My First Project- What bike is this?

I feel like the guy who goes onto Antiques Roadshow with a painting he thinks is worth thousands, only to be told that it was painted by a carnie with bad breath who became famous for his flatulence rather than his painting skill and it's worth £15.

But I feel better for knowing. Thanks to everyone for their input. I will take the Dragons' advice and cut my losses (I put 900,000 of my own money into this project already...)

Cheers. Back to the skip I go...

though you don't have to skip it...;D

break it and keep the bars that only need a polish...and sell the frame on here for a bob or two as it's a small frame and may be of some use to a polo playing lady that need a small beater frame..keep the wheels just in case that someone pinches one off you in the future...(a knacker 27'' is better than no wheel at all)...

and then get a nice frame that is deserving of your love and affection...