Sorry, Jack, but you've got yourself a bit muxed ip!
Swallow Sidecars was the first Lyons company, and though there were Swallow bodies on Austins, most notably the Seven, later pre-Jaguar creations were on Standard engine and chassis bases, not Austin. There's no such animal as an Austin Standard - Austin were Austin and Standard were Standard. Austin went on to become part of BMC, and Standard became part of Standard-Triumph. When the great merger under Deadly Stokes took place, it all became BL.
The Mk V was a Jaguar-designed chassis with Standard engine - a shortened version of the chassis formed the basis of the XK120.
The XK120 did not set the world land speed record - at the time it stood to John Cobb's Napier Railton at close to 400mph. Great car it might have been, but the XK was never that quick!