This is a 1940 Velocette KSS that I owned twice and let it slip through my fingers both times. It was a 350cc machine but it rode faster to me. It really had no extra parts and was stripped down years ago to race in California. The gentleman I bought it from inherited it from his father along with a treasure trove of Harley KR's.
I have owned about a half dozen Velocettes and really like them. At one time we had a Velocette KNS made in 1929 with one of the first foot shifter set ups. I say we because my wife talked me into buying it. When I am buying a bike I often ask her if the bike I am buying is as good as her Velocette KNS. Works pretty good !