It says "The Bungalow, Totternhoe" lower left, and "Chas Smy Dunstable" bottom right. Chas Smy was a Upper Houghton publisher.
Learn more about Totternhoe here.
Response received 25/1/2015:
"Yes...it was adjacent to The Old Farm Inn, basically where the bungalow is sited and, as you look at the pub but to the right of it. It has a very similar style to the present 'pub building'..how or if the two were originally related I don't know. The pub started life as a 'barn' and later at least a portion of it evolved into some accommodation and then further on into a drinking establishment.
The pub is presently run by a lovely couple, Tom & Julie. Just to add that no one is familiar with that particular photo (your ref) but certainly seen a photo/aspect from the opposite direction which was only being discussed about within the last week, quite a coincidence as it happens
Regards Jim (an ex landlord)"
So that puts it in this position (link to Google Map)