You have a BSA made Magazine Lee Enfielde Mk.I , a long rifle cut down and made into a carbine. Not too badly done if you like that style.
The original barrel would have been 30.2 inches in length so I would say yes, the barrel is cut down.
The brass washers are riveted onto both ends of a brass reinforcing rod that ties the back end of the woodwork together. There isn't a lot of meat inside the stock due to the inletting for the trigger group, which leaves the back end of the stock weakened. The brunt of recoil is transferred to this area and without the tie would be prone to cracking though the web inside.
By the serial number, yours is one of the 8000 BSA rifles purchased from Great Britain in 1896 (Edgecombe p105). Also on the top of the barrel, there is a cross filed into the surface.
I have seen this marking on more than one bone-fide ex-RMC service rifle. I cant find any documented proof, but my observations make me believe that this cross marking was likely applied by the RMC armourer to rifles that were released through the Royal Military College.
Can it be restored? Sure, it can be!. I have started with a lot less and rebuilt them back to original spec.
Cost of value restored? It would only ever be a parts gun and might not be of interest to serious collectors who would pay the big bucks for an original.
But many restorers do it just for the hobby. It usually costs more to restore something properly than the gun would be worth if it needs major parts and work. Not a viable investment if you look at it from the money view. But you would have a representative example of a not too common rifle. This one has a Canadian connection.
Top one is an original. I think that I broke even with the selling of the two others which were restored.