Welcome to the forum. S&W introduced the .38 Military & Police in 1899, after which there ensued about 15 years of fast evolution in the design that reached a stable point with the Model of 1905, Fourth change in 1915. About 240,000 units had been produced at that point.
From then on through the 1930s, S&W put out about 450,000 more copies. With the onset of WWII and the wartime contracts, the company ran out of six-digit serial numbers in April of 1942 and reset the counter at 1, but with a V prefix. These became known as the Victory models, and you have an early one. The company could pump these out at the rate of about 15,000 a month, so your gun probably shipped in June or July of 1942.
As T-Star mentioned, the units produced for use by the Commonwealth countries chambered the .38 S&W round. Guns in this series that were meant for American consumption chambered .38 Special.
How long is the barrel on yours? Many of the reimported British contract guns had their barrels cut to two inches, a procedure that took away the front locking lug for the ejector rod. If you still have a longer barrel (5", probably), then you should still have the locking lug on the bottom of the barrel. But check to see if the chambers have been deepened to permit use of .38 Special. If so, you will need to decide whether you want to deal with the swollen and possibly split cases that would result from shooting .38 Special in the gun. You could still shoot .38 S&W in it without problems, but that ammo is a little harder to find.
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