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 May 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. . . .

Holmes Financing (No. 1) PLC
Profit & Loss Account
Period Ended 16 April 2007

	This Quarter	Prior Quarter
	£'000	£'000

Interest receivable - Inter-company loan	13,167	12,474
Interest receivable - Cash deposits	0	0
	13,168	12,475

Interest payable - Notes	(13,167)	(12,474)
Interest payable	-	-
	(13,167)	(12,474)

Net operating income	0	0

Fair value derivative	(43)	(13)
Other income
Operating expenses	-	-

Profit on ordinary activities before taxation	(43)	(13)

Taxation	13	4

Profit on ordinary activities after taxation	(30)	(9)

Dividend	-	-

Retained profit brought forward	844	853

Retained profit carried forward	813	844


Holmes Financing (No. 1) PLC
Balance Sheet
Period Ended 16 April 2007

		£'000

Fixed asset investments
Loans to Funding		904,000

Current assets
Amounts due from group companies	20
Cash at bank	20
Fair value derivative	1,123
	1,164

Creditors: Amounts falling due within one year
Sundry creditors	337
	337

Net current assets		826

Total assets less current liabilities		904,826

Creditors: Amounts falling due after more than one year
Amounts due to noteholders		(904,000)

Net assets		826

Capital and reserves
Share capital		13
Reserves		813
		826

Holmes Financing (No. 1) PLC
Notes Outstanding
Period Ended 16 April 2007

	ISIN / CUSIP Number	Currency	Reference Rate
Series 1 Class A	US436382AA36	US$	3 month USD Libor
Series 1 Class B	US436382AB19	US$	3 month USD Libor
Series 1 Class C	US436382AC91	US$	3 month USD Libor
Series 2 Class A	US436382AD74	US$	3 month USD Libor
Series 2 Class B	US436382AE57	US$	3 month USD Libor
Series 2 Class C	US436382AF23	US$	3 month USD Libor
Series 3 Class A1	XS0114776585	GBP	3 month Sterling Libor
Series 3 Class A2	XS0114776825	EUR	3 month Euribor
Series 3 Class B	XS0114777807	GBP	3 month Sterling Libor
Series 3 Class C	XS0114778953	GBP	3 month Sterling Libor
Series 4 Class A	XS0114779845	GBP	Fixed Rate
Series 4 Class B	XS0114780181	GBP	3 month Sterling Libor
Series 4 Class C	XS0114780421	GBP	3 month Sterling Libor



	Step Up Date	Expected Repayment Date	Initial Margin	Step up Margin

Series 1 Class A	July 2010	July 2003	14	N/A
Series 1 Class B	July 2010	October 2003	38	138
Series 1 Class C	July 2010	October 2003	103	203
Series 2 Class A	July 2010	July 2005	19	N/A
Series 2 Class B	July 2010	October 2005	41	141
Series 2 Class C	July 2010	October 2005	115	215
Series 3 Class A1	July 2010	July 2007	26	N/A
Series 3 Class A2	July 2010	July 2007	26	N/A
Series 3 Class B	July 2010	October 2007	45	145
Series 3 Class C	July 2010	October 2007	160	260
Series 4 Class A	July 2010	July 2010	6.62%	125
Series 4 Class B	July 2010	July 2010	62	162
Series 4 Class C	July 2010	July 2010	175	275

	Payment Frequency	Next Payment date	Moody's	S&P	Fitch Ratings
Series 1 Class A	Quarterly	N/A	Aaa	AAA	AAA
Series 1 Class B	Quarterly	N/A	Aa3	AA	AA
Series 1 Class C	Quarterly	N/A	Baa2	BBB	BBB
Series 2 Class A	Quarterly	N/A	Aaa	AAA	AAA
Series 2 Class B	Quarterly	N/A	Aa3	AA	AA
Series 2 Class C	Quarterly	N/A	Baa2	BBB	BBB
Series 3 Class A1	Quarterly	15-Jul-2007	Aaa	AAA	AAA
Series 3 Class A2	Quarterly	15-Jul-2007	Aaa	AAA	AAA
Series 3 Class B	Quarterly	15-Jul-2007	Aa3	AA	AA
Series 3 Class C	Quarterly	15-Jul-2007	Baa2	BBB	BBB
Series 4 Class A	Semi Annually	15-Jul-2007	Aaa	AAA	AAA
Series 4 Class B	Quarterly	15-Jul-2007	Aa3	AA	AA
Series 4 Class C	Quarterly	15-Jul-2007	Baa2	BBB	BBB

