I removed a very odd bb today. It doesn't thread into the bb shell on the frame at all, simply relying on the threading on the bb itself. Therefore the bb shell is thread-less and smooth. Is it possible to fit a thread-less bb for this shell then? Is this the best way to go or should I stick to the old bb, cleaned and serviced of course? I would have to locate some new bearings for old one and if I could fit a new one without breaking the bank it would be preferable.

Note this thread on another forum has the exact same bb as mine.

I would stick with the old parts as long as they are servicable - no pitting on the bearing contact surfaces. The ball bearings are easy to replace. If it is a 'cage' bearing with the balls in a retainer, you can push out the old balls and replace them.

Thanks, think I will do that so, there isn't much wear on the axle bearing surface, the balls are loose, I also managed to loose 2 out of the total 28, so replacing the balls will be necessary. Just have to source the bearings now, probably try some local suppliers and see how I get on.