drystonepaul, pictures as promised - thanks for the exploded diagram and spacer info (Shimano FH-M650). It did help me sort it out.
I don't suppose the bike will ever get a good clean/polish, so I took some pictures today.
The bike came with black brake levers and black Deore hubs fitted.
The front derailleur is Deore XT - I'm 99% certain that it was fitted as standard, I can't recall ever replacing the original DX.
Orange Alistalk fitted - I think the original Zoom eventually cracked.
Everything is original, apart from the chain, rear tyre, pedals and bar grips.
Years ago the bike went through a phase when rear wheel spokes were constantly breaking, I had it rebuilt, with new spokes.
The rear hub/axle (FH-M650) is a bit of a mystery.
I've measured the rear axle cone-flat to cone-flat - 119.0mm. If all the spacers, as per the Shimano diagram were fitted, the OLN would be 140.5mm. The measurement between the dropouts on the Saracen is 135.0mm. Either one, or both of the cones is non-standard by a total of 5.5mm.
I can't remember ever changing the axle and cones, but I must have done at some time (or non-standard fitting by Saracen. Maybe the LBS changed it when rebuilding the wheel).
http://imageshack.us/photo/my-images/71 ... 338fh.jpg/