Holmes Financing (No. 1) PLC
Notes Outstanding
Period Ended 16 April 2007

	Initial note balance	Previous Principal	Redemptions	Current Principal
Series 1 Class A	$900,000,000	$0	$0	$0
Series 1 Class B	$31,500,000	$0	$0	$0
Series 1 Class C	$42,000,000	$0	$0	$0
Series 2 Class A	$975,000,000	$0	$0	$0
Series 2 Class B	$34,500,000	$0	$0	$0
Series 2 Class C	$45,000,000	$0	$0	$0
Series 3 Class A1	£375,000,000	£375,000,000	£0	£375,000,000
Series 3 Class A2	€320,000,000	€320,000,000	€0	€320,000,000
Series 3 Class B	£24,000,000	£24,000,000	£0	£24,000,000
Series 3 Class C	£30,000,000	£30,000,000	£0	£30,000,000
Series 4 Class A	£250,000,000	£250,000,000	£0	£250,000,000
Series 4 Class B	£11,000,000	£11,000,000	£0	£11,000,000
Series 4 Class C	£14,000,000	£14,000,000	£0	£14,000,000



	Currency Swap Counterparty		Current Rating	Rating Trigger	Comments
			Moodys / S&P / Fitch	Moodys / S&P / Fitch
Series 1 Class A	Citibank		Aa1 / AA / AA+	below Aa3 / AA- / AA-	Series Repaid
Series 1 Class B	Citibank		Aa1 / AA / AA+	below Aa3 / AA- / AA-	Series Repaid
Series 1 Class C	Citibank		Aa1 / AA / AA+	below Aa3 / AA- / AA-	Series Repaid
Series 2 Class A	Gen Re		Aa1 / AAA / AA+	below Aa3 / AA- / AA-	Series Repaid
Series 2 Class B	Gen Re		Aa1 / AAA / AA+	below Aa3 / AA- / AA-	Series Repaid
Series 2 Class C	Gen Re		Aa1 / AAA / AA+	below Aa3 / AA- / AA-	Series Repaid
Series 3 Class A1	GBP - n/a
Series 3 Class A2	Citibank		Aa1 / AA / AA+	below Aa3 / AA- / AA-
Series 3 Class B	GBP - n/a
Series 3 Class C	GBP - n/a
Series 4 Class A	Citibank		Aa1 / AA / AA+	below Aa3 / AA- / AA-
Series 4 Class B	GBP - n/a
Series 4 Class C	GBP - n/a

Holmes Funding Limited
Profit & Loss Account
Period Ended 16 April 2007

	This Quarter	Prior Quarter
	£'000	£'000

Interest receivable - Mortgages less Swaps	253,315	215,529
Interest receivable - Cash Deposits	28,800	32,702
Gain/(Loss) on fair value of interest rate swap	(15,941)	64,074
	266,174	312,305

Interest payable - Inter-company loans	(231,979)	(210,626)
Interest payable - Start up loans	-	-
	(231,979)	(210,626)

Net operating income	34,195	101,679

Other income	6,153	7,019

Insurance commission
Provisions	(2,020)	(430)
Expenses	(7,018)	(4,068)
Start up costs amortisation	(1,811)	(2,229)
Deferred consideration	(45,440)	(37,898)

Profit/(loss) on ordinary activities before taxation	(15,941)	64,073

Taxation	4,782	(19,221)

Profit/(loss) on ordinary activities after taxation	(11,159)	44,852

Dividend	-	-

Retained profit/(loss) brought forward	42,117	(2,735)

Retained profit/(loss) carried forward	30,958	42,117


Holmes Funding Limited
Balance Sheet
Period Ended 16 April 2007

	£'000	£'000

Fixed asset investments
Beneficial interest in Trust mortgage portfolio		19,712,289
Beneficial interest in Trust cash at bank		-
Fair value of interest rate swap		-

