6-K 1 holmes6_1111.htm

 

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 2005

 

HOLMES FINANCING (No 6) 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. 6) PLC

 

 

Profit & Loss Account

 

 

Period ended 17 October 2005

 

 

 

 

 

 

This Quarter

Prior Quarter

 

£'000

£'000

 

 

 

Interest receivable - Inter-company loan

26,693

28,335

Interest receivable - Cash collateral

10,191

267

 

36,884

28,602

 

 

 

Interest payable - Notes

(26,693)

(28,335)

Interest payable - CSFB

(10,191)

(267)

 

(36,884)

(28,602)

 

 

 

Net operating income

-

-

 

 

 

Fair value derivative

86

18

Other income

-

-

Operating expenses

-

-

 

 

 

Profit on ordinary activities before taxation

86

18

 

 

 

Taxation

-

-

 

 

 

Profit on ordinary activities after taxation

86

18

 

 

 

Dividend

-

-

 

 

 

Retained profit brought forward

(73)

(91)

 

 

 

Retained profit carried forward

14

(73)

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Holmes Financing (No. 6) PLC

 

 

 

 

Balance Sheet

 

 

 

 

Period ended 17 October 2005

 

 

 

 

 

 

 

 

 

 

 

 

 

£'000

 

 

 

 

 

Fixed asset investments

 

 

 

 

Loans to Funding

 

 

 

2,077,278

 

 

 

 

 

Current assets

 

 

 

 

Accrued interest receivable

 

9,449

 

 

Cash at bank

 

14

 

 

Cash collateral

 

55,706

 

 

 

 

65,169

 

 

 

 

 

 

 

Creditors: Amounts falling due within one year

 

 

 

 

Fair value derivative

 

(14)

 

 

Accrued interest payable

 

9,449

 

 

 

 

9,435

 

 

 

 

 

 

 

Net current assets

 

 

 

55,734

 

 

 

 

 

Total assets less current liabilities

 

 

 

2,133,012

 

 

 

 

 

Creditors: Amounts falling due after more than one year

 

 

 

 

Amounts due to noteholders

 

 

 

(2,077,278)

Amount due to CSFB

 

 

 

(55,706)

Net assets

 

 

 

28

 

 

 

 

 

Capital and reserves

 

 

 

 

Share capital

 

 

 

14

Reserves

 

 

 

14

 

 

 

 

28

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

Holmes Financing (No. 6) PLC

 

 

 

 

Notes Outstanding

 

 

 

 

 

Period Ended 17 October 2005

 

 

 

 

 

 

 

 

 

 

 

ISIN / CUSIP Number

Currency

Reference Rate

 

 

Series 1 Class A

US43638WAA71

US$

1 month USD Libor

 

 

Series 1 Class B

US43638WAB54

US$

3 month USD Libor

 

 

Series 1 Class C

US43638WAC38

US$

3 month USD Libor

 

 

Series 2 Class A

US43638WAD11

US$

3 month USD Libor

 

 

Series 2 Class B

US43638WAE93

US$

3 month USD Libor

 

 

Series 2 Class C

US43638WAF68

US$

3 month USD Libor

 

 

Series 3 Class A

XS0157152785

EUR

3 month Euribor

 

 

Series 3 Class B

XS0157154567

EUR

3 month Euribor

 

 

Series 3 Class C

XS0157155291

EUR

3 month Euribor

 

 

Series 4 Class A1

US43638WAG42

US$

3 month USD Libor

 

 

Series 4 Class A2

CH0015083659

CHF

Fixed Rate

 

 

Series 4 Class B

US43638WAH25

US$

3 month USD Libor

 

 

Series 4 Class C

US43638WAJ80

US$

3 month USD Libor

 

 

Series 5 Class A

XS0157156349

GBP

3 month Sterling Libor

 

 

Series 5 Class B

XS0157158048

GBP

3 month Sterling Libor

 

 

Series 5 Class C

XS0157158634

GBP

3 month Sterling Libor

 

 

 

 

 

 

 

 

 

Step Up Date

Expected Repayment Date

Initial Margin

Step up Margin

 

Series 1 Class A

April 2008

October 2003

0

N/A

 

Series 1 Class B

April 2008

January 2004

37.5

75

 

Series 1 Class C

April 2008

January 2004

135

235

 

Series 2 Class A

April 2008

April 2005

17

N/A

 

Series 2 Class B

April 2008

July 2005

41

82

 

Series 2 Class C

April 2008

July 2005

145

245

 

