Margaret writes: I'd really like to identify it, but unfortunately the back hub is so rusty that I can't find any serial numbers. Attached are the most distinctive parts of it - the front decal which is painted on and says "H" - which i'm fairly certain is Hercules, an old English bike company set up in the late 1800s.
The next is the saddle, it says Lycett Model L21.
Finally is the gear changer which says oswaldtwistle and field co. I sent a mail to the English Cycle Museum and they say that it's pre WWI! It's coming apart very nicely. I'm trying to tackle the dynamo at the moment, it's really stuck on pretty well!
This is the front fender before clean up...
...and this is the front fender after.
Front hub before...
...and front hub after.
Margaret has tons more photos and description of what she's doing with her bike, which she's named "Audrey Hepburn", at her blog. Really, go check it out.