Current assets
Amounts owed by Trustee	138,169
Deferred expenditure (costs of securing)	16,594
Sundry debtors	-
Deferred taxation / group relief receivable
Cash at bank:	351,000
Reserve funding	2,805
Transaction account	1,555,410
Funding GIC account	2,063,978

Creditors: Amounts falling due within one year
Deferred consideration creditor	135,124
Interest payable - start up loans	-
Amounts due to Trustee	-
Interest payable - Inter-company loans	-
Sundry creditors	301,781
Deferred taxation / group relief receivable	13,186
Corporation Taxation	39
	450,130

Net current assets		1,613,848

Total assets less current liabilities		21,326,137

Creditors: Amounts falling due after more than one year
Inter-company loans		(21,218,179)
Start up loans		(77,000)

Net assets		30,958

Capital and reserves
Share capital (£2)		-
Reserves		30,958
		30,958


Holmes Funding Limited
Notes to Balance Sheet
Period Ended 16 April 2007

	£'000		£'000	£'000	£'000

Balance on cash accumulation ledger			1,511,209


Available credit enhancement

	First Reserve		Second Reserve	Funding Reserve

Reserve funds at closing	351,000		-	-

Initial closing reserve funds	351,000		-	-
Drawings to make bullet repayment	-		-	-
Other drawings	-		-	-
Transfers from revenue receipts	42,280		-	-
Closing reserve balance	393,280		-	-

Target reserve funds	420,000		-	-


Principal deficiency ledger	AAA		AA	A	BBB

Opening PDL balance	Nil		Nil	Nil	Nil
Losses this quarter	-		-	-	-
PDL top up from revenue income	-		-	-	-
Closing PDL balance	Nil	Nil	Nil	Nil	Nil


Start up loan outstanding	Opening balance		Repayment	Closing balance
	Restated
Initial start up loan (incl. accrued interest)	4,550		4,550	-
Second start up loan (incl. accrued interest)	4,535		4,535	-
Third start up loan	5,809		5,809	-
Fourth start up loan	2,473		2,473	-
Fifth start up loan	1,652		1,652	-
Sixth start up loan	1,888		1,888	-
Seventh start up loan	1,152		1,152	-
Eigth start up loan	12,006		12,006	-
Master Issuer 2007-1 start-up loan	77,233		-	77,233
Closing balance	111,298		34,065	77,233


Liquidity facility

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

Holmes Trustees Limited
Profit & Loss Account
Period Ended 16 April 2007

	This Quarter	Prior Quarter
	£'000	£'000

Interest receivable - Mortgages	454,969	410,079
Interest receivable - Cash Deposits	6,356	6,423
	461,325	416,502

Interest payable - Mortgages	(454,969)	(410,079)
Interest payable - Cash Deposits	(6,356)	(6,423)
	(461,325)	(416,502)

Net operating income	-	-

Fees receivable	6,064	7,772
Fees payable	(6,064)	(7,772)

Operating expenses	(5,807)	(4,380)
Provision charges	2,251	(3,888)
Other income	3,556	8,268

Profit on ordinary activities before taxation	-	-

Taxation

Profit on ordinary activities after taxation	-	-

Dividend	-	-

Retained profit brought forward	-	-

Retained profit carried forward	-	-



Holmes Trustees Limited
Balance Sheet
Period Ended 16 April 2007

	£'000	£'000

Fixed asset investments
Mortgage loans secured on residential property		39,679,724

Current assets
Bank interest receivable	1,179
Cash at bank	396,182
Amounts due from Seller	47,250
Other debtors
Accrued interest receivable	89,711
Taxation	-
Amounts due from Funding
	534,322

Creditors: Amounts falling due within one year
Amounts due to Seller	-
Amounts due to Funding	138,169
Sundry creditors	-
	138,169

Net current assets		396,153

Total assets less current liabilities		40,075,877

Creditors: Amounts falling after more than one year
Seller share of mortgage loans		(19,967,434)
Funding share of mortgage loans		(19,712,290)

Seller share of cash at bank		(396,182)
Funding share of cash at bank		-

Net assets		-

Capital and reserves
Share capital (£2)		-
Reserves		-
		-

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: 25 May 2007

By / s / Jessica Petrie

(Authorised Signatory)

HOLMES FINANCING NO 1 PLC 6-K