This bike looks to be a combination of parts. The frame itself looks like what we call in the antique era a motobike frame. Somewhere along the way the handlebars, seat and wheels were added, maybe even the crankset. What looks strange are the wheels. You have what appears to be a flip flop hub on wood rims with steel reinforced lining. Then there are what looks like Brit brakes but hard to tell from the photo. These brakes would have pulled up against the rim not pressing against the sidewall. Also looks like if you actually put the rear wheel in the dropouts it would interfere with the rear fender (mudguard). The handlebars are not wooden but the grips are. My guess is that this is a motobike that was soon after converted for racing purposes. Then again the tires would not bear that out for the period, no knobbies on racers. I believe it to be an interesting bike but not a racer from the beginning.