Re:
It looks very much like one of the surplus frames which were available on ebay about five years ago.
These came from a warehouse clearance auction back in 2006 when the original 'Saracen Cycles' was liquidated by it's creditors and all the stock sold off.
(The company re-emerged under the same ownership as 'Saracen Bikes' and was then sold to Madison a couple of years later.
Many of the surplus frames from the Saracen warehouse were presumably those held in stock for warranty replacements. Over the years it seems that quite a surplus piled up with a real variety of frames from the late 80's and throughout the 90's too.
Some were fully painted and had decals, some were unpainted and many, like the one above and a couple I picked up, were powder-coated in matte black.
As LGF says, that one does look like a low end frame from the late 90's. The decal won't be original.
The parts are also low end but with a few modest upgrades perhaps, you'd have a very reliable commuter.