An AJOY Ltd small rocking horse on safety stand

An AJOY Ltd small rocking horse on safety stand, c.1921, in carved wood, painted dapple grey, well carved head with black/clear glass eyes, horsehair mane, plastic harness and saddle, on painted stand with baluster turned uprights, and plastic retailer's label "A.W. Spencer Ltd St Johns Square Cardiff", 32" x 33" x 14". AJOY Ltd traded from 1920-1922 at Keen's Yard, St Pauls Road, London N1, producing a wide variety of toys as well as horses in that time