The additional photos of the serial numbers and the fenders make me question my previous assumption that the shorter wheelbase frames were not developed and offered until late 1937.
The serial number on this short wheelbase frame is in the pattern of other 1936 Colsons I have in my data base, whereas all the other short frames I have recorded have 1937 and 1938 pattern serial numbers. The fenders appear to be 1936 pattern deep crescent fenders (the rear has original braces, the front has been modified.) In 1937 Colson generally switched to gothic, peaked fenders that were slightly shallower.
Looking at the 1936 catalog with this in mind, it does look like there may be long and short wheelbase frames depicted (of course they are illustrations and they also show a reverse printed image of the girl’s model with drive train on the wrong side!)
The catalog does note that 26” balloon tired models were available in both 20-1/2” and 18-1/2” frame sizes so an assumption might be that if two wheelbase lengths were produced in 1936, the geometry would have been linked to the seat mast height. Against that assumption is the fact that the third page and the fifth page of the 1936 catalog show illustrations of frames that appear to have a shorter wheelbases than the Double Bar Motor Bike on the fourth page; but all of those illustrated bicycles have model numbers correspond to the taller frame version.
One other feature to note is that the catalog which likely describes the specification for early 1936 models describes all of the bicycles being equipped with a tubular fork. From the Colsons I have observed, I believe it was during 1936 that the switch was made to a fully forged fork like the one on the bike in this thread.
So, considering the serial number and the fenders I have changed my mind on dating the bike and now believe it is a 1936 Colson. I’m glad I checked in on this thread because this has definitely tweaked my theories and given some new areas to investigate.