This record is from the Zonophone company after its take-over by the Gramophone & Typewriter Company (later HMV) in June 1903. This record, with the same number, was listed in the first G&T Zonophone catalogue of c. March 1904.
This label is the missing link between the original Zon-o-phone issues (see here) and G&T Zonophone issues of Zon-o-phone material. Dated as 1903 to make listing flow properly, although should probably be 1902.