Looks like late 1940's/ early 50's with brazed on bits added later. Prewar Hercules sold F Southall lightweight club models, but post war this was a very small or non-existant market.
I retailed Hercules, Raleigh, BSA, and Phillips in the mid 1950's and have no memory of Hercules "lapwing" or the lightish kestrels. By then it was a very small market and club riders assembled their own bikes, partly due to purchase tax about 20% on bikes but not components.
I met Frank Southall on several occasions, he was sales manager, pre WW2 a very successful road records (place to place) pro rider.
Certainly a rare frame.