Series 3 Class A

April 2008

April 2007

24

48

 

Series 3 Class B

April 2008

July 2007

50

100

 

Series 3 Class C

April 2008

July 2007

150

250

 

Series 4 Class A1

April 2008

October 2007

24

48

 

Series 4 Class A2

April 2008

October 2007

2.50%

35

 

Series 4 Class B

April 2008

January 2008

52

104

 

Series 4 Class C

April 2008

January 2008

155

255

 

Series 5 Class A

April 2008

April 2008

24

48

 

Series 5 Class B

April 2008

April 2008

52

14

 

Series 5 Class C

April 2008

April 2008

155

255

 

 

 

 

 

 

 

 

Payment Frequency

Next Payment date

Moody's

S&P

Fitch Ratings

Series 1 Class A

Monthly

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 A

Quarterly

17-Jan-2006

Aaa

AAA

AAA

Series 3 Class B

Quarterly

17-Jan-2006

Aa3

AA

AA

Series 3 Class C

Quarterly

17-Jan-2006

Baa2

BBB

BBB

Series 4 Class A1

Quarterly

17-Jan-2006

Aaa

AAA

AAA

Series 4 Class A2

Annually

17-Oct-2006

Aaa

AAA

AAA

Series 4 Class B

Quarterly

17-Jan-2006

Aa3

AA

AA

Series 4 Class C

Quarterly

17-Jan-2006

Baa2

BBB

BBB

Series 5 Class A

Quarterly

17-Jan-2006

Aaa

AAA

AAA

Series 5 Class B

Quarterly

17-Jan-2006

Aa3

AA

AA

Series 5 Class C

Quarterly

17-Jan-2006

Baa2

BBB

BBB

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

Initial note balance

Previous Principal

Redemptions

Current Principal

 

Series 1 Class A

$1,500,000,000

$0

$0

$0

 

Series 1 Class B

$50,000,000

$0

$0

$0

 

Series 1 Class C

$86,000,000

$0

$0

$0

 

Series 2 Class A

$1,250,000,000

$0

$0

$0

 

Series 2 Class B

$42,000,000

$0

$0

$0

 

Series 2 Class C

$70,000,000

$0

$0

$0

 

Series 3 Class A

€1,000,000,000

€1,000,000,000

€0

€1,000,000,000

 

Series 3 Class B

€34,000,000

€34,000,000

€0

€34,000,000

 

Series 3 Class C

€57,000,000

€57,000,000

€0

€57,000,000

 

Series 4 Class A1

$1,000,000,000

$1,000,000,000

$0

$1,000,000,000

 

Series 4 Class A2

CHF 300,000,000

CHF 300,000,000

CHF 0

CHF 300,000,000

 

Series 4 Class B

$40,000,000

$40,000,000

$0

$40,000,000

 

Series 4 Class C

$69,000,000

$69,000,000

$0

$69,000,000

 

Series 5 Class A

£500,000,000

£500,000,000

£0

£500,000,000

 

Series 5 Class B

£17,000,000

£17,000,000

£0

£17,000,000

 

Series 5 Class C

£29,000,000

£29,000,000

£0

£29,000,000

 

 

 

 

 

 

 

 

Currency Swap Counterparty

 

Current Rating

Rating Trigger

Comments

 

 

 

Moodys / S&P / Fitch

Moodys / S&P / Fitch

 

Series 1 Class A

Barclays Capital

 

Aa1 and P-1 / A-1+ / F1+

below A1 or P-1 / A-1+ / F1

Series Repaid

Series 1 Class B

Barclays Capital

 

Aa1 and P-1 / A-1+ / F1+

below A1 or P-1 / A-1+ / F1

Series Repaid

Series 1 Class C

Barclays Capital

 

Aa1 and P-1 / A-1+ / F1+

below A1 or P-1 / A-1+ / F1

Series Repaid

Series 2 Class A

Barclays Capital

 

Aa1 and P-1 / A-1+ / F1+

below A1 or P-1 / A-1+ / F1

Series Repaid

Series 2 Class B

Barclays Capital

 

Aa1 and P-1 / A-1+ / F1+

below A1 or P-1 / A-1+ / F1

Series Repaid

Series 2 Class C

Barclays Capital

 

Aa1 and P-1 / A-1+ / F1+

below A1 or P-1 / A-1+ / F1

Series Repaid

Series 3 Class A

CSFB

 

Aa3 and P-1 / A-1 / F1+

below A1 or P-1 / A-1+ / F1

Collateralised

Series 3 Class B

CSFB

 

