
        2,711Profit on ordinary activities before taxation
        
        -
        
        -TaxationProfit on ordinary activities after taxation
        
        -
        
        -Dividend
        
        -
        
        -Retained profit brought forward
        
        -
        
        -Retained profit carried forward
        
        -
        
        -






---





Holmes Trustees LimitedBalance SheetPeriod Ended 15 October 2007£'000
        
        £'000Fixed asset investmentsMortgage loans secured on residential property
        
        
        
        39,558,895Current assetsBank interest receivable
        
        1,909Cash at bank
        
        408,052Amounts due from Seller
        
        39,917Other debtorsAccrued interest receivable
        
        93,158543,036Creditors: Amounts falling due within one yearAmounts due to Funding
        
        134,982Sundry creditors
        
        -134,982Net current assets
        
        
        
        408,054Total assets less current liabilities
        
        
        
        39,966,949Creditors: Amounts falling after more than one yearSeller share of mortgage loans
        
        
        
        (16,669,865)Funding share of mortgage loans
        
        
        
        (22,889,030)Seller share of cash at bank
        
        
        
        (408,052)Funding share of cash at bank
        
        
        
        -Net assets
        
        
        
        -Capital and reservesShare capital (£2)
        
        
        
        -Reserves
        
        
        
        --
















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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) PLCDated: 29 November 2007
      By / s / Jessica Petrie(Authorised Signatory)