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Yeah I feel like the 531 decals are bit to old.. but i'm intrigued by the S on the frame..
I thought it might have been resprayed too but it appears to have like a subtle golden colour near the bb and fork crown, but cant tell if that's just yellowing/lighting/ or the paint job..
seafish-
If the 531 decals were correct, I would expect the paintjob to be more complicated, as was the style at the time.
Of course, it could have been resprayed and replacement decals that are correct been reapplied.
If it is a respray then the S decal could be anything: eg the owner's initial.
One of the well known English builder's is known for using wrapover seat stays, but I can't think who at the moment and they aren't the only one.
The branding on the ends could have been destroyed through clamping.
Scilly.Suffolk
I've not seen those track ends before: quite elegant, but somehow they don't sit right with the frame...
Almost certainly resprayed, so whilst it likely is 531 the decals may not accurately reflect the age of the frame.