Aa3 and P-1 / A-1 / F1+

below A1 or P-1 / A-1+ / F1

Collateralised

Series 3 Class C

CSFB

 

Aa3 and P-1 / A-1 / F1+

below A1 or P-1 / A-1+ / F1

Collateralised

Series 4 Class A1

Citibank

 

Aa1 and P-1 / A-1+ / F1+

below A1 or P-1 / A-1+ / F1

 

Series 4 Class A2

UBS

 

Aa2 and P-1 / A-1+ / F1+

below A1 or P-1 / A-1 / F1

 

Series 4 Class B

Citibank

 

Aa1 and P-1 / A-1+ / F1+

below A1 or P-1 / A-1+ / F1

 

Series 4 Class C

Citibank

 

Aa1 and P-1 / A-1+ / F1+

below A1 or P-1 / A-1+ / F1

 

Series 5 Class A

GBP - n/a

 

 

 

 

Series 5 Class B

GBP - n/a

 

 

 

 

Series 5 Class C

GBP - n/a

 

 

 

 

 

 



 

 

 

Holmes Funding Limited

 

 

 

 

 

 

 

 

Profit & Loss Account

 

 

 

 

 

 

 

 

Period ended 17 October 2005

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

This Quarter

 

Prior Quarter

 

 

 

 

 

 

£'000

 

£'000

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest receivable - Mortgages less Swaps

 

154,090

 

156,838

 

 

 

 

Interest receivable - Cash Deposits

 

7,914

 

15,256

 

 

 

 

Gain/(Loss) on fair value of interest rate swap

 

695

 

(20,315)

 

 

 

 

 

 

162,699

 

151,778

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest payable - Inter-company loans

 

(153,231)

 

(165,903)

 

 

 

 

Interest payable - Start up loans

 

(430)

 

(446)

 

 

 

 

 

 

(153,661)

 

(166,348)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net operating income

 

9,038

 

(14,570)

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income

 

8,559

 

5,311

 

 

 

 

 

 

 

 

 

 

 

 

 

Insurance commission

 

 

 

 

 

 

 

 

Provisions

 

(1,025)

 

(337)

 

 

 

 

Expenses

 

(4,078)

 

(4,135)

 

 

 

 

Start up costs amortisation

 

(1,247)

 

(1,410)

 

 

 

 

Deferred consideration

 

(11,231)

 

15,157

 

 

 

 

 

 

 

 

 

 

 

 

 

Profit/(loss) on ordinary activities before taxation

 

16

 

16

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxation

 

(5)

 

(5)

 

 

 

 

 

 

 

 

 

 

 

 

 

Profit/(loss) on ordinary activities after taxation

 

11

 

11

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividend

 

-

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

Retained profit/(loss) brought forward

 

1,350

 

1,339

 

 

 

 

 

 

 

 

 

 

 

 

 

Retained profit/(loss) carried forward

 

1,362

 

1,350

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

Holmes Funding Limited

 

 

 

 

 

 

 

 

Balance Sheet

 

 

 

 

 

 

 

 

Period ended 17 October 2005

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

£'000

 

£'000

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed asset investments

 

 

 

 

 

 

 

 

Beneficial interest in Trust mortgage portfolio

 

 

 

11,036,840

 

 

 

 

Beneficial interest in Trust cash at bank

 

 

 

 

 

 

 

 

Fair value of interest rate swap

 

 

 

(20,669)

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

Amounts owed by Trustee

 

80,832

 

 

 

 

 

 

Deferred expenditure (costs of securing)

 

7,150

 

 

 

 

 

 

Sundry debtors

 

-

 

 

 

 

 

 

Deferred taxation / group relief receivable

 

-

 

 

 

 

 

 

Cash at bank:

 

 

 

 

 

 

 

 

Reserve funding

 

338,070

 

 

 

 

 

 

Transaction account

 

1,793

 

 

 

 

 

 

Funding GIC account

 

884,831

 

 

 

 

 

 

 

 

1,312,676

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Creditors: Amounts falling due within one year

 

 

 

 

 

 

 

 

Deferred consideration creditor

 

200,583

 

 

 

 

 

 

Interest payable - start up loans

 

1,299

 

 

 

 

 

 

Amounts due to Trustee

 

-

 

 

 

 

 

 

Interest payable - Inter-company loans

 

-

 

 

 

 

 

 

Sundry creditors

 

247,781

 

 

 

 

 

 

Corporation Taxation

 

26

 

 

 

 

 

 

 

 

449,689

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net current assets

 

 

 

862,988

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets less current liabilities

 

 

 

11,879,159

 

 

 

 

 

 

 

 

 

 

 

 

 

Creditors: Amounts falling due after more than one year

 

 

 

 

 

 

 

 

Inter-company loans

 

 

 

(11,843,732)

 

 

 

 

Start up loans

 

 

 

(34,065)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net assets

 

 

 

1,362

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital and reserves

 

 

 

 

 

 

 

 

Share capital (£2)

 

 

 

-

 

 

 

 

Reserves

 

 

 

1,362

 

 

 

 

 

 

 

 

1,362

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

Holmes Funding Limited

 

 

 

 

 

 

 

 

Notes to Balance Sheet

 

 

 

 

 

 

 

 

Period ended 17 October 2005

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

£'000

 

£'000

 

£'000

 

£'000

 

 

 

 

 

 

 

 

 

Balance on cash accumulation ledger

 

 

 

Nil

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available credit enhancement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Reserve

 

Second Reserve

 

Funding Reserve

 

 

 

 

 

 

 

 

 

 

 

Reserve funds at closing

 

338,000

 

-

 

70,000

 

 

 

 

 

 

 

 

 

 

 

Initial closing reserve funds

 

338,000

 

-

 

70,000

 

 

Drawings to make bullet repayment

 

-

 

-

 

-

 

 

Other drawings

 

-

 

-

 

-

 

 

Transfers from revenue receipts

 

-

 

-

 

-

 

 

Closing reserve balance

 

338,000

 

-

 

70,000

 

 

 

 

 

 

 

 

 

 

 

Target reserve funds

 

338,000

 

-

 

70,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

-

 

 

Closing balance

 

34,065

 

34,065

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liquidity facility

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liquidity facility limit

 

25,000

 

 

 

 

 

 

Liquidity facility drawn

 

-

 

 

 

 

 

 

Liquidity facility available

 

25,000

 

 

 

 

 

 

 

 



 

 

 

Holmes Trustees Limited

 

 

 

 

Profit & Loss Account

 

 

 

 

Period ended 17 October 2005

 

 

 

 

 

 

 

 

 

 

 

This Quarter

 

Prior Quarter

 

 

£'000

 

£'000

 

 

 

 

 

Interest receivable - Mortgages

 

409,282

 

393,724

Interest receivable - Cash Deposits

 

12,623

 

6,452

 

 

421,904

 

400,176

 

 

 

 

 

Interest payable - Mortgages

 

(409,282)

 

(393,724)

Interest payable - Cash Deposits

 

(12,623)

 

(6,452)

 

 

(421,904)

 

(400,176)

 

 

 

 

 

Net operating income

 

-

 

-

 

 

 

 

 

Fees receivable

 

9,161

 

6,873

Fees payable

 

(9,161)

 

(6,873)

 

 

 

 

 

Operating expenses

 

(3,592)

 

(3,692)

Provision charges

 

(2,480)

 

(733)

Other income

 

6,073

 

4,424

 

 

 

 

 

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 17 October 2005

 

 

 

 

 

 

 

 

 

 

 

£'000

 

£'000

 

 

 

 

 

Fixed asset investments

 

 

 

 

Mortgage loans secured on residential property

 

 

 

29,600,765

 

 

 

 

 

Current assets

 

 

 

 

Bank interest receivable

 

1,475

 

 

Cash at bank

 

389,028

 

 

Amounts due from Seller

 

19,905

 

 

Other debtors

 

4

 

 

Accrued interest receivable

 

59,458

 

 

Taxation

 

-

 

 

Amounts due from Funding

 

 

 

 

 

 

469,869

 

 

 

 

 

 

 

Creditors: Amounts falling due within one year

 

 

 

 

Amounts due to Seller

 

-

 

 

Amounts due to Funding

 

80,832

 

 

Sundry creditors

 

10

 

 

 

 

80,841

 

 

 

 

 

 

 

Net current assets

 

 

 

389,028

 

 

 

 

 

Total assets less current liabilities

 

 

 

29,989,793

 

 

 

 

 

Creditors: Amounts falling after more than one year

 

 

 

 

Seller share of mortgage loans

 

 

 

(18,563,925)

Funding share of mortgage loans

 

 

 

(11,036,840)

 

 

 

 

 

Seller share of cash at bank

 

 

 

(389,028)

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 6) PLC  
     
     

Dated: 11 th November 2005

By / s / Karen Carson

 

 

 

             (Authorised Signatory)